Morning journal and courier. [volume] (New Haven [Conn.]) 1848-1894, 1886-10-28
THE VALUED POLICY LAW.

A Vigorous Protest Going up From the
Insurance Interests of Vermont.
MONTPELIER, VT, Oct. 27-Remonstrances
protesting against the ''valued policy" insur-
| ance law have been pouring into both hra'-eli-
es of the State legislature fro'- oil over the
State. Among these rc-iIonstrances are the
following. Fro,,s Wells, Richardson & Co.
and one b,,-ured and thirteen other business
firms Il Burlington representing over s., 00O,-
rJU insurance; from H. F. Field and forty
seven others representing 100000 insur-
ance; from twenty-seyen merchants of Ben
nington representing $1,00O,O0O insurance;
from H. M. Stevens & Co. and seventy-one
others in St. Albans representing over $780,
900; from every business man in the. city of
Vergennes representing 100000 insurance;
from Henry M. Winship and thirty others of
Bradford representing 100000 insurance
and others from leading towns representing
in each the larger portion of the insuring
class. The first committee hearing last
night was attended by about one hundred
insurance men from all parts of the State.
Mr.. Harvey of Topsham, the originator of
the bill, was the only one who spoke in its
favor. S. G. Schurtleff of Montpelier, rep
resenting the Mutual Insurance company of
this town, J. Francisco of Rutland, L. 5.
Hayes of Buffalo Falls, Mr.. Hall of Benning
ton and Mr.. Lawrence of Springfield,
all spoke most vigorously against
the bill and produced arguments
that the friends of the bill did not offer to
answer. Mr.. Lawrence, who lives across the
river from New Hampshire, said the insur-
srs in the latter State were glad to come
across the river to do their insurance in the
companies which bad withdrawn from New
Hampshire. He said that the companies es-
tablished in New Hampshire under the val
ued policy regime were avoided as much as
possible by insurers in that State. They
were not reliable and took risks more care
lessly THAI any companies had ever done be-
fore them. The representatives of the seve-
raj companies told the committee that they
should not withdraw from the State if the
bill was passed, but that they none the less
strongly protested against its passage.
The hearing was adjourned to meet
again at the call of the chairman.
1t is we'll known that the members of
the committee are opposed to the bill and
will report against its passage. What is in
tended a substitute for the so-called val
ued policy bill was introduced by Mr.. Fish of
Morristown. This bill provides that when
on the adjustment of a partial or total loss
by fire in this State it is found that the prop
erty has been overinsured that insurance
company shall pay back to the insured the
| excess of premium paid for such insurance
or assessment collected therefor that shall be
found to be equitably due to the insured on
account of the valuation of said property,
etc. This bill, with the discussion over the
valued policy bill, is making great furry
of excitement among insurance men. The
| legislature goes on grand excursion to NOR
| row to Alburgh to witness the opening of the
| new North Hero bridge. The Governor and
State officers will also attend.