Evening journal., 1889-03-22
THE VALUED POLICY.
Insurance Men Say it is all
Wrong.
THE BIGGEST DAYS WORK YET,

AJttsAA WIN ptnNcAIc Hsf hN1NN JOURNAL.
DOVER, March 21.-More business Of an
unimportant nature was transacted in the
House to-day than on any previous day. A
steady stream of notices, Incorporation
acts, divorce bills, school laws were pre-
sented, introduced and passed. until Clerk
Gum had the biggest journal Of the ses-
sion. Notwithstanding this, however,
he had 1t completed by half.past
seven.
Conference is drawing upon the House
This morning Chaplain Kidney was alb
sent attending its session, but the House
needed prayers and was fortunate in pos.
sessing a member who knew how
to pray Representative Clark was de
cided upon as the one to offer them and
he filed the bin In excellent shape. He
remembered the absent members Messrs.
Maull, Biggs and r. A. Davis, who are on
the sick list, asked blessings upon Presi-
dent Harrison, and invoked Divine
gui dance for his fellow members. To
morrow Speaker Hoffeelker will also be
absent at conference and the duty will
devolve upon Clerk Gum to call the House
to order. This is cruel; Clerk Gum is Just
the personifcation Of modesty and bash
fulness, and he is now so nervous in fear
of the ordeal he has to go through to-
morrow that he took four more drops of
peppermint than usual Representative
Downham welded the gavel for awhile
this afternoon.
EIGHTH STREET RAILWAY.
Notwithstanding the fact that the City
Railway Company have decided to build
the Eighth street extension the Senate
will pass the charter of the Eighth street
company's charter They viii, however,
place to II several amendments giving
Council absolute control over all grades
and compelling the company to put their
wires under ground The old charter of
the City Railway Company passed in 1864
gave that company comprehensive privi-
leges for the use Of the streets Of vii.
mington and a right to go within six
miles OF the said city. 1t also gave them
the exclusive rights on streets they use.
oa AGAINST VALUED POLICIES.
The Insurance men had their innings
tonight. A meeting was held in the
parlor this evening before the members
of the Legislature. There were present
Captain William B Kelly of the Ameri
can Insurance Company Of Philadelphia.
O. 4. Bears of New York representing
the London Assurance Company, Insur.
ance Commissioner Pratt, Col. William
A. LaMottee and Manlove Haynes of the
Farmers Mutual Insurance Company,
William Denney of the Kent County
Mutual, George II. Bates and Joseph l..
Carpenter, Jr., of the New Castle County
Mutual and r. 4. Gilpin representing
various companies all over the United
States. ~
The principal speaker Of the party was
Captain Kelley He discussed the sub
Ject very thoroughly and made out very
strong case for the companies He said
that such a bill as this strikes the pockets
q great many people The records Of
this state for twenty years past show
that there have been but six cases
brought into the court, and none Of
these involved the value Of property.
He believed that the enforcement OF such
law as this would work for more injury
than 1t would benefit. THE valuation at
the time the policy is made opens
up q possibility Of fraud that not
even the insurance companies or any
one else can conceive. It strikes
at the root of the indemnity feature
Of insurance contracts and changes the |
purpose Of insurance companies IL |
places q hazard In the business that the |
companies do not contemplate. There are |
frequent depreciations In value of prop |
erty when assurances are taken. The |
insurance men will be compelled TO raise
the rates to protect themselves and the
honest insurers win have to pay for
those who are dishonest. and this was
unfair to the honest insurer Insurante
companies stand between loss by FIRE al d
the owner OF the property. We do not
insure the property. but the owner
against loss. Commercial interests to a
large extern rests upon the insurance
business of the country. It has been
alleged that this law would prevent the
companies taking risks from bad men.
II is impossible for the companies to 1
know every person they insure. The l
companies, If this law passes, would have
to employ experts Of almost every class. \
and would have TO be very careful not /
to oyerestimate the value Wherever this |
law has gone into effect, there had been /
larger rate Of percentage Of loss In the |
State OF Ohio II has amounted to City l
per cent. Nearly every insurance com |
missioner in the state where this law was
IN effect had in their annual reports |
urged its repeal upon the Legislature In |
New Hampshire where the law had been
in effect for over year, the companies had
withdrawn most of their business because
there was not enough Of it to pay them to
do business there.
During Captain Kellys address he was
greeted with a fire Of questions from
Senator Richardson, the latter question
ing him upon the many arguments used
Ii favor Of the law.
Mr.. Gilpin said in the city Of Whining
ton it was customary for the companies
he represented to employ builders as one
Of their arbitrators when questions of
losses were to be settled He said that
should the law be passed it would in.
crease the premiums in the state nearly
$25. OO0 and this would fall in large
measure upon the honest insurers Of the
state. DIR. Nathan Pratt also made a
few remarks in which he said that he did
not believe that the companies could
afford to do business in the state. For
the past four years the companies doing
business had only received in premiums
80 per cent of their losses.
Manlove Hayes said that the mutual
companies had as many losses as they
could now take.
George H. Bates, Esq, delivered very
strong speech against the bill He de-
clared it pernicious and an attempt to in
terfere In business relations and con-
tracts between nam and man. He said
II you want such law as that put an
amendment to it and allow those who
want valued policies take them aud pay
Tor them and those who want the kind
of policies in vogue now take them. He
declared such a law to be un-American
and I'M Democratic. Mr. Gilpin read a
number of letters among them one
T~srxt Hf4a.aa aItat.e I'd