The Washington times., 1901-12-01
INSURANCE ON
PECULIAR RISKS.
Odd Policies Issued by Foreign
Companies.
NEW VARIETIES EVERY DAY
Money in Transit Is Generally In
sured-Queer Marine Risks-Eng-
Iish Companies Frequently Make
Policies to Protect From Losses.

Everybody remembers the insurance on
the life of J. Pierpont Morgan taken out
by stock speculators In London when the
steel trust was being organized. Few
persons. however, probably recall that
when Queen victoria's jubilee celebration
had been arranged owners of windows
overlooking the line of the parade and
suitable TO be rented to spectators, took
out insurance policies against bad
weather, which would have kept the
crowds away.
Such policies are classed by insurance
men under the general head of fancy
risks" These include also the insurance
Of gate receipts at exhibitions and at ath-
letie competitions, of guarantees given in
the course of trade, of municipal bonds or
other securities which probably are genu-
inc, but may be forged The insurance
OF fancy risks" has Increased ten-told
in recent years.
These forms of insurance are peculiar
to English companies. In this country
the business follows more conservative
lines.
Marine insurance companies have the
greatest variety and freedom in the mat
ter of fancy risks" From at first in
suring specie and bars Of precious metals
in transit on the high seas, they passed
naturally 10 the insurance OF packages
of money in the form of bank bills. Treas
ury notes or greenbacks sent through the
mails and registered. The great develop
ment of this kind of insurance took place
half dozen years ago. when the rates of
express companies were advanced. Since
then the express companies have reduced
their terms. and now competition between
hsr nd he inc nj faz fG
brisk.
The banks are of course the principal
shippers of money. A tide exists in the
movement of currency almost as regular
as the recurrence OF the seasons. This
is due TO the requirements of farmers for
small bills with which to pay their har-
vesters. Funds sent TO big cities at low
interest rates are drawn out in the sum-
mer and fall for the handling of crops.
Silver dollars. under a law of Congress
designed to encourage their circulation,
are expressed free by the Government,
but for small bills the banks have to pay
expressage.
Bankers say that insurance of register
ed mail packages containing money is in
creasing. Insurance companies issue poll
cies to the banks. which in turn have
only to mail to the underwriters memo
randum of each shipment when it is made.
The policy issued covers loss from any
cause whatever and extends from the
time the package is registered to the
signing of the receipt by the bank to
which ii is addressed. Bills are sent to
the insured banks at the end of each
month
The usual causes of loss are due TO
theft and fire. One company in this city
promptly paid a claim of 5000. 900 TO a
bank q few months ago. The pi ckage
containing the money had been stolen
from an express car in Montana by train
robbers. l. was afterward plowed up in a
field near the track by farmer. The
underwriters lost nothing. About a year
ago a New York postofiice employe stole
4 package containing $1,000 while carry
ing it from the general postoffice to
railroad station. The thief was arrested,
81 800 OF the mc-ey was recovered, aud
he is now serving me.
Uncle Sam" said an insurance man,
lately, is very keen in detecting theft in
the postal service, and losses from that
cause are rare. II they we're frequent We
should not be able TO insure these opera
tiOns on such low terms. A few years
ago foreign marine insurance companies,
through their agencies in this city, cut
into this field considerably, but the State
superintendent of insurance got after
them because their charters did not spe-
cifcally authorize them to do this busi-
ness. The check was only temporary
however. Many OF them moved across the
North River to Jersey City where insur-
ance laws are not so severe and pursue
their business from there"-New York
Commercial Advertiser.