, 1889-08-06
SPREAD OF INSURANCE.
RISKS ARE TAKEN EVERY DAY ON
ALL SORTS OF THINGS.

NAS 6NANAAA IcDAA~ 40 HSN
the extent to which insurance is carried
nowadays. Almost every sort of article
which is exposed to the risk of destruc-
ton or theft can be insured, and risks
are even taken on the most common ac-
tons Of life.
Gambling is nowhere practiced as 1t
is among insurance men. OF course it
isn't called gambling. Insurance men
only take risksi But there is as much
insurance betting on events as in the
sporting world. A vessel, say, is over
due. The owner rushes into a marine
insurance office int asks the manager
what he will charge for insuring So, 500
on the cargo. The reply is $50 per cent"
That's high. Well, how much time
will you give mey'' asks the would be in
surer.
Give minutes" says the broker.
"Well make out the policy"
Before the ink on the policy is dry the
insurer rushes back to say that the yes
sci is just coming in and that no insur-
ance is wanted.
"Ah, but 1 took the risk" said the
broker, and I'll trouble you for s., 250."
The check is made out, both parties
~grinning at their luck. They gambled
on the event at a big price and one had
to lose. Everything goes in a snap bar
gain. No written agreement is neces-
sary. A price is asked by a merchant,
named by n broker on the street it may
be, but the word done closes the con-
tract.
"Yous see there's nothing very remark
able in insuring such property after all"
Ill -. ... A. ztIa- H.
at has a value, and the owner wants to
get il quickly and safely, but if it does
go astray he feels good in knowing that
the party who took the risk will pay the
loss"
Insurance on bonds, coupons, stock GER
tiflcates, legal tenders, notes of hand,
national bank notes, currency and specie
Is n common and profitable business done
by several well established offices. The
property to be insured is valued at sums
agreed upon at the time of Endorsement,
per regular mail, express or customary
custodians, and the ports and places of
departure or destination are also agreed
upon, all risks covering theft, fire, water,
earthquakes or collisions from place to
place.
"There was n rumor recently of a pro-
posal to establish an insurance company
to guarantee editors against loss from
libel suits" remarked a broker. 81 don't
think the scheme has come to anything.
1 guess the premium would nave to be
heavy in the case of some editors who
delight in always making it hot for
somebody. If, however, a schedule of
rates could be fixed many editors might
L. .v~u,. H.. .-.-1A J.. Ali. .-1~r 80
method of insurance.
"As to the method of making con-
tracts for valuable documents, this is
very simple, for the insurance is attached
or contaminated upon notification of the
amount of value, shipped by the insurer,
to the agents of the company, although
the notification be given by messenger
or mailed at the time of shipment. Such
an arrangement is absolutely necessary,
or there would be no insurance effected
in cases where the distances were small.
1t often happens that the valuable pack
age insured in this way arrives safely at
its destination before the insurance COM
pany gets any notification by mail that
risk has been placed, and yet the amount
insured will frequently run into the thou
sands.
"There lies a proposal to insure $23, 900
worth OF bonds on n journey of little
over an hour" said the insurer. "With
the proposal came the insurance slip
notifying the company. The bonds were
insured from the moment they were
dropped into the mail box, SO far as loss
to the owners or transmitters; but they
had got to Woonsocket before the com
Danu hol onv lnNyu1a1na ~ fhn.a 81
though they would have been liable for
the insurance If they had been lost or
stolen on the way"
A live agency, it is said, will average
over 100 risks of this kind a day, amount
ing often to 5000, 000. These risks are
accepted to all parts of the world, and
they are of the most varied nature, the
amount varying from a few dollars to
$50, 900.
Registering valuable matter does not
guarantee its safe delivery, and the post
office authorities do not hold themselves
responsible for the loss of money pack
ages; hence senders of such parcels pro-
tect themselves against loss by insurance.
The charge is from three to seven cents
on 500, according to distance, the lower
rate being for short runs and the latter
being for transmission to the far west.
Many packages containing money or
valuable documents are sent out unin-
sured, but more attention is being paid
to business than formerly, and all sorts
of papers, letters, documents and mail
matter find ready insurance in the ma
rine companies. Mail pouch robberies
are of constant occurrence, and the best
laid plans for preventing loss on the road
seem to fail.
do you think that insurance business
is capable of still further Developments
was asked of an insurance company presi,
dent.
"Why, certainly" he replied. 1.-THE
risks against fire were about the only
form of insurance once Now people in.
sure their lives as well as property. There
is accident insurance, honesty insurance,
marriage endowment insurance and gen,
eral liability insurance. A curious
scheme, I've heard, is on foot, which il
no less than partnership insurance. The
company will act as silent partner in the
concerns which effect insurance. They
will send q man to examine the books,