New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-09
THE PLANS CARRIED oCI.
ORGANIZATIONS OF THE NETWORK FIRE
INSURANCE EXCHANGE
y wAsHBrRN CHOSEN rREsIDENT-RArh'
AnoPTrD-Two CLASSES OF BRO

,nopTrp-TwO CLASSES or BRO
KERs PLEDGES
- roenonse 10 n call issued by President "eors.
Y sheldon OF tho Phenix Insurance coInp""'
r,-,o,iy, T., his capacity of chairman OF the '"-
,,~,.a-s, Committee OF Fifteen which has been
ored for many weeks I'm framing pan i"'
,,n,, the Generalization which has preValeu III
rho fro insurance business since the ulsSo'u'io'
IT. ,fs,, NJ the Tariff Association. the representa-
-ives OF the companies which had assente' ~ ''o
Mo-, mo, Yesterday afternoon at the room or mo
vcu.-york BOARD OF Fire Underwriters ana Tor
nalv organized the New-York Fire insurance HN
t,ro. These officers were elected President J'
II ,voebbrru OF tho Home Insurance Company
vlce-presIdent J. Montgomery Hare. OF the MOI
witch Union. and secretary and treasurer W. W
I-nderhin Of the United States Fro INSURANCE
Conpanv In tho absence Of the new presiueh'.
vico-President Hare took the chair and In prei
address outlined tho scope and purposes or the ne"
association.
Five standing committees were then appointed
the Executive Committee and committees on AIoi-
tration Agreement. Rules and License Nl'la"
A. Anderson manager OF the old Tarln Assocla-
ton was chosen temporary manager OF tho ex-
change. He is at present superintendent OF INC
survey bureau OF the New-York Board OF FIRE IN
derwriters
The old rules Of the Tariff Association were
adoptci with few exceptions. The rates on listed
storage stores will be AZ follows. subject only 10
reduction FOR acknowledgements clause
BUILDING Contents e.
G Getto nl.' ....,.........:.: 20
on all rates on white. cards a reduction OF 30 per
cent except where such rates apply TO the follow
NIX 95, TEiIdngs and thcir contents occupied wholly
or in part az follows: Candy factories, car staDSs
and barns. department stores disueres electro ccd
light and power stations. -four rice leed ana ceioa
mills; grain elevators paint and OIL factories piers
and wharves printers and IiLhosraphers, sugar ri
nneries exclusive of warehouses;, theaues' WI
paper factories and woodworkers (other than hand-
power carpenersj o. RISKS IN huuson SorngS
east Of Hackensack River, except Isteu stoi I
stores. (c) Long Island city risks OF every casS;
IS 10 per cent on all rates on blue cards there VIII
be reduction Of ID per cent
Two classes OF brokers pledges were adopted.
The first in consideration Of commissions or
brokerages Of 10 per cent or 20 per cent TO be PAID
by the members of the exchange. the broker
agrees that he viii not directly or Indirectly make
any rebate to the assured pay to or divide with
any person not holding brokers certificate any
commission or brokerage. nor receive from any
placed with them in excess Of that permitted by
The second pledge. among other things says that
on consideration Of additional per cent 10 the
former pledge. he viii in placing Insurance give
I,r.ffr,, ca 80 inc ex~hangf or its members and
will not place any risk with those not members
unless he cannot secure sufficient insurance tho
risks from the members of the exchange" In adj
dition ihe broker says that he will file with the
secretary OF tho exchange within a week a list of
such outside company companies in which he
has placed risks with the name OF the assured. 10
cation Of risk and tho amounts Of insurance given
then
Fully IS per cent Of tho insurance companies IN
the metropolitan district arc members of the
change. and the companies out OF the combination
said 10 he small ones. The territory 10 which
the rates viii apply consists az tho Borough ~
Manhattan. that part OF the Borough Of The Bronx
which lies west Of the Bronx River, Brooklyn.
that part OF the Borough Of Queens which was for
merry Long Island City. the American Dock stores
and piers I'm the Borough Of Richmond and that
the Hackensack River
The new tariff rates went into effect Al 4 o'clock
yesterday afternoon