The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-01-02

Boston, December 3l.--After contin.
nous session lasting from 10 O'Clock until
o'clock to-day. the New England Insur.
ance xchange, with final approach to
unauirlity, adopted recommendation
inaue hy special committee for changes
IN methods of writing insur nee policies.
he changes take effect January I.Among
he changes are:
That ihe exchange system OF publishing
rate, be changed BY printing ft rates
with deductions therefrom Tor percentage
guarantees Of Insurance to value.
That the secretary he instructed here.
after to publish all new rates and changes
In RATES In two parallel columns, show
ing nrst the hat rrte and then he reduced
raie for The so per cent guarantee OF In
surance.
That all risks more than 500 feet from
public hyursnt be exempt from the ap.
plication OF the percentage guaranty
CLAUSE. Local committees may, however
proinu gate rates on specific risks with
percentage guarantees when IL In their
Judgment the protection warrants It.
That prerent rates in the STATE Of Maine
10 declared Tat rates.
That specifically rated risks In the State
of Maine. within 600 teet of public ny
drant, ~ written with 80 per cent guaran.
ty clause, be reduced: Tn building. is
per cent; on contents, Ia per G. mt. ex-
CD t Especial hazards rated under sched-
uie
The reduction of rates in CO. insurance
applies only to Maine; in nil New Eng
land territory, the change Ia only re
versal OF methods, whereby gross price
!, sta ed and reduction made for 20.
Insurance, whereas by tho former NETT cd
the assured was put In n position Of pay
ing penalty for accepting oo-iusursnce
clause The rus alt lie the iiue thing I'M
aer either system
tsy adoption OF the term po cy 10,
Whereby per cent rstes are levied fer
three years and per cont Tor four years.
"a practical reduction of IS per cent on
mercantile risks Is made,
This matt r Is one OF gene al interest
esIecIally In this state, where the sub
&c of insuraio, rate- ar ''co.i s1r-
nc !" have been 50 general, disc seu
10 IT cent years
A reporter ofEthe PRESS. Saturday eve
ming, asked Ia well.Snown insurance man
what would be the IF act in this stats. 81
the action of the New nnSlind Insurance.
Exchange, mentioned in the despatch
He replied:
1.-The present insurance rates In Maine
we're compiled under the supervision OF
the Maine Insurance Exchange These
rates, according to the despatch. are
adopted by the New England organiza-
zion, aud the item OF reduction was evi-
IDENTIFY planned with a view to encourag-
NJ III This state the sale Of insurance
pol Giles under the 80 per cent co.insur-
anes plan,
81 will lie remembered that the Maine
leg stature pus ed law multiplying the
"a sursnce plan, except In ca.es where
Cne ful consent Of the party Insured was
drained prior to the issuing of his poll
cy. Under the so per cent oo-insurnnct
plan, the party insured agrees to rsy y
premium on u sum equal to 20 Per ut
of tho entire value of his property, anc
mis- policy represents sum less an so
per cent OF IN property, ne must stand
IN case OF n tre. a share of the loss repre-
.enting the diff erencp between 81 per cent
and thr p rcentaRe on " uich he has paid
premiums For instan ce. II he had prom
rrty wortu 5000 and had an INSURANCE.
only 81 per cent on It he would have
to stand 80 per cant, (the difference be-
tween 90 nm so per cent. of the loss In
case of fire.
'The reduc ion of 10 per cent ON build.
tngs and i-2 per CENT on contents, ap.
plies only to risks taken on the CO iusur.
ance plan on properly located within 5Up
ieet Of hydrant. There Is no re uction
In rates Of general insurance in Maine.