New-York tribune., 1885-02-09
INCREASING PIANO INSURANCE.
VIEWS OF MANUFACTURERS ON THE ACTION OF
THE TARIFF ASSOCIATION,

VIEWS OF MANUFACTURERS on THE ACTION OF
THE TARIFF ASSOCIATION.
Ten days ago the New York Tariff AssOcia-
tion decided that, after March the companies repre-
sented In 1t should not write renew policies on wood
working risks without the incorporation Of the following
clause in the policies:
basis which the rate Of premium is Ied that the
sured shall maintain insurance concurrent in favor
Tn As SS'y So extent s' 81 s 70 S'rfsy
eent OF the actual cash value thereof. and that
extent OF an amount sufficient to make the aggregate
equal to 20 per cent Of the actual cash value
OF the property insured and In that capacity shall bear
his proportion of any loss that may occur.
This action was taken account Of the small amount
carried on these risks though the rates made on
the assumption that they carried fair amount OF nsur-
ance About year ago the rates were increased The
companies gained nothing the policy reduced
their insurance This action of the Tariff Association
brought to the attention Of some OF the largest
plano manufacturers Of the city, They expressed them
selves TO this effect:
william steinway-Ths Is an entirely new move It
for the 1T o T e a
der ersting conditions not surprised n they do not
US, but ours Is am exceptional case. and could not
or G4y sr4s0n years. We and hrv' have been
had fire. For twenty-five years wo have paid about
$4,000 annually for insurance do not tnnk we are
our property but considering the amount OF money we
have paid out IL would smack or injustice TO cOnPel us
To increase insurance TO within 20 per cent or the
value Of our property our risk Is considered
We have spent many thousands in making 1t So We
employ nine watchmen each OF whom wears teltaIe
clock. and pay each OF them 81 week Every possible
It could attack us from within and there little chance
for from without Still. AGAINST possible chance we
provide by insuring to the extent have mentioned
Charles r. Chickerng-Tho new departure cannot DC
intended for We always try to be insured for moro
than 10 cent Of the actual value OF the property We
could not insure the actual value OF the business The
actual value of our property would fall much below the
and since then have endeayOred 70 keep as fully insured
possible our factory IL at Boston. IL called fire.
proof Its n1ammable OF course. Ihough
every precauton Is taken against IRE know tDat fe IS
possible We comply with all regulations OF insurance
companles; have fire-brlgade and all other modern
cOntryances for fighting the enemy Tho factory Is
swept every night Yet know that II IRE ever
60 for piano stock n damaged Is Of no use To us We
carry 100000 insurance 1t is distributed IN all parts
TO succeed, or why they should.
James W. Currcr. manager OF Mason q HanI!ns Or, T
IIE TMBUSE OF the action Of the association hs cOn
at Cnmbridgepogt. Mass and Is thoroughly Hire PROOF
v"y s, ar,ount Of insurance and the risk is held by
the Mechanics Fire Insurance Company OF Boston, az
low rates But what do Insurance companies want
lie jug and the handle too, apparently Nhy 40 pGoPe
selves. There too n1nJ princes ia the Insurance.
business let the companies cut down their eIpehsss
and they Will he able 20 make profit ont OF their Ds
ness without the aid Of arbitrary rules, which do not
Ipobe a. Co|We cannot sec just now how this will
affect us oar factory Il az Baltimore and T. considered
nr,tc ass rick Bat the clause spoken OF has queer
look t doesn't seem exactly stralgut on us l@ce 10 NJ
I reminds OF tno Bible story OF tue UNJUST s.eWau
A bert Wober-Thc action OF the IarH Association aJ
pears extraordinary. cannot say "hab ae,lo, l..
\, m, lead 10 ON our part The companies are extremely
stIct "A, IL Not long a,o they furnished Us WITH IN
strIci,ops which we compiled with TO the letter We
,r f Get pyrr rates We haven't got them yet, though
I sitprd.e we will get them All insurance companies
cannot h~ Ia this movement ,
ErtIllIry A Co-Wo do rot how tho Tara Assocl-
alton IN going - mako IT, action good. may resolve
,a., .Ift
low MAJ n win De able TO make Its policy holders raiy
IT,. arfln