Savannah morning news. [volume] (Savannah) 1868-1887, 1885-09-23
WAR 0NTHE CALVIN BILL.
OPPOSITION TO VALUED POLICY
RISKS.

RISKS.
Action of the Savannah Cotton Ex-
change-A Protest Against the Passage
of the Bnl-KeRsons why % should \ OF
Hecome n Law-The Board az Trade 10
Discuss the Measure To-day.
Representative Calvin's bill TO amend
the insurance law by adding the valued
policy provision, is meeting with de-
termined opposition on the part Of in
surance and business interests through
out the State.
An adjourned meeting of the Cotton
Exchange WAS held yesterday afternoon
10 discuss the bill. There was a large
attendance. and. with one exception, an
present opposed the measure. the dls-
cussi0n was al on one side, and the iol-
lowing resolutions were adopted with but
a single dissenting vote:
WHEREAS. our attention has been called 10
abulately introduced into the Legislature %
Georgia and known as the valued policy Oili;
and
whereas tins body il opposed to any change
iu the law making the valuation OF property
at any other time than at the date OF its dam
age or destruction by FIRE as the basis for set
Element Of loss OccaslOnec by such IRE: there
RssaiUsd That this Exchange respectfully
protests against the passage OF the pending
bill. or Of any other BIN OF ike import which
may be introduced In its stead, for the follow
ing among other reasons:
q That insurance on real estate improvements
should not be based on principles differing
from those which govern insurance on other
description Of property.
That Insurance contracts should not be
governed by principles differing from other
contracts between individuals and corpora
tiOns,s except contracts with corporations
having the use o. valuable franchises from the
State.
That it is difficult to determine for any
reasonable time IN advance what may be the
value OF property which may be destroyed by
fire, as neglect, lll usuage, accidents from
storms. or other contingencies arising may in
the meantime seriously dcpreclate the value
Of such property.
That ID or opinion the proper basis for ad-
justment Of a loss by Gre should De on the as
certained value Of The property at the time of |
auch damage or destruction. This princiulc /
governs in the cases Of other property, why /
should II not IN the case OF real estate I'M /
pTOvements,#
That IL the Legislature think it wise to make /
change in the law governing insurance, they /
should al least amend such law 80 as TO allow /
ciblHens Whq~ suppose Themselves capable OF
managing their own Affairs, 70 make such
contracts for insurance with companies au-
th0riZed 90 do business in the state. as may
seem 10 them 70 be Just and equitable.
Be tt ft4rsher rss1lrsd, That our senator and
Repreaentati IN the Legislature be fur
uished With Is copy Of the foregoing, and that
they be requested to present our protest 90
lat LtAl-iatNFc. ana 70 Use bheF luuuence
against The passage OF the Dill, which, 10 our
opinion, is calculated 70 do injury TO owners
OF property needing protection against FIRE
through insurance.
The following is the full text Of the
bill:
A. ACT TO require any insurance company or
companles, agent or agents o. the same
efectIng or making insurances on any build
lng or buildings In this state TO make or
have made at the time said insurance d. /
I'd haP "A
upon renewal an assessment OF said build |
ing or buildings, and 70 require the amount |
OF insurance TO be paid in fun upon said
building or buildings that shall be totally
destroyed by FIRE, that il. the amount set
form and written In the policy OF insurance |
even embracing and covering said building |
OF buildings and for other purposes.
SECTION ]. Be Il enacted b. the General A.
Sela5tV Of Georgia. and 10 l. hereby enacted bv
ne authority Of The same, That after the pas
sage OF this act any insurance company or
companies agent or agents OF the same ef-
feciing or making insurance on any building |
or buildings in this state, be. and the same |
are hereby required to make or have made az 1
the time said Insurance Is about 70 be affected /
and annually thereafter upon renewal an as /
ssssment Of said building or buildings, and |
should the building OF buildings thus insured |
be totally destroyed by fire the full amount OF
insurance as set forth and written IN the poll
cy Of SAID Insurance for which all required |
premiums sha have been paid. shall be paid |
WITHIN sixty days from the date OF the fire 10y
- titNN hAlu UUillluE OF btliulUEs was DESTROY
ed az aforesaid. provided that nothing in the
provisions Of this act shall be construed 20
prevent the insurance company or companies
agent or agents OF the same from accepting
IA lieu OF the Assessment herein required ID
they 30 elect an assessment made hy tine owner |
o. DIS authorized representative on said build
ings OF building desired TO be insured.
SIC. 2. Be % Jtrthsr enacted by The authority
dIoresdid, That In the event Of the total de-
structlon Of said building or buildings by fire,
there snail be no further assessment II the
amount OF Insurance. ~ set forth and written
II The policy. embracing ond covering said /
buildings or building. be not paid as provided |
In this act, within the prescribed sixty DAYS, |
tue claimant holding under said policy Of in
hurHBee, may bring suit against said company /
or companies, agent or agents OF the same. /
and recover said Insurance, aud the cost Of I
Haid SUIT, provided that IN the event Of any /
part al loss or destruction by fire OF any build
1nz or buildings. 30 insured. 10 shall be held |
and determined that the company or COM
panies, agent or agents OF the same, having |
lssueda policy or policies thereon, shalt be |
liable for sucn damage as shall have been !
done, provided the same does not exceed |
tie amOuntO insurance expressed in the body
OF said policy or policies.
SIC. g. BsW furtAsr enacted by TIE authority
aforssatd, That al laws and parts OF laws In
conflict with this act be and the same are
hereby repealed.
The bin, Il is understood, will be re-
ported iavorably by the House judiciary
COMMITTEES, 10 which it was referred, the
committee standing TO 4 In its favor. In
the face Of the opposition to tue bill there
is probably very little chance for it ever
10 become a law. Petitions protesting
against its passage are being sent in to
the Legislature from all parts Of the
State. The savannah Board OF Trade will
meet this afternoon to discuss the meas
ure, and will probably take similar action
70 that taken by the Cotton Exchange
EFFECT OF THE RAINS,
Rerious RreaIr In tt,a ogcacbao Can.1