Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1902-12-17

Is,lrancet companies that large risks are
invariably divided among a number OF
companies, that in case of loss the re-
sources of none are seriously i'm
paired.
! According to the last report OF the
auditor of state, there was paid In Iowa
to fire insurance companies in the
year 1901, premiums aggregating $4,-
| S,661.54 and the losses paid amounted
to s2,652,7O7.37, being $54.5O returned
for losses for every 500 received IN
premiums.
| To one unacquainted with the bust
ness of insurance, and the necessary
expenses of conducting it, the forego-
ing figures would Indicate a thrifty
business, but we are assured that the
last year was not profitable to insur-
ance companies in Iowa, and for that
reason large number are withdrawing
from the state.
| The buildings, furniture, machinery
and equipments belonging to the state
and under the board of control, will
aggregate in value $S,000,000 and to in
sure this large amount of property at
one percent per annum would cost
$4,000 annually. While some of this
property would be considered good
risks, there is also large number OF
buildings that are old. constructed of
/ very combustible material, and as the
facilities for contending with fire at
many of our institutions, are of very
| limited nature, chiefly on account of
an inadequate water supply, it is doubt
full If very favorable rate could be
secured when all them conditions are
known.
| 1t is but fair to assume, that Should
the state insure it's property, it would
receive no more in return than the
average amount received by other pol
| icy holders, which as shown by the
state auditors report is 541a per cent
of the premiums paid. This being tle
/ case it is evident thai the legislature
has made no mistake in making nc
| provision for insuring state property,
the people of Iowa being amply able
| to carry their own insurance upon their
own property.
But there is~another factor in regard
to insurance that should be given due
consideration, and that is the thorough
| inspection that should be given the
buildings by an insurance company be-
4 fore accepting the risk. With no insur-
ance, we have no examination, for
there is no one interested financially
| in the risk. and no doubt an expert
4 would prove exceedingly valuable iii
making thorough examination OF
every building, and calling attention
Ito any defects or changes necessary
/ to reduce the risk from fire.
| But such one could be readily Sc
4 ,.,;tl, {r,c r
would unhesitatingly favor the en-
! ployInent of some competent person to
thoroughly examine all state buildings
at least twice year, and make a writ
ten report, with such drawings as might
Ebe recessary to call attention to any
defect that might exist, ani make sugr
gestions in regard to necessary changes,
| to better protect the property of the
state from loss by fire.
There would undoubtedly be an ad-
vantage to the state, in case of loss
| by fire, to have insurance that could
be depended upon to rebuild, for of
late years the proviaential fund has
been so small that when the emergency
arose, serious Inconvenience has re-
suited for lack of the necessary means
to quickly replace the building de-
stroyed.
| But even this difficulty can readily be
obviated by creating sinking fund,
and paying into it annually the amount
| that would be required to carry insur-
ance on property valued at $4,000, 900.
AS already shown, l per cent of this
sum would amount to sS0,0O0 yearly,
and if a tax of such fraction of mill
on the taxable property of the state as
would yield this amount was levied, in
a short time the fund would be ample
| for any reasonable emergency The
| money thus raised should be under the
control of the executive council, and If
not needed, it might be deposited in re-
| sponsible banks at a fair rate of inter-
est, subject to withdrawal when 1t
might be required The taxpayers of
Iowa would then be policy holders in
an insurance company CO their own,
with this advantage, that there would
neither be Office rent, fuel or light re-
quired, no salaries to officers. or COM
missions to agents, no taxes to pay, or
any question as to a prompt settlement
when a loss occurred
During the four and one half years
that have elapsed since the creation of
tions, there have been nine fires in the
fourteen institutions under the man
agement of this board.
can not close this paper without in
dulging the hope that the legislature of
Iowa will never again permit the erec-'
ton of state building where human
beings are to be kept, unless it is to be
of fireproof construction, or at least
what is known as slow burning. The
people of iowa have done generously,
even nobly, by the afflicted in provid-
ing for their care and comfort, and in
future I doubt not that the state build
ings that will be erected will take rank
second to none, and that all risk from
loss by fire will be practically eliminate
ed.
A great responsibility rests upon the
executive officers of our state institu-
tions, and the members of the board of
control. Property to the value of S.
100000 has been entrusted to our care,
and in addition thereto, what is of
priceless value, 1000 helpless fellow
beings, each with an immortal soul,
have been placed in our keeping. The
very thought of such a vast RESPONSE
bility may well appal the stoutest
heart, but standing together, giving
each other the most hearty and earnest
support in the discharge of our respec-
tive duties, let us guard with all our
power the property of the state from
destruction by fire and preserve the