The Camden chronicle. (Camden, Tenn.) 1890-current, 1902-01-31
ODD INSURANCE RISKS.
THEY ARE INCREASING IN VOGUE
CONTINUALLY EVERYWHERE.

Charged by Express Companies
How Banks Insure Notes.
Everybody remembers the insurance
on the life of ]. Pierpont Morgan taken
out by stock spectators in London
when the steel trust was being organ
lied, says the New York Commercial
Advertiser. Few persons, hoWeyt
probably recall that when Queen Vic
torias jubilee celebration had been
arranged owners of windows overlook-
ing 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 insW.
ance men under the general head
fancy risks" These include also
the insurance Of gate receipts at exhi-
billions and at athletic competitions.
Of guarantees given in the course of
trade of municipal bonds or other Sc.
curities which probably are genuine.
but may be forged. The insurance of
fancy risks" has increased tenfold in
recent years.
These forms of insurance are pc.
culiar to English companies. Intd5
country the business follows laore
conservative lines.
Marine insurance companies have
the greatest variety and freedom in
the matter of fancy risks" From at
Grst insuring specie and bars Of
precious metals in transit on the high
seas, they passed naturally to tRA in
surance of packages of money iii the
form Of bank bills, treasury notes or
green backs sent through the mails
and registered. The great develop
ment Of this kind Of insurance took
place half a dozen years ago. when
the rates Of express companies were
advanced. Since then the express
companies have reduced their terms.
and now competition between fhem
and the insurance companies is bp9sk.
The banks are, of course, theY prin-
cipal shippers of money. A tide ex-
lists in the movement of currency al
most as regular as the recurrence OF
the seasons. This is due to the re-
quirements of farmers for small bills
with which to pay. their harvesteEs.
Funds sent to big cities at low ip9sr-
est rates are drawn out in the summer
and fall for the handling Of crops. Sill
yer dollars, under a law of congress
designed to encourage their circula-
ton, are expressed free by the govern
ment, but for small bills the banks
have to pay eXpressage.
Bankers say that insurance Of reg
istered mail packages contai ag
money is increasing. Insurance com
panies issue policies to the banks,
which, in turn, have only to mail to the
underwriters a memorandum 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 sign
ing of the receipt by the bank to
whom it is addressed. Bills are slept
to the insured banks at the end 0f
each month.
The usual causes of loss are due to
theft and fire. One company in this
city promptly paid claim of 100000
to a bank a few months ago. The
package containing the money had
been stolen from an express car in
Montana by train robbers. 1t was af-
terward ploughed up in field near. the
track by a farmer. The undeEs'Tie
ers lost nothing. About year ago a
New York postofice employee stole a
| package containing $4,000 while car
rying it from the general postofice to,
a railroad station. The thief was ar
rested, $1,000 Of the money was rel
covered, and he is now serving time.
Uncle SAM" said an Insurance.
man, lately, 'is very keen in detectit 9
theft in the postal service, and Ioa Us
! from that cause are rare. If they
were frequent we should not be able
to insure these operations on such low
terms. A few years ago foreignf ma.
rine insurance companies. through
their agencies in this city, cut into this
field considerably, but the state supel
intendent Of insurance got after tho
because their charters did not spee
cally authorize them to do this bnai
ness. The check was only temporary
however. Many of them moved acroks
the North River to Jersey City. where
insurance laws are not so severe. and
pursue their business from there
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