The Providence news. (Providence [R.I.]) 1891-1906, 1894-05-12
INSURANCE.
New Fire Insurance Schedule
For Boston Adopted.


AZ special meeting OF the Boston
board Of underwriters yesterday sche-
dulo Was adopted for rating that part OF
Boeton not included ia the district known
- the confagration district.
Az A. Providence Is soon 10 DO re-rateu ~
Che iiro insurance compapies, sketch OF
the method adopted IN Boston shouio
prove interesting. :.
The new schedule differs from all others
Ia that it is based on Boston's bildlng law;
IN ell others ideally constructed buildings
have been ta.en as standard.
Taking the building law as a basis, IL
builds ND n list OF debts and credits.
Wherever the building TO be rated falls
short OF the building law require
ments, there are cbarges where there
are improvements above building law re-
quirements, reductions are made. Frame
buildings are not provided for in the
schedule, because the Boston building
law recognizes no frame buildings; rates
upon all such will be made according TO
the old methods.
The building rate is made up as follows
A charge OF 10 cents per 500 is made as a
basis; then for height of 20 to so feet an adj
dition of five cents is made; for each 10
feet over so feet an addition OF 10 cents
per 800 Is made.
There are charges for area, walls, para
hoors, elevators, stairs, weliholes,
dumbwaiters, sheathing, walls and
ceiling, skylights, sheet, chimney,
tenants, frame rears, stone or iron col
umns or beams. There are also credits
given for the improved construction,
under each of the above mentioned heads.
The final rate upon any building Is
found by adding TO the basis rate all
charges. and then deducting all credits.
IT Is declared for this system that 1t Is
simple, scientific and equitable.
TO find the rate of insurance upon
stocks contained in the buildings
the committee has prepared table
dividing up the several trades of
Boston into five classes, A, Il, G, ID and II.
Glass A embraces stocks the presence of
which does not increase the rate on the
building containing them; but the stock
rate is 10 per cent per s10O higher then the
building.
Class b is same as class A, but stock
rate is IS cents per 800 higher.
Class { contains stocks which increase
the rate on the building containing them
10 cents per 800, and are themselves rated
80 cents higher than the building.
Class ID increase building rate 25 cents
and the stocks are rated 80 cents higher
than building.
Glass r increase building rate so cents
and the stocks are rated not less that Il
higher than bnilding.
The schedule will only be applied when
new building Is erected or when a build
ing has a change in tenant or occupancy.
Eighty-eigh different kin1s of stocks
make up class ID. The presence OF any of
these increases the rate upon a building
25 cents per 900, while the rate upon such
stock Is 30 cents per 500 higher than the
building containing it. There are some
few stocks in this class marked with an
ssterisk, which will be written at re-
duced rate of % cents per $100-
The last class Is T., embracing about 30
stocks. Their presence in building in
creases the rate so cents per 800. And
the rate upon the stocks themselves will
in every case be 81 or more per siOo greater
than upon the building containing them.
The Isig Fire I'm Norway, Me.
Colonel w. "A. R. Boothby OF waterville.
Me-, leading member of the New Eng
land Insurance Exchange, and an author
1ty on all Maine insurance matters talked
with the writer yesterday on the Norway
fire.
Norway" he said, ''was good town
from an insurance view and well pro-
tected town. The experience OF under
writers there has been satisfactory. Ii is
town OF 200 inhabitants, and has n
good system OF water works. The water
is pumped from the lake and river into
reservoir which has a capacity of 100000
gallons. There are 33 hydrants and seven
use there has capacity of 100000 gall
Ions.
"Thc fire department is well
equipped for small town, and
consists OF one hand engine, one
hook and ladder truck, one Bangor
and $500 feet OF good hose. This, COM
pared with many towns OF the same size,
Is excellent protection.
"The making OF insurance rates i'm
Maine has not been in the hands of the
insurance exchange since the Maine in
hurHnce antl-compact law was passed, in
March, 1893. Rates are now made in
Portland by A. w. Denny, superintend-
ent OF the Maine rating bureau. He s-
sued new rates about fort
night ago. They show MATER
iat increase over the old rates.
This Is not because Norway was con-
sidered poor, but the experience of COM
panies in Maine has been unsatisfactory
and a general advance throughout the
state became necessary to put the busi-
ness on paying basis.
Frceland Howe of Norway does 30 per
cent OF the business in that town. lie
represents these companies: Phenix of
Hartford; Etna of Hartford; Hartford
OF Connecticut; Home Insurance Com
pany; Liverpool, London and Globe In
Bufance Company OF North America.
National Board of Underwriters.
The 18th annual meeting of the Ma
tional Board OF American Underwriters is
now In session in New York. Seventy
five companies are represented, and the
deliberations are presided over by ID. w.
G. Skilton, president. The principal busi-
ness OF Thursdays session was the presi-
dents address and the reports of stand
ing committee.
President Skilton said among other
things: "The year closed with a record of
adversely unequalled in the history of
underwriting. Figures compiled from
the last annual statements OF 36 New York