New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-27
FIRE INSURANCE EXCHANGE.
TO TAKE THE PLACE OF THE OLD TARIFF
ASSOCIATION

The committee Of fifteen Are underwriters Sc
lected about November | by George p Sheldon
president OF the Phenlx Fire Insurance Company
OF BROOKLYN, at the request Of many leading under
writer's. for the purpose Of drafting plan for an
organization TO take the place OF the old Tariff
Asso ,iaton, yesterday presented their report in
which they recommended the organization OF an
association 70 be known the New York Fire In
sUrdnce Exchange.
The report read largely attended meet
Ing at which present officers Of nearly all
the companies located in the metropolitan district,
the local managers many foreign companies
and New-York agents Of a large number Of COM
panies having headquarters in other States. be-
sides officers Of several OF the latter class OF COM
panes. who had come to New-York for the special
purpose OF being present at this meeting good
many questions asked and answered and
then the report. with triAing amendment. was
adopted by rising vote. and committee was
appointed to secure from the representatives OF
the companies concerned their signatures 20 a
written agreement 70 adhere 10 m. plan set forth
In the report. II is expected that a week will be
necessary for obtaining the signatures which will
incude those OF officers Of several companies
which were not members OF the Traffic As.ocla-
ton: and then meeting OF the signers will be
held. at which formal action viii he taken on the
question OF organizing the New-York Fire In
surance Exchange
The report provides that the rules and rates %
the proposed association shall apply on all risks
located In the Borough OF Manhattan and in the
Borough OF the Bronx. % the Bronx River:
In the Borough OF Brooklyn. in Long Island city
and on the American Dock stores and piers in the
Borough OK Richmond all In the city OF New-York:
and in Hudson County. New-Jersey. east Of the
Hackensack River" The association is 70 he com
posed Of officers OF local companies and managers
and agents OF out-of-town companies having jurts-
dlcslon over the metropolitan district
Inc oflcers are 10 be president. lce-presi-
peht ana d secretary ard treasurer. There are 10
be also an executive committee and committee on
rates. each consisting OF seven members a license
COMMITTEE" composed OF five members. elected an
license" 70 any applicant duly qualified TO receive
such License no brokerage 70 be paid to any person
not 90 licensed; and an arbitration or grievance
SS CONN tee, consisting OF seven members four OF
writer's
follows:
be adopted 10 apply on all risks In the territory
specified, and such rates and the commission rules
dat eTSvded IN the agreement shall apply imme-
No unrated risk shall be written except subject
10 rate 10 be made by the association. and such
rate shall apply from the assumption OF the insur-
ance
Rated risks when taken for periods Of less than
year shall be taken only at the rates named in
short-rate tables OF this association
No policy shall be written FOR more than one year
on stocks OF merchandise. upon machinery. stock
or supplies in manufacturing risks except at full
for exept
the addition Of three-fourhs OF the annual premium
for each year after the first For fractional parts
OF year in excess OF year pro OF such
e-fourths annual shall be added No policy
shall be written for longer term than one year
until the risk has been rated
The Committee Rates shall recommend ratings
to the association. when II the adopted
by OF 90 per cent OF the members present
and voting at a meeting regularly called. they
shall become operat i've: and TO change once
established vote OF % per cent Of the members
present and voting meeting regularly called
shall be required.
Rates OF premium shall be adjusted upon a dis
eliminating basis which recognizes merits and
faults OF construction fire -extinguishing apQli-
ances and percentage Of insurance 70 value.
Proper forms for policies. the OF which is "a
be obligatory. are 70 be prepared as rapidly as
| possible.
No policy renewal, certificate OF insurance Is
70 be cancelled pro at request OF the assured
except in cases where the insurance is Immediately
rewritten or placed with the company o.
member the rewritten policy covering tn the same
! location No rebate Of any kind is TO be allowed.
All premiums to be due upon delivery OF
| policy and IL paid within ihirty-hve days
after the close Of the calendar month In which tht
| insurance takes effect notice ~ cancellation re
| CURED by the standard policy Is 10 be forthwith
| thereafter the policy will be cancelled.
The report also contains series 81 rules re-
| garding branch Offices. reinsurance ard with
| drawals which OF interest rather 70 under
writer's than 20 property-owners as a rule II Is
! signed by all the members Of the Committee OF
| Fifteen