Evening bulletin. [volume] (Honolulu [Oahu, Hawaii]) 1895-1912, 1902-08-29
NEW YORK INSURANCE
CONGREGATIONS CAUSE
CONSERVATIVE POLICY
lNVEsTlahTloN OF LLOYD COM.
PANlEs-INsURERs UNABLE
TO GET AMPLE PRoTEc.
TioNl-THE Avs.

New York, August 1.-the semi.
annual statements of the leading fire
insurance companies which have been
compiled and published throughout the
country do not present fiattering ap.
pearaDce from commercial point of
view. The companies have been Sc.
riously affected By several COnnagra.
tons which have swept the country.
and many Of 80 more conservative en-
terpriseS have taken steps to abrogate
many Of their outstanding contracts
with agents for territory. and others
are seeking assistance which comes
from reinsurance.
| There is undcniablo scarcity of good
! insurance throughout the country. In
this State by special enactment in.
surers, hnd.ng II impossible to secure
ample protection for their properties,
are permitted 20 secure such surplus
insurance q" they require In outside
Compapies or IN other words CUmpa-
MES not regularly permitted to do bus.
mess in this state. These policies are
written und"r what Is termed the al.
! iiaavit form" meaning that IN apply.
ing for iD'uran"C the assured CertiiCs
that hs mas done all things possible to
secure dmpi. protection In regular
companies anG has failed. and Is com
PEELED 10 resort 10 foreign companies
for fuTtbe' protection.
These atftdayits are filed with the
! insNraIg. commissioner Of this State.
and are pIUl'ph"d from time to time.
4 perusai OF tue printed list will sur.
prise many persons, as 1t Is made up
chiefly o. the most prominent firms in
this State "a cIery line OF business. II
I is nov that the risks are not desirable
because they are among the most de.
sirable ~ the city. but because the
proportions are SO great
companies have taken as large a line
as possible conductive to safety and
yet the applicant finds himself unpro.
bectsd 70 an appreciablc degree.
During the last year there have been
& large puInhsr of mutual" or
"Lloydt" COMPANIES formed in this
city, and according to the plans now
outlined by number Of promoters
there viii be 'hiH fall half dozen 9th.
ers 70 sptsr tho field. with the names
Of many prominent business men OF
the city AZ subscribers. The COmpa.
MES heretofore existing have con" u
good business ia their line, but tho
70 ions ..lt.tNtTtv hst Ia. al
and the ipHuring public have never
been coEdtal because OF the difficulty
experienced Uy many policy holders in
collecting for losses.
Il wGs SuEEewted, In fact, that tho
lLegis!atIfs should call for an cNamina.
ton into tn. affairs OF these compa.
MES IN 80 state. which brings to
mind the tact mat the fearful loss sus
tanned ny the British Lloyds recently
has again aroused the attention OF tho
English public, and fresh investiga.
ton is 70 b. made Of their condition
and METHODS,
Il will be rsmcmbcrcd that Pillar.
ment Investigated this tremendous
gambling syndicate some time ago.
but 30 cleTerly had the operations been
conducted hat nothing could be dis
covered tnat would have justified them
IN revolving the special liCeisc enjoy
ed or restraining them from future OPP
creations. The laws OF America. how
ever, are more stringent than those
Of Great Britain, and II Is extremely
unlikely that these COmDanipS will
gain any considerable foothold in this
country, Il, indeed. llOyds can with
stand the private investigation being
made by number OF leading conner
; Ciai papers Of London.
The ReriodtGala have called for in
formation from all their readers. ant
while none has yet been given out II
Is hinted that when IL does make II!
appearance Parliament will have
something tangible to work on.
J The insurance commissioners OF q
number Of States in this country nav,
! compiled a list of the mutual.
"Lloyds" and wildcat companies doinl
business, and this has been assiduous
|? circulated throughout the country
but each year the list grows. Just a
this time, when insurance Is rateC
: above par, these questionable comIa
MES are using every effort to get
foothold, and when once they have Sc
cured a standing it Is a simple matte
TO change to stock company /
things get too hot for them.