New-York tribune., 1896-07-29
4 STATEMENT BY UNDERWRITERS
THEY DlSCLAIM LIABILITY ON NEw-YoRK
AND CHICAGO LLOYDs po1Jc,rs

New-iork fire insurance men much interested
IN the developments OF the affairs of the New-York
anu lineage Lioyds an association OF L,oyds which
M"' run uhoer the firm name of Whippe e. Co., at
NJ % Lioerty-st. The New-York and Chicago
'"yos was one of three Lloyds under the manage
ment OF this firm. the Others being the South md
-.or'n american Loyds and the Bankers and Mer-
chants Loyds. All three were managed in tho one
oi"oe oi "hippie & Co., by the attorneys J. L. Par
rag" a''u H. r. Casey. and wrote a large business
i"St spring, when many of the illegal I.oyds were
"s pursued by The deputy OF the Attorney-Gen-
r'a', inc New-York and Chicago L:oyds and the
BANKERS and Merchants Lloyds retired and tho at
"c!s announced that the South and North Amer
,can Lloyds would continue 10 do busness Nth
many new underwriters. who were formerly with tho
i''s hoyds About a wonth ago when II began
49,. ""o'eu that the Llcyds affairs were In a some
- uncertain condition, j. L. Parraga disap-
peleu' ana David Casey, the remaining attorney.
was appointed receiver carry on the business Of
w 's"ln ana North American Loyds under his
name The firm of Whippe e. Co was dissolved
''ne TWO weeks ago Casey also departed and tb,
BUSINESS was left In charge OF the senior Clerk Since
'he going away OF the two men, IT has been found
',"' the lire losses of the New-York and Chicago
o!os are far In excess of any in sight and all
Vi te reputable underwriters have issued a circular
70 policy-holders, which has caused a stir in nsur.
ahce circles. The circular was sent out by Willar
H. bayIs. the underwriters counsel at No 81 Lib
erty-st.. and Is follows:
we, the undersigned, severaly whose respective
@ aaies IRE printed upon certain policies of nsur-
@nSs' ai kn3wn as New York and Chicago Lloyds is
sued by Whipple & Co. as attorneys without ad-
imI,Stlng any liability part or right OF said
W w'iIPpe q CO. 10 use our names underwriters, beg
Whipple & Co has been dissolved the whereabouts
oi the members of such firm are now unknown and
Ils diiairs nave passed into the hands OF n receiver
pursuant 10 an order Of the Supreme Coir. Of New
nork. That nu:nts: of the alleged underwriters
upon the policies of such Lloyds are insolvent and
nave unsatiSfied judgments against them: others
Uehy thelr liability; and each underwater has claims
TO- losses presented against him approximatng
$3.50. the maximum amount for which he is liable
;i'uer the terms of all policies. That additional
losses are bound to occur as policies outstanding
loss, you probably viii not be able to recover any
SUBSTANTIAL portion of IT, We therefore individu-
any and severaly. beg to deny any liability upon
your policy and 10 notify YOU that we, severally TO
he extent that concerned or concerned at airy
have cancelled our and responsibility m any)
upon your policy Of insurance
LOUIS i Spero William II. Brewer; Edward CARL o.
Il. u Jones, A. X. Maisas Alexandra Santos. W. s.
VALENTINO. F. c. Valentine. W. S. Valentine attor-
ney; Z: r Parraga. J. Dobson Good John T Fenlon.
stephen II. Mills. Henry l. Hayden Samuel F.
Myers Edward Thompson. Jonas j. Spero and Fran
els H. Tobias
When Mr. Baylis asked what chances the
policy-holders had Of getting return premiums. he
said; i could not tell you. The responsible SUBJ
scr1bers whom represent say that II they are able
70 adjust existing losses less than $1,000 each the
balance up 10 $1,000 they willing TO distribute to
the premium account.
AS the loss claims amount to some $4,000
,h wh,lch brings each underwriters liability above his
chances are slim. The policies Of the Lloyds had a
cause which declared The aggregate liability OF
each underwater on all policies hereafter in
force. after the application of the unexpendei pre-
NllumS, snail not exceed S3 00O'