Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1885-10-02
WOOD RIvEk,S RECORD.
THE "FACE vALCE' LAW IN WIS
COUSIN.

SVSOASs
The TINES is ~ literally conducted
as any newspaper ever was, and no
man WHO desires to have his say in its
columns, is ever refused the opportu-
nifty. But its editor, being a fair.
minded man, and DESTROYS of seeing
the truth prevail. is always careful to
publish both sides of question when
it is deemed necessary.
Some weeks ago, it will he remem.
bered by the readers Of the TINES, u
lengthy statement mad. hy Mr.. Young,
\ prominent insurance man, was pub.
lished without comment a. it seemed
to bear the impress OF truth. Since
then, however, we have become salts
fed that Mr.. Young must have
stated II deliberate falsehood for the
purpose of advancing the interests Of
those insurance companies which OBJ
ject to what many consider an emf.
"ent'y wise and just law. We have
become satisfied Of this by reading
the following article in the Herald of
the 25th ult., the leading newspaper
Of Chippewa county, Wisconsin,:
Wisconsin enacted law some
years ago, providing that the face OF
the insurance should be deemed the
actual value of the property, and must
be paid in full, or else replace the
building. The law is still in force,
and is considered good one by
large majority Of people.
Idaho Territory has recently cstab-
lished such u law, and some OF the
insurance agents are kicking good
deal about it.. A recent number of
the WooD RIVER TINES has an inter,
view with Frank w. Young, special
agent OF the Lion and other first class
insurance compa..ies, in which Mr.
Young remarks:
1--WE hold that this law is equally
detrimental to the companies and tile
honest property holder, and will no:
take risks under it. Before we ACCEPT
that class of business in Idaho, your
legislature will have to meet and re.
peal the law. This law is no: original
with Idaho. 1t has been tried before
in other states, but invariably re-.
pealed. In Wisconsin, for instance,
it was enacted. What was the con
sequence: The first year incendiar-
ism increased so per cent; the next
year the increase Of incendiarism was
so great thata special session Of the
legislature had to be called to repeal
the law, and thus protect honest
property holders. You may see fit to
do that here"
1t seems remarkable that any man
would deliberately tell such a bare.
faced ealsehood as that man Young,
but there isn't word of truth in his
statement about Wisconsin, except
that part Wherein he says the law was
enacted.
Yes, it WAS enacted in Wisconsin,
and it is still in force. No extra ses.
sion Of the Legislature wa, ever
called to repeal it, and we do not be-
lieve any Legislature is going to re.
peal the act. Neither is it true that
incendiarism increased so per cent.
during the first year after its passage.
The law is just and proper one,
and is not unfair to insurance com
panies. If any building is burned
and the building Is not worth the
face of the policy, the insurance com
pany can rebuild it, instead Of paying
the cash to the person insuring. A
company that employs agents who
will over.insure property deserves a
good lesson. Ii, Ms this Idaho insur.
ance man says, the law leads TO in
cendiarism; that is, if the compan,
have reason to believe an owner sets
fire to building so as to raise money!
he can easily be thwarted by replac
Jag his property.
1t don't look fair, though, and it i.
not fair that u man should pay 70,
years premium on property that, he
is inSorme by the company receiving
the money whenever loss occurs, i:
not worth any such amount. Hardl,
day passes but what special agent,
are looking over buildings. ,tc., anc
companies have the right to cut dow,
the amount Of insurance any time
Justice demands that company will
ingly receiving money for premiums
on property appraised by duly &C
credited agent, should be forced tt
obey the contract by either payins
the cash or replacing the property.
Before we make up our mind to re
peal the "facs-value" policy law, W,
had better inquire into its working
elsewhere. Ii the law gives sstisfac
ton in Wisconsin, it should be equal
l., .n.ontablo l., TlobD