Bennington semi-weekly banner. (Bennington, Vt.) 1894-1902, 1894-06-19
Insurance in Vermont


THE VERMONT COMPANIES MAKE A
GOOD SHOWING.
In compliance with the laws of the
State the insurance commissioners,
Chauncey W. Brownell of this city and
Henry F. Field of Rutland, have pre-
pared report of the insurance business
of the State, which they submit to the
governor. The year has been one of the
most urfaycratle in the history 0f in
surance business, many companies re-
porting enormous losses instead of a sur
plus as in former years.
The result has been general cuTGall-
ing of business, and greater care in as
Stunning risks on the part of companies
licensed to do business here, and large
amount of business done by companies
who have not been admitted to the State.
These companies not only conceal their
business from the officials but avoid con-
tributiug their share to the revenue of
the State. The practice is a triple in
Justice, affecting the State, the assured,
and the resident agents who carefully
observe the law and decline business
which they cannot place in companies
duly complying with our statues.
The incentive to patronize these COM
panies is the cheap rates offered, but the
practice is attended with great danger to
the insurer, and commissioners caution
people against the companies in very
emphatic manner. One instance was
brought to their attention where the pol
icies issued were those of wildcat organ
izations in distant States, and as soon as
the policies became claim they were
found to be worthless.
Many new organizations of question
able nature have sprung into existence,
prominent among them being the Lloyds
who seek to do business under some
phase of individual rights, assuming the
functions of corporation, but disclaim
ing corporate or even partnership re-
sponsibilities and refusing to submit to
State supervision and control. None of
these companies have been admitted in
to this State, but they are noticed so
that the public may be cautioned against
them, and to bring the matter before the
common Legislature.
The matter of extending the power of
agents or brokers to enable them to eff
feet insurance, under specially pre-
scribed conditions and restrictions, with
companies of other States not licensed
to do business in this State, for the pur-
pose of obviating the difficulty of plac-
ing the so-called surplus lines, may also
require attention.
There are now four fire companies Or
ganized and doing business under Yer
mont charters, viz: The New England of
Rutland, the Rutland of Rutland, the
Union Mutual and the Vermont Mutual
of Montpelier. The life companies are
but two, as heretofore. the National of
Montpelier and the Vermont of Burling-
ton.
The aggregate of fire losses paid by
Vermont companies for 1923 shows
an increase of nearly $4,000 over those
of 1912; a part of this amount how
ever, being represented by the expert
ence of the Rutland Insurance company,
new organization which began bust
ness in March, 1893. '."
TIE following fire companies of other
States and countries have withdrawn
from the State duringSthe year, viz. The
Franklin of Philadelphia, the London
and Lancanshire of Liverpool, England,
the Providence Washington of Provi-
dence, R. l., and the Queen of America
of New York.
The American Casualty and Security
company of Baltimore, Md, has been
placed in the hands of a receiver, and
the American Employers Liability COM
pany of Jersey City has not been licensed
for the current year.
The Caledonia Fire Insurance COM
pany of Edinburg, Scotland, the Pre-
ferred Accident Insurance company of
New York, the Interstate Casualty COM
pany of New York, the Life Insurance
Clearing company of st. Paul, Mimi,
the Union Casualty and Surety company
of st. Louis, Mo-, and the New England
Mutual Accident of Boston have been
admitted during the year, the latter to
date from April LIST, 1894.
In the statement of the Union Mutual
Fire Insurance company of Montpelier
the following significant facts are SUBJ
mitted. ta5
I'm this years list of losses we have
given the cause of the fires as they have
been reported, and from this data it ap-
pears that "a of them amounting to ST.
S77.72, were caused by defective Chin
neys, stoves and pipe, nine, amounting
to SO, 234. 80, from unknown causes, un-
doubtedly from the same cause as the
foregoing; IA, amounting to 81, 1884,
we're caused by lamps, lanterns, matches,
etc.; four, amounting to $13077. from
miscellaneous causes; 81 from lightning,
amounting to $2,3S5.84; three from in
cendiarism, amounting to $2,436.93; II,
amounting to $3,01S29 from causes orig
mating outside the assured's premises.
1--WE would impress upon your minds
the fact that over 81 per cent. of all these
losses are from causes within the con-
troll of the assured, and ask you again
to thoroughly inspect your stoves, stove
pipes and chimneys frequently. If all
will attend to this matter they will save
much property from destruction, and
reduce the cost of their insurance more
than one-half. "--Burlingto Free Press.
The jury on the trial of "Bat' Shea
for the Troy election-day murder is COM
plete and the Trial will now go on under
eager scrutiny. The case involves
larger public interest than the mere pun
ishment of homicide. 1t concerns the
l-being of the community and the
preservation of freedom in elections.
There would be larger confidence in
the justice of its outcome if Gov. Flower
had not seen fit to interfere in way to
make acquittal EASTERN. Y. World,
Dem.
The Democratic Senators who insist
that ''the tariff is taxi probably had
that idea in mind when they agreed to
increase the rates on sugar as means
of rewarding the campaign services of
the Havemeyer monopoly.