Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-01-30
THE INSURANCE BILL.
An Interview With william Lupton, OF
Martins Ferry, on the Question.


The REGISTER reporter met William
Lupton, of Martins Ferry, one OF the
Oldest and most thorough going bust
ness men in Eastern Ohio, the other
day, and asked him what he thought OF
the valued policy law that is being agi-
tated by the. West Virginia Legislature
at this time.
"Well," said he, "I am not thoroughly
posted on the meaning or intent OF the
bill that is disturbing the West Virginia
brethren, but 1 suppose from what |
can CLEAN from the newspapers that 1t
is similar to what is known as the How
land law in Ohio. That broke the
hearts of insurance agents and insur-
ance companies for while before and
after its passage"
"What is the Rowland law?"
sin sum and substance the Rowland
law is about this. If John Doe insures
his house with the Franklin Insurance
Company for $1,000 and it burns the
Franklin Insurance Company must pay
the 81, 900 even If the house was only
worth $780, Pray, tell me what is
wrong about that? One thousand dollars
is what the company agrees to pay and
John Doe has paid for $1,000 insurance
In case of loss. II the house was only
werth $500 then the company should
only have insured it for $780,"
sit seems to me the companies have
got the short end Of the agreement In
this case" queried the scribe.
cit may seem that to you, my boy,
but you mast remember that insurance
agents are not infallible; 1t is very dill
ficult for man TO tell exactly what
house that was built fifteen or twenty
years ago is worth as 1t stands to-day
deprecated as IL is. Even If an agent
could compute the exact worth OF this
deprecated building it would be very
annoying and troublesome to the agent,
and lots of work yet insurance agents
don't object to that"
"What do you Ohio insurance agents
do with law like this hanging over
your heads?"
'Oh, it doesn't make any perceptiole
difference with our work now, but 1t
did Just after the law went into effect.
The companies tore their clothes and
mode iron clad rules for agents to fol-
low which they had to do for a while.
But now it is just the same as 1t was nj
teen or twenty years ago."
The companies actually thought that
II the bill became law that it would
bring ruin and disaster to al! doing
business in the State.
"If the West Virginia Legislature
passes their bill ard it becomes a law
do you think the companies will quit
doing business In the State?"
''Well, now I am a foreigner and
don't know anything about the inten-
lions of the companies in case the bill
should pass but If / were TO guess. l
would say that they could hardly afford
to leave as good territory as some parts
Of West Virginia IS for insurance profits.
Quite all the foreign companies have
made big money in West Virginia.
Take Wheeling for instance; it has
been a source of great revenue for COM
panies doing business in that State.
Good rates prevail and losses are not as
prevalent as in many parts OF the
country"
~ see the insurance agents are kick
ing very hard What is the matter
with them? How will the law effect
them?"
"As I said before, 1t will not do them
any serious harm, except probably a
little more work, as the companies will
scrutinize their risks more closely and
use more precaution and care, that they
may be able to keep down values and
see that policy holders do not insure
their property for more than 1t is worth.
The law will also have tendency to
make companies little more particular
about the class OF men they secure as
agents; the reliable, practical agent
will be in demand, while the incompe-
tent scavenger will be relegated to the
rear and his profession be thing OF
the mast"