Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1900-04-12
cendiarism profitable, and 1t should
have been SO stated in the bill.

have been SO stated in the bill.
This law has been tried in many s
the older states and in nearly every
case repealed. Missouri has such law
and 1t is cursed by everybody except
the scoundrel who over-insures his.
property and burns 1t: and this is the
class Of people the Iowa legislature
seems to be interested in protecting.
Iowa gets the cheapest insurance of
any western state-cheaper than Hi
nois. Wisconsin Minnesota, and 80 per
cent cheaper than Missouri.
1 own a large amount of property ii
Missouri, and my Insurance costs m
go to $50 per cent more than the same
class of insurance does in Iowa, and
fully that much more than it did before
the Valued Policy Law was in effect
in that state. And not accompany doing
any considerable amount of business in
Missouri is making a dollar.
| Take the matter of farm insurance.
Ten years agoathe rate in Missouri was
for fire and lightning, y. per cent for
s.c years now pay 4 per cent In
Iowa the present rate is 9 per cent.
brick business block in Missouri.
costs me 1.90; in Iowa 1 percent. Ant
Why? Simply because the legislature Of
Missouri, by law. makes me pay the
lscoundrelss for their property who over
insure and burn il. And now the Iowa
legislature is trying TO out-Herod-
Herod by following in their populisticl
footsteps.
III there is any god reason why an
insurance company should pay a man
$1,000 for an old shack of a barn worth
5000, because tl1es. were induced to Write
| II on the MISREPRESENTATION of the APP.
l3pllcant and a dishonest agent, would
! like to hear it. One of the greatest ms
sl1rance managers in america once said
1 to ME: You people ont in Iowa get the.
lowest insurance rates of any western
state. and If You could eliminate iil-
lcendiarism. direct and indirect, would
guarantee to reduce the present rase
one-flalf.
Mould Knot be bettersto have. a state
fire marshal to invest gate the cause o
fires. hunt down and prosecute fire
bugs. thereby reducing the cost of in
suranee, than to be guaranteeing
profits on incendiarism..
T Judge Logan shows that the COVER
Isnors of Utah and Illinois vetoed similar
measures for reasons set forth in the
above arraignment. He quotes the in-I
surance commissioner of Ohio, in his
last report, as saying:
II have no hestitancy in believing
that over-insurance. sanctioned and
encouraged bE the valued policy law
Is the cause of the greater portion of
this increased fire w,ste,9and that this
unnecessary waste VIII continue ID
grow Worse so long as this statute re-
mains partSof our insurance esae.
Judge Logan also states that sine
1891, 16s valued policy bills have been
presented TO the various state legisla-4
lures. OF this number but eleven wer.t
passed. part of which We're vetoed By
the governors. The intelligence of the
legislators prevailed in 15l cases out l6s
effort 10 make inesndiarisin profit
able able occupation.
He says further. u have NOT a dol
+ lar pecuniary interest in this matter
4 except that am sure thas the law. il
~ should become a law ,sYwiil increaf-
the rate of Insurance. And Il am not
arguing 5;s this maj tier on account of any
personal interest l have In ii, but from,
! the the broader Standpoint Of what is good
I government and good laws. Framed in
tne interest Of the citizens of the STATE
of Iowa.
Governor Shaw has been giving mis-
matter hearing today ard 8iil doubt.
less act for the hest interest OF the
state. One thing is certain. If the bill
would Won l result II raising Insurance rates
and sncouraging incendiarism. it ought
to- be vetoed