The evening times. [volume] (Washington, D.C.) 1895-1902, 1900-07-03
MARINE INSURANCE IGEN LOSE.
Nearly Every Company l.iecfed By /
the HoboLen EirS.

Nearly Every Company -aecfed By
the HoboIzen ITirS.
NEW YORK. July 3.-Nearly every ma
rine insurance company in the world Will
suffer. TO a greater or less extent from
the Hoboken fire in which the great ocean
liners and their piers were burned Presi-
dent Raven. Of the Atlantic Mutual Ma
rine Insurance Company. said yesterday
that it was well nigh useless 10 estimate
losses thus early. but he did not think the
loss on piers, buildings, and property on
piers would exceed s.. GEO. COe. Mr. Raven
did not care 10 state for what amount his
company would be hit. because he had not.
as yet, sufficient data upon which 10 base
a reliable estimate The London Assur-
ance Company said they were involved,
but did not know 10 what extent The
Assistant Secretary OF the Continental In
suranCe Company said that his company
would lose just 3 400 Hagadon < Co,
the insurance agents for the North Ger
man Lloyd Company. said that $4,000
would cover the loss on pier and buildings.
According 10 the best Information OBJ
tainable yesterday the following comp0n-
les viii have 10 settle losses. ranging from
$l5.CG0 10 $4,000 each: The Royal Insur-
ance Company. Liverpool, Liverpool and
London and Globe Palatine. Manchester.
cultural Of WATERFOWL. y. Y. Norwich
Union, England; Scottish-Union and Ma
tlOnaI England; Union Assurance So
ciety London: North British and Mercan-
tile London; Communication, New
York; Pennsylvania Fire Of Philadelphia,
and the Weed & Kennedy Company. The
losses on the small boats and lighters viii,
il is said, fall chiefly on the Smith d
Hicks Agency and on the British Fire and
Marine Insurance Company.
Insurance men did not hesitate 70 say
that one OF the immediate results Of this
fire would be a raising OF insurance rates
on ships and CargOcs at and on piers. 1t
was also said that the question OF building
all piers Of iron OF stone as well equip
ping all piers with complete fire apparatus.
would be Immediately taken up. Insurance
men We're also talking about the prObabili-
ty Of changing the reading Of what is
known as the floating policy contract.
This contract protects the property OF the
assured OF 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 all the bonded ware
houses. general order stores or brick and
stone storage stores, and while IN transitu
in OF on any Of the streets, yards, wharves.
piers and bulkheads in the cities Of New
York Brooklyn, Jersey City. and HOboken.
and while a1Oat in transitu in the ports Of
said cities
This kind has for years been the most
profitable issued by insurance companies
the rate being / II per cent. Saturdays
fire has shown the possibility of losses IN
der this contract. and # was said that IN
less its reading was changed companies
would not be so DESTROYS to write such
policies in the future. Another thing dis
cussed in insurance circles was the stipu-
lation in marine contracts for insurance
to the effect that the liability shall attach
several days after a vessel reaches its pier
This stipulation viii. 1t was said, result In
q great loss falling on all companies which
insured the cargoes brought in by any OF
the four North German Lloyd liners. since
much OF the cargo brought in by each yes
sci was still on board.