New-York tribune., 1897-01-30

home marine insurance companies Of any conses
ouence doing business here in 1895, while there
were twelve foreign ones with American chars
ters OF the two home companies one is OK
New-York State and the other. which has since
gone into the fire insurance business Is a Mas
sachusetts company. The larger OF tncse TWO
and one which mas a remarkable history OF suc'
cess and growth extending over half century,
wrote S315.jO2O13 OF marine risks In the year
1906 while the largest Of the foreign companies
doing business here, which IS a London ono
wrote $3.50 6OO315, or x'5.JO1, 100 less ..an it
American competitor. These figures 1t must bt
understood. apply only 10 the risks written
under the laws OF New-York State a compar.
ison OF the premiums received by the two com.
panies on the risks written in this State re-
vealed a great difference. The English COM
pany's gross premium receipts for the year 1898
were $7923JO while the New-York company'S
we're SO 63O,309. The losses paid by the former
company were S37S 223 and by the latter ST..
2lS, ,4O7.
A further comparison OF the standing Of these
two largest marine insurance companies in the
world reveals interesting facts. The assets OF
the New-York company are $ll,3'l,o6O: OF
the English one, S1,5jl G6J. and liabilities
S. 935. 7O2 and SS10.555 RESP ectively.
This New-York company. which makes such
an envable showing in the insurance report.
was organized in 1S42. with a borrowed capita
Of 100000. This capital was returned in two
years time. Since its organization this COM
pany has received in premiums SlSo, I3J.oo4.
and paid out in losses O.,JSl.3Z-. The re-
markable thing about the company is that 1t 10
a wholly mutual organization, and thereby par
takes Of the nature Of a semi-puoiic institution.
All its profits revert TO the insured, just as
dividends do to the stockholders IN company.
and yearly divided upon the premiums
terminated during that year
The president Of this company has been an ON.
Ger in 1t almost since its organization, and has
for thiry-seven years occupied his present posi-.
the company for thirty-scven years the second
vice president for forty years the secretary for
thirtyeght years. ana several other officers haves
records OF forty years over The constitution
and methods of this company, which have proved
eminently successful, nave proved a valua-
bic influence on other insurance companies Now
that the Massachusetts company to which refer.
ence has been made. has branched into the fire
the only purely marine one Of any consequence In
the country II bids fair TO hold its own with Its
foreign competitors. well In the future as Il
has done in the past.
The insurance companies doing marine busi.
ness in this city have an organization for mutual
protection known the Board of Marine I'M
derwriters. This board is practically court OF
appeal. to which questions between insured and
insurer in regard TO the settlement CT claims
which cannot be adjusted off hand are referred.
In case either party to the contract Is not satis-
fed with the Boards award the case is carried
to the courts. Immediately upon the receipt OF
a report OF a wreck in which New-York compan-
les are interested. the Board of Underwriters puts
itself in communication with it's agent nearest
the scene Of the wreck and from him obtains the
fullest possible particulars. IL Is on this report
that the insurance companies which have any
risk on the vessel depend in the estimation Of ths
claim against them.