New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-02-02
ANXIETY OYER Az INSURANCE ELL.
VIEWS OF PROMINENT oFFIChLs--THINKINd 1T is
"sTRIKE.D

"sTRIKED
Insurance men are quietly watching the
course OF introduced the Legislature January
10 by AsSembyman Hagan. OF this city The preamble
Of the bill states that 1t relates to policies OF fire nsur-
ance companies transactng business In this State and
the paynent OF premiums upon the same. The bill pro-
vides that this specified in the policy the total
value OF the property shall be conclusive evidence OF the
value OF such property in OF total destruction by
fire In OF partial destruction By fire appraisers
shall determine whether the amount of the policy Is in
excess OF the value OF the property. Should the ap-
praiscrs so determine the policy holder shall be entitled
to recover in addition to the value of the property de-
stroyed al equal 10 the difference between the
premiums the assessed valne and those actually paid
upon the policy with interest from date on which policy
has issued The second section OF the bill provides
that It shall take effect Immediately This bill takes
wider range than the valued policy law, which 10
driving insurance companies out Of the States in which
n Il, enforced The valued policy law relates only
real estate while the bill IN question Includes personal
property rs we'll ~ ~,
il the father Of the bill IL has been referred to the In
Committee The city members oil the eonnltee
are Van Allen and Haggerty. IL Will meet on Wednes-
day. Assomb yman Haguu has written to friend that
good man will appear before the conmtee 70 ehah-
pion the BILL The heads OF insurance companies do not
believe that the bill Will become aaw but considered II
necessary to follow the course of tho bl closely some
of them refer to strike Others ensder II the re-
suit oi an unplelsantness between some AssemDymah
friend OF one. and some insurance company: r.r
ance Company. said TO "A TRIBUNE reporter yesterday
II Is not possD that sueh bill Will become law: III
Is even worse the valued policy law aud TINS fact
will make IL easier TO kill
ID A. Ueald yiee-presiGent Of the Home Company,
said: II is old story revamped The valued policy
law which real estate only would Kill insurance
business II will drive honest companies out OF every
state which allows IL on its statute books. This bill
offers larger premiums for dishonesty: IL WOMB NC
.ilnuly impossible to do business under it.
William w. Henshaw of the Royal said = have no
i'd that the bill will become "A law Several attempts
have been made TO pass bill OF this nature tough
hardly so bad In this state. and they all failed IT'S con
shlerel by many mere strike Under any ciFcum-
stances 1t ought IL fall ,.
lanes A. silbey. secretary Of the German American
Company said - II snch a bill becomes a law IL would
destroy Insurance business ROgues would fatten at Inc
EXPENSE OF honest men. Insurance companies would
have protection whatever do not beneNs TIE ehort
10 gei 1t through the Legislature Will be succasstu
William " Randall secretary OF the New. orA BOARD
~ Fire Undcrwrters said "SOme Asseinhlyiuan de-
sirous OF fame generally introduces measure OF inns
sort This bill Is considerably worse than any OF It's
predecessors Under its provisions the more dishonest
man ia the more money he can swinde Insurance com
panes out OF Its effect would be altogether To the posi-
i've OF honest policy holders and To the adj
vantage OF designing and dishonest men, The valued
Motley bill passed by the Newlork Legislature was NOT
vetoed by Governor Cornell, Is generally supposed
lie didn't veto It he merely didn't sign it
Mr. Kennedy. OF Weed a Kennedy, said: -" won't say
II s but IL looks like strike aud you will find num-
beers of insurance mon who have it down as sueh'