Rock Island Argus., 1902-02-20
ANOTHER RAISE MADE
IN INSURANCE RATES

Local insurance WrlterS ana DuSl
ness men who have factories. build
ings and stocks TO insure will be i'm,
;erested in noting the advices from
New York To the effect that another
raise has been made in rates of in
surance. Insurance men here note
the fact, however. than the raise is
not to apply To manufacturing risks
that have rated under revised and
approved so hedules within one wear
so that its effect i'm Rock Island will
be minimized. Those that have not
been rerated have their turn coming
to them now.
| The news of the advance has been
sent out To the larger cities by many
Of the companies interested. and is
covered also i'm the following dispatch
appearing in the Chicago Record
Herald:
New York, Feb. lS.-Rates of fire
insurance are to be advanced - per
cent and upward on all mercantile
stocks. frame store buildings. manu-
featuring risks and special hazards in
the entire United States. with the eN-
ception of the Pacific coast and New
York city. This was the action of
officials of companies at Il largely at
tended meeting IN the rooms of the
Down Town association today.
For long time fire losses have
been heavy. and during 1901 re-
markable number of insurance com
panies were forced To liquidate ON ac-
count of their serious losses. The
Paterson and Waterbury conhagra-
I,a ,,f Il
year. have forced the companies to
make an emergency advance.
The text of the resolutions adopted
by the meeting was obtained from an
official source and read as follows:
That after considering the present
condition of the country as affected
by the large and numerous fires
which have occurred during the last
three years. rendering the business
and forcing the with
drawal of many companies. the hard
ship of the situation being empha-
sized by the cOnflagrations. of the
last few weeks. with no prospect of
relief. they are of the unanimous
opinion that not only the good of the |
companies. but the safety of the pub |
lie demands that rates should he inn !
motliately and largely advanced. and |
that unless such advance is promptly |
made the companies will he forced to
withdraw their indemnity. They |
therefore agree that throughout the !
country rates shall bc advanced on
stocks in all buildings eN-
cept such as ara occupied ~ dwell |
ings Above the grade floor and ON
frame store buildings: also on mana
featuring risks and other special haz-
ards which have not been rated TN
der revised and approved schedules |
within one year.
II was also agreed Ito advance the |
rates on all risks - per cent and up |
ward. as may be equitable in each |
ease. and that this advance shall go
into effect immediately and continue |
until such risks can be specifically |
rated under proper revised and APP
proved schedules" This decision of |
the chief officers of the companies
will be communicated to their gener-
al. state and special agents. and |
through committees To the various
associations i'm the western. south
arn. New England and middle states
1t was voted that agents would not
De permitted to cancel and rewrite
policies while rates are being read
iusted in order to avoid the advance.
The list of companies present can
not be obtained. but it is known that
all important fire insurance com
Danies doing business in the United
tates, with only Il few exceptions.
we're represented.
Underwriters estimate that the adj
rance will probably be sufficient to
put the fire insurance business on a
footing where il will make profit
instead of loss. Since Jan. l. 1901.
30 we'll known fire insurance com
Danies have either retired altogether
rom business or withdrawn from
arge sections of the country.