New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-10-11
PLEASED WITH THE STANDARD POLICY.
WHAT FIRE INSURANCE MEN SAY OF IT-sIMILAR
EXPERIMENTS IN OTHER STATES.

WHAT FIRE INSURANCE MEN SAY OF IT-sIMILAR
EXPERIMENTS IN OTHER STATES.
The new form of fire insurance policy is
highly praised by insurance men, The necessity OF a
uniform contract has been felt by insurers
ana almost since the system OF insurance now
vogue became general The policies in most instances
were too verbose and varied widelyin their specifications
ana the articles covered case in point found In
the burning of the house Of wealthy New York State
Senator, whose experience then is said to
have made him warm supporter Of the
statute providing for standard policy.
He was insured in five six companies. The loss
apportioned equitably among the various companies
all paid promptly except one, which entered claim
that its policy expressly stipulated that plate glass was
not included IN the risk The glass destroyed was
valued at about $50. and the dissenting company re-
fused to pay the proportion OF this assessed to It
The other companies agreed TO reapporton ment OF
the plate glass loss but threatened If the dissenting
company still refused to pay its share, to warn all
agents transactng its business to discontinue their con-
necton with under of losing the agencies Of the
other companies The threat had lis efeot, and re-
apportlonment necessary.
The first step toward uniform polioes taken some
years ago by the Massachusetts Legislature. The
form of policy was made part OF the
statutes, and drawn up by committee OF
legislators. 1t has not proved success,
and the courts declared that several Of its pro-
visions unconstitutional NewHsmpshire also has
superintendent OF Insurance It worked so many hard
ships upon insurance companies that most OF them
have ceased to transact business In that State.
When first introduced in the Legislature the act
vidDg for standard policy IN this state stipulated that
the Superintendent OF Insurance should prepare the
form Insurance objected to this. and the
amended SO as 20 give the New-York Underwriters
the power The Committee on Laws and
Iegisation OF the Board Eof Fire Underwriters
was materially assisted by william Allen Butler, of
Hew-York; Franklin Chamberlain, OF Hartford Judge
6awyer Of Watertown, and Henry Hall, president OF
the Board OF Underwriters.
{" Our aim throughout" said L. r. Kennedy, chair
man OF the committee which formulated tho new pol
iey boon 10 treat Insurers more Literally than
hitherto In addition the changes which attention
has already called, there others OF equal
Importance. In the majority or policies one OF the
clauses has stipulated that the entire policy snail be
void II tho insured withheld misrepresented any
fact circumstance concerning the property Insured
Now the policy does not become void unless
some material fact IL concealed msrepresented
Again II the policy cancelled at any tune becomes
void the lnsuring company s reQQred TO return 10 the
insurer the premium for the PRED time OF the
policy Heretofore when q policy has been cancelled
the pany has retained the unearned premium. The
policy contains 1898 words. 272 OF which are re-
Qurcd 10y law and IL 10 considerably shorter than most
OF the policies now In use."
r. c. Moore, Woe president OF the Continental Insur
ance Company OF this city believes that the standard
policy Will eventually be used by every insurance CON
bzny In the United States Ii 10 extremely liberal In
IL provisions to honest insurers he said "and strn-
gent Togues Its ultimate eject will De 70 reduce the
Fsts OF Insurance. as tue number OF frauduisnt cisms
Will probably be lsssened threugh IT.
Atix meeting to-day the Board OF fire VnosrWriers