Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1901-12-19
YET PAST YEAR HAS BEEN AN
AVERAGE ONE
FIGURES OF UNDERWRITERS
of All kinds-That of the Hudson
the Greatest-Too Early to Begin
Estimating Next Years Business
or Rates.


called the attention of vesselowners
and underwriters to the dire need of |
government protection in the handling
of vessel property in that, the most i'm
portant waterway on this continent, if
not in the world. Through no other
channel anywhere is as much freight
carried as through the Detroit and st,
Clair rivers. 1t will be proposed at the
meeting of the Lake Carriers AssOcia-
ton in Detroit next month to place
navigation on Detroit river from
Mama Juda light to Bar Point in the
hands of the revenue marine. the same
as is done with navigation of the 500
river.
The season as a whole has not been
disastrous to the underwriters, nor has
it been a time Of profit. 1t is said that
if an average was struck of the past
ten years, 1901 would be about the av-
erage. 1t is estimated that for the in
surance of vessels themselves about
| 81, 100000 was paid over to the under
writer's, for cargOes about 100000
went the same way The number of
ships carrying no insurance was large
~ increased by the steel trust, which
has insured it's own tonnage and the
passing of a large fleet to veselmen
who assume their own risks. AS the
uninsured interests happened to have
an unusually large list of disasters the
underwriters dOd not lose much by the
change There were reported in the
Marine Insurance Bulletin. during the
season, 1T losses of all kinds. Last
year the losses numbered SOP. In 1899
there were 500, and in 1898, 1856. 1t
is in this increase in the number rath-
er than in the Importance Of disasters
that the source of loss to the under
writer's is to be found. Around every
dry dock on the chain of lakes there
are now grouped dozens of ships wait
ing their turn to be repaired. The un-
derwriters will pay the bills.
Fire has played a more important
part with the underwriters than for
many years There were thirty-seven
serious fires. a large percentage Of
which were total losses. This is be
| lieved to pOrtend a material advance in
| fire insurance rates the coming season.
| The single largest item in the list are
/ boats aground, which numbered POP.
There were injured in collision 1917
and 145 went ashore. SiXty-eight were
reported as leaking or water-Iogged,
and 146 were disabled. Twelve foun-
dered, carrying with them part or all
| of their crews. At the Lime KilnS
alone thirty-fOur ships met disaster,
marking this as the danger spot of all
the lakes. 1t is here that the Detroit
river passes through a rocky cut into
Lake Erie, and nowhere are stringent
regulations so much needed.
The ice blOckaded in the st. Clair
river in April was responsible for
eighteen disasters.
The insurance companies doing a
large business in grain, have made a
large profit, fair proportion of the
100000 taken in as premiums remain
ing with them at the finish. On the
other hand the companies inSuPine
lumber have got decidedly the worst OF
it. 1t is anticipated that there will be
great change in lumber insurance
next season, and prohibitOry rates will
be named for rates on boats of low
grade. Cargo insurance on iron ore and
coal has been about an even thing. In
fact, it is going to be more difficult
than ever to get any insurance at all
on old boats in 1902. Underwriters
say they have good reasons for looking
askance at the old timer. Last spring
their owners went begging for insur
ance and only got it at extremely high
rates.
Fifty-one vessels valued at $814,70O
passed out of existence. Last year the
total losses amounted to fOrty-five yes
sells valued at $474,6 The past sea
son the tonnage of boats lost was 3D.
1913 tons, compared with 17415 tons in
1900. Fire accounts for S287 700 of the
, total losses the past season.
Greatest Single Loss.
The heaviest individual loss was the
steamer Hudson, which fOundered in
Lake Superior in the fall, with her en-
| tire crew. This one loss cost the I'M
derwriters on ship and cargo over
! $25O.OOO. In the value of property this
| is perhaps the heaviest loss in the his
! tory Of the lakes.
! Underwriters say that it is too early
! to begin figuring on next seasons bust
| ness or rates. 1t is the general i'm
preston that there will not be much
change from the season just passed.
| A few verbal changes in the policies to
! make their meaning more plain may be
made What voyage" consists of will
/ be better defined. The policies this
year have left it in doubt and ship
owners have held that they had the
right to start out their boats from ter
minal points and take on cargoes after
wards, even if the time for insurance
had expired in the meantime. Rates
on steel and modern wooden vessels
will likely be about what they have
been and there will not be much
change in grain, coal and ore. So faS
as known now, the same combinations
of companies will be in the field next
spring as have done business the past
year.