The Providence news. (Providence [R.I.]) 1891-1906, 1895-03-11
Hebrew Policy Holders Fear
Being SwindIed.
Asked for a Duplicate Payment by
the Aquidneck Company.
Claim That Their Insurance Premiums
Were Paid TO Local Agents.

Max Perylman, a clothing dealer at III
South Main street, is in quandary just
now about the insurance on his stock In
trade. He has a policy for 5000 in the
Aquidneck Mutual Insurance Company
OF Newport, for which he paid
the necessary premium OF so,4O
to protect him from loss in case OF fire
from November p, 1894, to November Il,
1895 But he also has advices in his pos
session, signed by Clarence A. Hammett,
secretary of the company, stating that his
premium money has never been received
by the company, nor any of its agents,
and the company will not be liable
in case of loss or damage by fire.
And MIR. Perylman is not alone in his un-
certainty, as ne says there are mole than
so of his trusting countrymen who have
received similar advices, although each
has paid his premium.
Thereby hangs tale.
1t seems that the risks were placed
through insurance brokers OF this city
who solicited considerable business last
year among the Hebrew residents, who,
hampered as they are by being considered
undesirable risks by the most reputable
companies, jumped sat the opportunity to
have their property Insured. These brokers
specifically were styled Richardson d
Randall, having an office in the Veazie
building, at 43 South Main street, and
incidentally some OF the busl-
ness was, it is said, solicited by William
+. Potter, who has desk room
in Snow 4 Barker's Office in the Ex-
change building, and who is understood
to have been trying to help his friend
Richardson, after Randall loft him a short
time ago. The numerous policy holders
who are trying TO discover why their poll
cies are no good, received their
first intimation of anything wrong
less than two weeks ago, it is said. Mr..
Perylman received his first letter from
Secretary Hammett dated Feb. 27, 1895,
saying that IL the premium were not
paid by March 6 the company's
liability would cease. Mr.. Peryl-
man Immediately sought the insur-
auce commiss ssioner's advice, he states,
who told him how 10 draft reply which
he forwarded to the company, together
with cancelled check on the Industria
Trust Company for the $40, drawn Nov.
n, last, and which he paid to Richardson
for his insurance premium. Evidently
this did not suit the company for they
sent Mr.. Perylman another letter, inti-
mating that he had better throw the
it would be regarded as worthless. But
Mr.. Perylman thinks he will keep the
policy, believing that the company is
responsible for having issued it through
Richardson & Randall, whether they
were regular agents or not.
Mr.. Perylman looked Mr.. Richardson
up last Friday and found him at so Pit
man street. He was sick, but gave little
satisfaction beyond telling Mr.. Perylman
that the policy is all right, that he has an
account with the Aquidneck and that
there is money there. Several of Mr..
Perylman's countrymen, who are in
. similar fix, have called on the
insurance commissioner during the past
week in regard to the matter and an in
vestigation is in progress. 1t is under
stood that the company has sought legal
advice, also.
A call at 43 South Main street revealed
nothing beyond the fact that Richardson
X Randall have not been there for some
time. A tin sign at the outer door bears
the following lettering:
"Industrial Insurance Company" "The
American Underwriters Fire and Marine"
III. A. Richardson" "W. N. Randall"
Richardson & Randall have not been as
sociated for several months. Where the
latter is is not stated. The former
is agent for the London Accident
Liability Company, but is not known to
legally represent any other, except as any
broker may place risks where he
can. The Aquidneck Mutual
is a home company, and can
appoint agents without special licenses
being procured, hence ii was not known
by the insurance commissioner that
Richardson Il Randall were nor their
agents until the notices were received
by the policy holders.