Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-11-03
IN INSURANCE CIRCLES.
SOME CHANGES IMMINENT IN THIS VI
CINITY.
The State Now Inside the Limit Of the Western
Union ofCompaniss-A More Prompt Payment
Of Premiums ApttO be Insisted Upon.

A good deal of general interest at
taches to certain new ideas recently
adopted, or about to be adopted, for
the government and guidance Of insur-
auce Companies in this city and State.
These matters will have quite an i'm
portant bearing upon the whole scope
of fire insurance, and will affect, in
some manner or other, all, or nearly all,
holders of policies in this State.
While all the proposed innovations
and changes have not as yet been ac-
complished, some important new meth
DDS have already gone into effect.
These, however, principally concern
holders OF policies in country districts
and small towns, where a general change
in the rates OF premium, in the direc-
ton Of an advance, is to be looked for
shortly.
The entire State is now under the
control OF what is known as the West
ern Union Insurance Association, an or
ganization of the large fire insurance
Companies scattered throughout the
country. These Companies have di-
vided the country for general insurance
purposes, into four districts, one COM
prising the Eastern States, another the
Middle States, still another the Western
States, and the last the Pacific
States. Heretofore West Virginia has
not been embraced within any Of these
districts in the sense that insurance
matters were subject TO the regulations
and rules OF the Association, but on the
first of the present month this was
changed, and mandatory rules and
rates will go into effect at once. A
leading feature OF this change will be
an advance in rates for insurance against
fire, on all classes of risks in country
districts and small towns where there
are no facilities for eXtinguishing fires,
while in certain other towns, where
such appliances have lately been put in
operation, there may be some reduc-
tions in rates on certain lines. These
rates will be fixed by the Association
for the guidance of the agencies Of the
large Companies interested, and, as a
matter Of course, will likely fix the
rates in about all cases for
those smaller companies not
members OF the Association, but doing
business in the State. In this city, the
rates fixed by the Association generally.
it is said, will not prevail, the local
Board of Underwriters being nominally
left to regulate rates as far as the
local companies are concerned, but in
reality these rates will, in all prob
ability, be the same as those fixed by
the Association. This matter has not
yet been brought formally before the
Board of Underwriters, and it is under
stood there is some little opposition here
TO allowing the rates TO be thus
fixed by the Association, but the end
will probably be that the Association
will have its way, as it did in Dayton, o.
There was big kick there by the local
Companies against dictation by the As
ISOLATION, but the Association put the
screws on, and the local Companies were
soon brought to terms. One OF the lines
which will certainly be effected here
will be potteries, and another iron and
steel mills, and there will be
an advance in the rates on these
classes of risks just as there was
an advance, some months ago, on glass
houses, although the raise in the cases
Of the mills and pOtteries will not likely
be as steep. The local Board Of I'm
derwriters, indeed, made a start in the
direction Of an increase yesterday by
advancing the premium on potteries
from 1.12H per cent TO . per cent. and
on mills from 1.25 per cent. to the same
figure.
Another important change made by
the advent OF the Association will
concern agents Of what are called "ior-
eign CompanleS" is, Companies
organized and having their home
offices outside this State. Heretofore
agents and solicitors have been allowed
heavy commissions for new business,
but these commissions will be reduced
very materially. 1t will also require
more capital to conduct agencies in the
future, as prompter payment Of
premiums will be insisted upon.
Heretofore thirty and sixty days have
been allowed agents in which to make
returns. Now the agent must make al
most immediate returns, and il he has
not collected his premiums he will have
to furnish the money himself. To meet
this new order of things, it is under
stood the local agents will append to
future policies new clause reading
about as follows:
''This policy is null and void If the pre-
MUM on same is not actually paid within
thirty days from date Of issue, and notice
is hereby given that the same will be can
celled upon the books OF the Company
without further notice.
This is in line with the action taken
by agents at Chicago, Meriden, Conn,
and Birmingham, Ala. The latter agents
inserted the following clause in poll
cies;--
mo contract is effective until the con-
sideration named therein is paid. The
nature of an insurance contract COR policy
demands that the premiums be paid when
same is written. This company will, how
ever, hold you insured as per this policy
until twelve O'Clock noon of the 18th day of
the succeeding month after the month Of
issue. II the premium thereon is not paid
in full by that time, you are hereby notified
that this policy will be Cancelled at such
times on the books Of this company for
non-paymsnt of premium, without further
notice, and all liability Of this company
under this policy shall Immediately cease
from that time"
There was a meeting Of the local
Board of Underwriters at the Chamber,
of Commerce, yesterday afternoon, at
which the advance on pottery and mill