Idaho semi-weekly world. [volume] (Idaho City, Idaho Territory) 1875-1908, 1885-10-13
FACE VALUE LAW IN v
CaN8lH.
Times.

ago, providing that the face of tho
insurance should be deemed the act
ual value OF the property, and must
be paid in full, or else replace tho
building. Tie law is still III force.
and is considered good one by i
large majority Of people.
Idaho Territory has recently estab-
lished such law, aud some of the in
surance agents are kicking a good
deal about it. A recent number OF
the Wood River Times has an inter
view with Frank w. Young, special
agent for the Lion and other fir Z
class insurance companies, in which
Mr.. Young remarks:
"We hold that this law is eoua,l-
detrimental to the companies and the
honest property holder, and will no.
take risks under it. Before we ac-
cept that class Of business in Idaho.
your legislature will have to meet ana
repeal the law. The law is not origi
nal with Idaho. 1t has been tried
before in other States, but invariably
repealed. In Wisconsins, for instance.
it was enacted. What was the con-
sequence? The first year incendiar-
ism increased 50 per cent; the pexr
year the increase Of incendiarism wan.
SO great that special session of tbs.
legislature had to be called to repesA
the law, and thus protect honest prog.
erty holders. You may see ct to da
that here"
IT seems remarkable that any maj.
would deliberately tell such bare
faced falsehood as that man Young.
but there isn't word of truth in HI.
statement about Wisconsin, excer.
that part wherein he says the law wea
enacted.
Yes, it Was enacted in Wisconsin.
and it is still in force. No extra ses-
sion of the legislature was ever called
to repeal it, and We do not believ..
any legislature is going to repeal tho
act. Neither is it true that incend;-
arism increased so per cent. during
the first year after its passage.
The law is just and a proper one.
and is not unfair to insurance cornpa-
MES. Ii any building is burned, and
the building is not worth the face Of,
the policy, the insurance companyca,.
rebuild it, instead of paving the cash
to the person insuring. A company
that employs agents who will over il.
sure property deserves good lesson.
If, as this Idaho insurance MAJ.
says, the law leads to ineendiarism:
that is, If the company have reason.
to believe that an owner set fire to 4
building SO as to raise money, lie ca1..
easily be thwarted by replacing his
property.
1t don't look fair, though, and it *
not fair that man should pay for
years premium on property that, la
is informed by the company receiving
the money whenever a loss occurs. il
not worth any such amount. Hardlz
a day passes but what special agents
are looking over buildings ETC., and
companies have the right to cut dow,
the amount of insurance any time,
Justice demands that a company viii
mgly receiving money for premiums,
on property appraised by a duly aa-
credited agent, should be forced g.,
obey the contract by either paying
the cash or replacing the property.
| Before we make up our mind =,
repeal the STAGE valuen policy law, W..
had better inquire into its working,
elsewhere. If the law gives satisFac,
ton in Wisconsin, it shorld be equal
ly acceptable in Idaho.
Hon. Ike Stevenson membar ~