New-York tribune., 1900-07-03
EXTENT OF INSURANCE.
NEARLY ALL COMPANIES HERE WILL
SUFFER
NO EXACT ESTIMATES YET MADE-RATEs
ON THE CLASS OF RISKS LIKELY
TO BE RAISED.

10 BE hA AiSEsD
Fire and marine insurance companies started
yesterday to reckon the losses which will fall
upon them in consequence OF the HOboken hre
1t will be some days. however. before any deh-
mite idea can be obtained as to the amount OF
the losses. Claims began pouring in upon the
companies yesterday but until all these claims
have been lodged 1t will not be possible TO sum
up the amount of the burden which the insur-
ance companies will have TO bear or 10 compile
any satisfactory list Of the individual losses OF
the companies.
The officials Of the insurance corporations yes
terday were averse for the most part TO stating
just what risks they carried They preferred
they explained, not TO make any figures public
until 1t had been determined to just what extent
they had been affected. Striking conservative
average Of the estimates made yesterday by
various underwriters. it would that the
destroyed property covered by insurance will
reach an aggregate value Of at least So, 1000
Like the Cunard Line the North German Lloyd
Company does not insure it's ships. 1t provides
for possible loss by sinking fund Of its own.
movement started a couple Of years ago
by insurance brokers in this country and in
England and Germany induce the North Ger
man Line to insure it's ships, but the suggestion
was not acceded 10.
But the company's piers were insured for
100000 and 1t also had 100000 insurance on
common carriers liability for merchandise on
piers. CampbelTs Stores. the lighters and other
small craft that were lost were insured. while
the cargo OF the burned steamers and the mer
chandise still the piers at the time OF the fire
were covered by floating policies. These floating
policy contracts" they are called, will impose
heavy liabilities the companies. The contract
protects the property of the assured or held by
the assured in trust OF on commission on
joint account with others. or sold but not dev-
cred, while contained in any all the bonded
warehouses, general order stores brick and
stone storage stores. and while in transitu in or
on any Of the streets, yards, wharves piers and
bulkheads in the cities Of New-York, Brooklyn,
Jersey City and Hoboken. and while ahoat in
transitu in the ports of the said cities"
1t will thus be seen that the floating policies
cover great latitude OF risk. While 1t was
not known yesterday how much property these
floating policies embraced. the loss under this
head may possibly reach So, 100000. The
tents OF Campbell's Stores alone were valued at
81, $50 900. and these contents consisted mostly
of merchandise in bond Hitherto this class OF
insurance has been considered most profitable
bringing the companies rate OF IL per cent.
computed upon the value Of goods insured.
Campbells Stores were owned by the Hoboken
Land and Improvement Company. The value
OF the building placed at $4,000. The
stores were fully insured in various fire insur-
ance companies. It was said that the Liverpool
and London and Globe. and the Phoenix, Of
London, had the largest policies. but at the
offices of these companies yesterday informa-
ton withheld until the extent of the loss
was ascertatned by the filing Of claims.
The merchandise covered by floating policies
insured, among other companies. in the
Insurance Company of North America, the At
lantic Mutual. the British and Foreign Marine
Insurance Company the Marine OF London. the
Sea of Liverpool, and the London Assurance
Corporation, Percy Chubb, Of the firm Of Chubb
& Son, who represent the three last named COM
panies, said yesterday to a Tribune reporter
that 1t would be many days before the re-
spective losses OF the different companies inter-
ested could be ascertained. Just what amount
Of merchandise had been lost was not known
For instance, merchandise which had been in
sured out OF town might not have reached the
piers. and other consignments had been sent
away by the Aller. Mr. Chubb said he thought
the American companies would suffer compara-
lively little, The principal risks he said were
I carried by the German corporations.
The Atlantic Mutual, one OF the oldest marine
insurance companies in the country. however.
carried large risks. was admitted by its
president. Anton a. Raven.
Our risks on the cargoes of the grain vessels
were rather large said Mr.. Raven but from
what We are able to gather at this time the
i
out and carted from the piers before the fire
No doubt, however, much OF the cargoes re-
manned on the wharf. The Saale. We under
stand it, had discharged her incoming cargo on
which we had written a large amount OF insur-
| a--cc. Altogether II is the most serious thing
that has happened 10 the marine insurance
companies for many years and. in my opinion
gives occasion Tor much earnest consideration
/ 1T is not much the loss OF property but
the terrible loss OF life that makes the disaster
such an appalling one. | have not the least
doubt that II the origin of the hre we're properly
/ investigate It would be shown TO be the result
/ os gross carelessness. Everybody knows and
| nobody better than insurance people. that the
rules and regulations promulgated to prevent
ever, enforced. Something ought TO be done
for the rigid and absolute carrying out of such
regula tions
Mature has given New York one of the great
est and grandest harbors in the world but. its
commercial prestige must necessarily be ad-
| versely affected so long are blind TO our
I obligations. II is not my purpose to inveish
against the Fire Department of this or any other
city, but until the Fire Department officials see
that the spirit we'll the letter of the law
is carried out just so long may look for DIS
aSter.''
Mr.. Raven added that 1t was idle at this
rect estimate Of the marine losses. He was
certain, however, that in the aggregate they
could not fall below S3.O0O.OOO.
Mr.. Raven said. moreover. that tho fire would
probably increase in rates by the ma
rine fire insurance companies ships and car
/ goes. He said there little doubt that the
American companies would also increase their
rates correspondlngly He thought an outcome
construction of iron and stone piers.
An official OF the London Assurance Corpo-
ration said OF the fire:
I'VE are involved to what extent l cannot
say at this time. 1 happen to know that prac-
tically every marine insurance company en-
gagged In business In this city had risks OF