New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-03-17
THE FIRE INSURANCE SITUA7ION
TALK WITH f. Il. KENNEDY-UNUSUALLY
LARGE LOSSES THIS YEAR.


Elijah r. Kennedy of the firm of Weed & Kennedy,
insurance broker, at no. 80 Tncst.. talked to %
Tribune reporter yesterday about Insurance matters.
The conversation prompted 10y the recent large
fires in syracuse The fire of sunday morning, FOL
lowing so close upon that of saturday, and the fact
that both of the fires were 50 destructive, were
Sources Of interest sufficient TO create great deal
of comment among insurance men. When MI.
Kennedy asked his opinion of the city Of Syracuse
as a profitable field for insurance companies he sad
at has long been saying among Insurance hch
that syracuse graveyard Of insurance money
The losses there have for long time been largely n
excess OF what they Should be in town OF that sue
know Of one insurance company, the London and
Lanca shire that tine withdrew from Syracn,e
all the policies II had there, owing 10 inc great rs"
there seemed 10 he in that town.
DO You know if the great risk is owing 10 an
inefficient fire department.
Il cannot say anything from my personal knowledge
upon that subject, but know that the London ana
Lancashire gave as its reasons for Withdrawing that
the town was poorly built and that the hgc depart
ment vas inefficient
Have the losses in the recent ire been h'a'F
blow to any company ?"
"As far as / know. no individual company has SUI
fered seriously. The insurance was pretty well d
vided up and the few companies that had large risks
there were large companies, that were able t. stand
their loss"
What is your opinion Of the bin for lettering :hc
fire preventive conditions Of towns, that was rcccHS
introduced into the senate Of this statc?'
The bill is the best thing Of its Kind that has
far been advanced. II i, time that the state did
something 70 improve the character Of builGn Ia
cities. The bill IS 10 authorize the Governor to ap-
point committee Of three experts ~ draw Hp a
building law applicable TO all cities In the state
cept New and Brooklyn. These two cities already
have building laws that less efficient.
Brookyn's building law is poor, and greatly in need
OF Improvement. The building law OF Nt~-l Orh
City Is certainly the best in the state and there a
biz IN the Assembly at present stu further 10 Improve
IT, The present laws regulating building IN other
cities OF the state than New YORK and Brooklyn
last ten years the insurance companies have paid Tor
lire losses In this considerably 300 100000.
While the state i, c0nsid rcd especially good field
it i, probably fact that a moderate profit has been
made during these ten years but the lire waste has
been great that it may well excite tic interest OF
legislators.
DO you believe that the recent losses in Syracuse
Will cause people in that city to have difficulty IN
placing their insurance, or viii bring about an advance
Of rates %
Some companies will probably increase their rates,
and 10 doubt more careful scrutiny OF property t.
be insured will be made but the object OF Increasing
the ,atc. if that be done, viii be to enforce improve
mcnts The usual plan OF companies that pat mp rates
f5r such causes is 10 allow specific reductions from the
rates for specific Improvements that are made. Tho
Increase OF rates VIII, however, probably not be gen
cral no. amount 70 much for the companies do bust
ness upon an average basis, and 10 one town IS cX-
pected necessarily 10 pay for its own losses
what has been the general condition Of the insur-
ance business throughout the country lately -
For the last four months all the companies have
been more less unfortunate. Last yea was a pros
pegs one, but the Losses lately are taxing away an
that made then. Extensive losses are usually cN
pected during these first months Of the year, but this
year they arc much greaer than the insurance COM
panics provided for