The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1886-04-21
INSURANCE MATTERS.

The Fire Insurance Companies doing
business in Honolulu have had a costly
but at the same time a fortunate ex-
perience in the late fire. The total loss
to the underwriters was 1928, 800; the
total loss of property could not fall short
of 81 800 900. In all probability it was
considerably greater than this sum, but
we take the assessment of last July as
our guide. That assessment, we have
reason to believe, was made at one-third
less than the cash value Of merchandise
to sell; and therefore it is fair to assume
that the property destroyed was not
worth less than a million and three
quarters. The insurance risks therefore
aggregated about one-eigth of the total
loss. This is certainly safe margin of
risks for underwriters in wooden town,
and shows, in the face of the great pub
lie calamity of last Sunday, that the
policies were judioiously selected.
The district swept by the fire is a large
one, and the risks were judiciously dis
tributed throughout the blocks. About
thirty acres of buildings and their con-
tents were destroyed, the salvage not be-
ing large Moreover, Honolulu has had
comparative immunity from disastrous
fires, and this fact begot a feeling of con-
fidence which the experience of Sunday
shows was somewhat misplaced. The
risks were placed as rule on
the main streets or corners of blocks
and in what were supposed to be fire
proof buildings or adjacent thereto. Fur
thermore, the policy-holders were men
of known solvent means and high stand
ing in the commercial world. Only few
had more than so per cent of their prop
erty covered, but the majority had not
over 20 per cent. Those who have made
it their business to go among the trad
ing houses in the City-and insurance
that there were houses in the fire block
which carried stocks of $25 900 with
5000 insurance, and others with $40
600 stock and $4,000 insurance. Not a
few Chinese storekeepers carried an
equally large stock without any insur-
ance. Their vigilance and almost con-
slant presence at their places of business,
where nearly all of them resided, were
deemed to be sufficient assurance
against fire; but the event proved that
they had miscalculated chances.
1t is a great satisfaction to know that
the insurers will receive their money
without fail. The high standing and
character of the companies is a guaran-
tee of this. Having consulted with in
surance agents on the subject, we are
warranted in saying that none of the in
sured who suffered by the fire would be
rejected on personal grounds if they
made application to the same compan-
les, although it is beyond a question
that the class of risks will undergo modi-a
icatiOn. This fact should be generally
understood by owners of property in the
burned district If the old style of
wooden structures and crowding be
renewed, the occupiers must take all the
risk of fire. They cannot expect any
well conducted insurance agency to
divide the risk with them. The knowl-
edge of this alone should lead to the
opening and widening of streets and the
erection of well-constructed houses, with |
sufficient space between to enable Il fire |
to be cut off at any convenient point, |
should one occur.