San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1886-04-22
COOPERATIVE INSURANCE.

II there is any sound reason why the
merchants and househOlders of San An
tonic should tax themselves to support
the insurance companies of the old
world, that reason has not yet been
made public. COntrarywise, there are a
score of good, substantial, cOmmOnsense
reasons why they should not. The first
duty of San Antonio is to look after her
self; her business and her business in
terests no less than the educational and
moral welfare of her people. These
business interests are not conserved by
depOrting any profitable business that
can be carried on by our own people.
These business interests are jeopardized
when this deportation menaces the
business of the city. There is not q
shadow of a doubt that both these
considerations are involved in the
present conduct of fire lnsur-
anCe in San Antonio. The foreign
companies not only absorb every year an
amount of spot cash that should be re-
tanned at home, but they do not afford
the protection that home companies
would, and do, wherever established.
The policy of the foreign companies is
to rate insurance as high as it will bear,
and then in settlement OF losses to pay
no more than the losers can be Coeroed
into accepting. The policy of CO.
operative home insurance company is
just the exact reverse. 1t seeks to afford
protection at the lowest possible figure
and pays all losses honestly and prompt
ly, because it pays itself. The actual
cost Of insurance in san Antonio for the
past five years is less than 40 per cent of
the rate charged. The losses paid in
cases of total loss are less than 60 per
cent of the face policies of the Insurance.
The other 40 per cent is taken from the
insured by coercion the coercions OF a
compromise with the alternative of
suit at law.
The fire on the Jack Harris corner this
spring is a case in point. The payment
of insurance for term of 20 years was
no bar to the infamous policy pursued by
the foreign companies and Of which COM
plant has become SO loud and general
that our business men are seriously con-
sidering the organization of a co-opera-
tive Insurance company. This movement
is one which should be made promptly
Scores of merchants on Commerce and
Soledad streets and on the plaZas would
take stock in such an insurance company
at once and, when properly in working
order would give it their business. By
SO doing, they would save nearly 80 per
cent. in the cost of their insurance, keep
their money at home, and have a decent
prospect of securing the face value of
their policies in case Of loss. A Co
operative insurance company, with
capital Of 100000, can be organized in
this city within thirty days. 1t would
be a good-paying investment for the
stockholders; it would be god-send to
poor men who would like to insure their
homes but are debarred by the knowl-
edge that in case Of fire lawsuit stands
between them and the money protection
for which they have been paying yearly
assessments. Let some live business
man take hold of this matter, and in 30
days San Antonio can have an insurance
company composed Of her own citizens.
A company that will afford protection
against losses by fire at actual cost and
answer the end Of its creation in insur-
ing against loss by fire.