The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-09-14
MARINE RATES HIGHER.

The marine insurance companies have,
however, made material advances, and ex-
porters are very much disgruntled over tho
situation. There has beea an increase of
one-sixteenth per cent. more than last year
on waterways, on sixteenth to one-eighth
per cent. more for European shore risk, and
three-eighths per cent for American shore
risk. The country damage is one-quarter
per cent. additional.
One of TIE largest of the cotton exporters
here was asked yesterday if there had been
any change in marine risks since last year
lie said that there had, and a very great
change. He said that last season it cost
him to insure his cotttT from this port, or
from any point in tho interior TO Liverpool
nine-sixteenths per cent, while this year
1t cost him from this port to Liver
pool fourteen-sixteenths per cent, and
from the interior to this port one-quarter
per cent. additional. From his statement it
would appear that insurance on marine
risks is double what 1t was last year from
in, terror points to Liverpool and five-six-
teenths greater than it was from this port to
Liverpool The same insurance rates as to
cotton now prevail in all the south Atlantic
ports, and is only one-eighth per cent.
greater than the rate at New Orleans. Two
causes contributed TO the increase of the
rate Of marine risks this year, the very low
rate that prevailed before, and the heavy
THE CONDITIONS MORE STRINGENT.
Another leading exporter said that not
only had there been an advance in marine
insurance on cotton water borne, but the
conditions are more stringent. iris year
90 per cent. of the marine insurance COM
papies joined in establishing tariff. Last
year only about 30 per cent. of the COM
panies signed it, and 1t was not lived I'D to
very closely, some exporters having their
cotton brought from the interior at very
low rates, or without paying insurance at
all. The American shore risk and European
quay risk Is now enforced, and therein is a
great part Of the increase. With the in
crease the added cost will reach about % to
Is per cent. more than last year.
The marine underwriters claim that the
present advance IN marine insurance Is
general at all parts. There has been no dis
elimination against Savannah in this mat
ter, and the charges are the same on cotton
shipped from Savannah in approved
steamers as from Norfolk and Baltimore,
with a difference Of one-eighth per cent.
against all parts south of Hatteras on cot.
ton shipped in approved sailing vessels.
Insurance from gulf ports is one-eighth
per cent higher on steamers, and one-hali
per cent. higher on sailing vessels than
Savannah.
WHAT THE UNDERWRITERS SAY.
Inc UNDERWRITERS BAY tnal last year every
company made any rats they chose; that
there was no fixed tariff. and rebates ran
all the way from 10 per cent. 10 IS per cent
Now uniform rate has been established
and the policy is from the time before ship
ment when water borne terminating with
discharge at point Of destination, ell shore
rates at point Of shipment and quay rates
at point Of discharge are charged
extra premium. Risks at and
from interior points to poinI
of shipment, and until laden on
board vessel may be covered from the time
the cotton is delivered to and becomes at
the risk Of the assured at one-half per cent
net additional, to return one-eighth per cent
when bill of lading states tue cotton is lader
in box or closed cars. and a further ono
eighth per cent when risk commences from
time Of loading on cars and whom no press
risk is incurred while en- route TO seaboard.