The times. [volume] (Richmond, Va.) 1890-1903, 1896-01-21
RECOVER ACTU VALUE.
Mr.. UTLLTIHS' FOIRIHS
CLAUSE" BILL AMENDED.
Insurance Companies Are to Have the
Option of Rebuilding Burned Property
Paying Its Actual Value.

The following is the insurance bill of
Senator Williams, of Mecklenburg, as
amended by him:
Il he it enacted by the General As
sembly of Virginia. That no insurance
company or association shall insert IN,
attach TO, or otherwise make 1t a part
OF their policy or contract OF insurance,
clause or proposition to pay less than
the actual value Of the property al the
time 1t is destroyed, not TO exceed the
amount specified In the policy OF insur-
2nle.
- The insured shall be entitled to re-
cover by motion. suit, or other aDurO-
pirate legal proceeding, the actual value
Of the property at the time 1T was de-
stroyed, not exceeding the amount spG-
Gifted in the policy OF insurance, which
ne may hold from any insurance COM
pany or association.
-. That no insurance company or as
ISOLATION shall insert IN its policy that
the insured shall, in any case Of partial
loss or damage arising from loss by ire,
water, lightning. tornado, cyclone or
otherwise, receive less than the actual
value of the property at the time IL Was
destroyed, provided, in no case shall the
said insurance company or association De
compelled 10 pay more than The amount
specified I'm the contract or rohcy OF IN
surance which may have been issued
20 the insured.
PAY FULL VALUE.
a. That the insurance company or as
ISOLATION shall have the option OF either
paying 10 the insured the actual value
OF the property at the time 10 vas de-
stroyed or Ia lieu thereof the said iusur-
auce company or association snail nave
the privilege Of rebuilding or restoring
the property 70 the condition which II
was az the time the contract OF Insurance
was entered into with the person insured.
"a HHa.Lf .| |HIf q fF
citation shall also. I'm case OF partial de
structi0n. have the privilege OF paying
the amount Of damage arising from SAID
partial destruction, or In lieu thereon
shall have the privilege Of restoring or
repairing tae partial destruction or prop
orty insured.
fire insurance company or association or
ganlzed and doing business In any county
or counties or city or cities In this state
and paying its losses solely from assess
ments upOn its members. shall not be
liable % the PROVISIONS OF this act nor
/ affected thereby
The Bin as first introduced by Mr. VIII
| nams provided that the insurance com
pauies should pay full value OF the policy
| but upon consideration he prepared an
amendment. limiting me haplllty OF com
panies TO the actual value OF the proper ~
| az the time ~ was destroyed. The OBJ
lection the insurance companies raised lo
/ this bill Is that it will promote iucen-
] diarism: but Mr Williams says there
| can be no such inducement, as the party
/ burning his house could only recover the
/ cash value.
He says that a course there would be
/ less iuducemeut ID the company be rc'
| quired 10 pay only three-fourths. stu less
/ inducement should they be required Ia
/ pay only oue-half
KEPT WIRES HOT.
Mr. williams says ne has every reason
! TO believe that the telegraph wires nave
/ been kept red-hOt by the insurance com
pauies telegraDhing their country agent'
/ 10 wire their representatives. In the Senate
TO vote against the bill
Next Thursday has been set by th'
I Committee on General Laws for the con
| slderation of the amended bill.