The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1900-07-05
INSURANCE MEN HIT HARD.
Nearly Every Marine Company At
fected by the Hoboken Fire.

New York, July 5.-Nearly every ma
rine insurance company in the world
will suffer to a greater or less extent
from the fire at the North German
Lloyd dock. President Raven of the
Atlantic mutual Marine Insurance COM
pany said he did not think the loss on
piers, buildings and property on piers
would exceed SO, 600, 000 Mr.. Raven did
not care to state for what amount his
company would be hit. because he had
not, as yet, sufficient data which to base
a reliable estimate. The London ASSur-
ance company said they were involved,
but couldn't say to what extent. The
assistant secretary of the Continental
Insurance company said that his COM
pany would lose just $1,000 by the fire.
Hagadorn & Co., the insurance agents
for the North German Lloyd company,
said that $625,0OO would cover the loss
on pier and buildings.
According to the best information OBJ
tainable the following companies will
have to settle losses, ranging from $15,-
900 to 5000 each: The Royal Insurance
company, Liverpool liverpool and Lon
don and Globe, Palatine, Manchester,
England; Home Fire of New oYrk, Agri-
cultural of Watertown, N. w. Norwich
Union, England; Scottish Union and
National, England; Union Assurance
Society, London; North British and
Mercantile, London; German-American
New York; Pennsylvania Fire OF Phil
adelphia and the Weed & Kennedy
company. The losses on the small
boats and lighters will, it is said, fall
chiefly on the Smith & Hicks agency
and on the British Fire and Marine In
surance company.
Insurance men did not hesitate to say
that one of the immediate results of this
fire would be a raising of insurance
rates on ships and cargOes at and on
piers. 1t was also said that the question
of building all piers of iron or stone, as
well as equipping all piers with COM
plete fire apparatus, would be immed-
lately taken up. Insurance men were
also talking about the probability of
changing the reading of what is
known as the floating policy contract"
This contract protects "the prop
erty of the assured or held by the
assured in trust or on commission or on
joint account with others, or sold but
not delivered, while contained in any or
der stores or 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 oYrk, Brooklyn, Jersey City and
Hobolxen, and while af1oat in transttu
in the ports of said cities"
This kind has for years been the most
profitable issued by insurance COM
panies, the rate being Ia per cent Sat
urday's fire has shown the possibility
said that unless itsreading was changed,
companies would not be so DESTROYS to
write such policies in the future.
Another thing. discussed in insurance
circles was the stipulation in marine
contracts for insurance to the effect
that the liability shall attach several
days after a vessel reaches its pier.
This stipulation WILL it is said result
in great loss falling on all companies
which insured the cargoes brought in
liners, since much of the cargo brought
in by each vessel was still on board.