Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1885-10-28
THE VALUED PoI1cY LAW.


Cause Observation-Disclosures Fig.
sres % TIA Subject.
Frank W. Young, . gentleman
prominently connected with insurance
matters, was quoted in this paper,
ZONE weeks ago. a. saying that ''In
Wisconsin, incsndiarism increased so
per cent during the first year in which
The Valued Policy Law was in force,
md early the following y ear . special
session of the Legislature was called
to repeal it." He writes from San
francisco. October 20, that he did not
say that the Ia " had been repealed,
and complains that the TINES, and
the Chippewa (W,s.) Herald, which
got its cue from the former paper,
proceed, from wrong premises, to 40.
cuse him Of falsehood. If Mr.. Young
did not say that the law had been re-
pealed in Wisconsin, the TINES man
certainly grossly misquoted him. 1t
is possible, however, that in the hur.
ry OF the moment Mr.. Young beng
on the qui vivs to take the bus for
the depot, he did not make his mean
ing very plain, and that the TINES
man therefore misconstrued his Ian.
gusge. However that may be, it has
no bearing on the question at issue,
and upon which the TIMES man seeks
to enlighten himself and III. readers.
We will therefore drop it, and copy
those portions Of Mr.. Young's letter
which shed some light upon the "V.l.
ued Policy law" and its workings.
Mr.. Young writes: l mentioned
Wisconsin where the Valued POLICY
law had been in force the longest, and
being . wealthy, densely populated
State, and values esta bl,shed, the in
surance companies attempted to hold
their business, complying with the
law; but the result of its operations
was to put a bid upon incendiarism,
and the insurance ~ we'll As the prop.
erty loss had increased to such an ex-
tent that the honest property holders
would gladly repeal the law; and
mentioned 80 per cent. increase the
first year Of its operation which, l he.
Eeved, at that time, to be about COR
rect. but l will show further on it is
over 100 per cent; and will also show
that the operation OF the law in the
State of Wisconsin is not satisfactory
to its people, the Chippewa Herald
Notwithstanding.
l believe the vast majority OF the
people of that State are honest, law.
abiding people, and are not satisfied
with the results of that law. quote
from the report Of Commissioner P
l.. Spooner, Jr., pages 16 aud II. H,
is certainly in as good = position ,e
see the results of that law a. any mar
in the State:
From the best attainable inform
ton, it is safe to say that one third Of
the losses in this State, during the
past year, were through inoendiary
fires.
II the estimate for incendiary loss.
es is correct, then over $4,000 we're
paid by the people of this State
through insurance companies, las
year, to those citizens of the State
who proved the most unscrupulou.
and dishonest. This is an enormou,
burden to be laid upon the people o.
the State for such purpose, equalina
one-half of tn. State tax, and shoulc
lead them to considering the way o.
escaping it.
In looking over reports, I find a let
ter from a very prominent man Of .
State adjoining Wisconsin, who hal
made the Wisconsin law and its re
suits study, and as it appears to Fl
the editors of the WooD R1vEI
TIMES and the Chippewa Herald,
quote portion of it:
But there are folks and folks, ant
folks you know, and among them is 4
class who seem to think it is neither
wrong or dishonest to swindle an in
surance company, and this is the clas'
which gets benefits under the law i,
Wisconsin. Dishonest men, by dis
honest means, by cajoling agents, BY
misstatements, etc., secure insurance
on y given piece of property for more
than it is worth. 1t burns, and the
law says "Pay the amount named ii
the policy, no matter how ut got there
or what deception was employed t.
make the amount large"
The company in such cases arr
simply helplsss-lookers-on. They car
do nothing to protect themselves from