Wood River times. [volume] (Hailey, Idaho) 1882-1915, 1885-11-14
THE OTHER SIDE.

insurance agent was quoted BY the
WOOD RIVER (ldaho) TIxrs not long
since a. saying that the "i.ce. valde"
insurance policy law of Wisconsin had
become 50 odious, . special session Of
tho Legislature was called BY the
Governor to- repeal it; that the law
was . bad one, aud encour aged in.
cendiar,sm, etc.
The Herald copied part Of this from
our Idaho contemporary, and demon.
strated that Mr.. Young's statements
were not correct.
Mr.. Young now writes to the T1xxs
that its reporter misunderstood him in
saying that the law was repealed in
this State, but he still Insists that it 10
q bad enactment, and causes great
losses by incendisrism.
He says:
"But there are folks and folks, and
folks you know, and among them il =
class who seem to think it is neither
wrong or dishonest to swindle an in.
surance company, and this is the class
which gets benefits under the law in
Wisconsin. Dishonest men, by dis.
honest means, by cajoliRg agents, by
misstatements, etc., secure insurance
on q given piece Of property for more
than it is worth. 1t burns, and the
law says, Pay the amount named in
the policy, no matter how it got there
or wha, deception was employed to
make the amount large
"The company in such cases are
simply helplsss-lookers They
can do nothing to protect Themselves
from being outrageously swindled.
The country needs legislation to pre-.
vent fires, not to promote them; and
to preserve the insurabls interest Of
the owners of the property insured,
not to destroy it,"
| Mr.. Young's arguments and rea.
sons are neither logical nor fair.
The law Of Wisconsin makes the
face value of Il policy on building
the actual loss. If an insurance agent
has placed too much on a building
the company that employed him ought
to be represented by q man of better
judgment. A policy on personal prop
erty is different, for in this case il
would be impossible for an agent t.
properly estimate the real value.
! 1t is folly to say that man of fair
judgment would estimate the value o
a building at double the amount. II
it can be done by "cajoling" agents
the insurance companies should re
member that there is no law COMPEL
ing them to keep in their service mer
who are in the "cajoling" business
Ever since the world was created
blunders, mistakes and poor judgmen
have been followed by dividends il
the shape OF penalties. Paying TO
blunders and errors has tendency t
make the guileIess insurance corpora
tons employ none but honest men.
IT, as Mr.. Young asserts, the "face
value" policy law encourages incen
diarism, why don't the insurance
companies sustaining the loss defss
the object Of the arson man, aud re
build the property? Ifa party burn
up building, the object is, of course
to get money on that loss. BY re
r storing the building, the iasuranc
company thwarts the fire bug; and
the property is insured for more tina
it is worth, they. can save money on
of the Transaction.
While Mr.. Young is very volubl
i. about the great wrong in compellin
= an insurance company to pay twic
what q building is worth, he is Re
markably-yea, painfully - siler
about the provision which gives tn
company tn. option to rebuild tn
' property. Wouldn't it look littl
more fair If that was also alluded to
. The Herald is we'll aware that il
surance companies are poor, innocen
prosecuted objects. Every man cor
nectsd with them is an orphan. Tt
: humble presidents and secretarit
J, that have to exc out a miserable e,
! istence on beggarly sl0,0U0 per ar
. mum salary, have a meek and low
look upon their auburn countenance
as they come before the curtain I
public opinion in the role Of injure
innocence. But that audience is con
, posed of men who are not easily foole
by appearances; it's an audience thu
knows the difference between a say
dust leg and genuine flesh and bloc
J. one-between a bogus bust and Ii,
$ one-and they ''catch on" easily to tt
2 s'perseouted" racket. The men wi
, compose that audience-the audient
!. OF the aforesaid public opinion-cs
readily see that there 10 no merit I
Justice in tho complaints against II
q face.value policy law. because it
+ not compulsory on the part of the con
4 panies to pay the loss, it the proper'
is over insured. They can rebuilt
save money, and discourage ince,
diarism." That is better, more fAi
49, ~ 1>.,.,:cht .<,hbnev If aooov