Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1902-03-03
HIGHER INSURANCE RATES.
New England Insurance Exchange
Raise Prices on Certain Risks.
Msrea milne Stocks, Frame Buildings
and Manufactures Affected.

Az has been expected for some little
time the rates of insurance on certain
Kinds of fire risks have been ordered
raised in Maine. On Saturday, meet
ing waa held in Boston by the new
England Insurance Exchange ana an
agreement made by the executive COM
mittee of the exchange and a special
committee of the Eastern Union was
ratified.
The Eastern Union is the dominant
Influence in this advance, and Is COM
posed of the great fire Insurance COM
panies operating in the East generally.
Its subcommittee having jurisdiction
over New England comprises Edward
Milligan Of the Phoenix Insurance Co.,
Hartford, Conn; A. G. Adams OF the
A atna fire insurance Co., Hartford, and
C. G. Smith of the German American
Insurance Co. Of New York. The agree
ment in part is as follows:
After considering the present cond1-
ton Of the country as affected by the
lree and numerous fires which have
occurred during the past three years,
rendering the business Improbable and
forcing the withdrawal Of many COM
panies, the hardship of the situation
being emphasized by the CONGREGATIONS
of the last few weeks. with no prospect
Of relief, the committee are of the unan-
imous opinion that not only the good of
the companies but the safety of the
public demands that rates should be
Immediately and largely advanced and
that unless such advance is promptly
made the companies will be forced to
Withdraw their indemnity.
"rhey,. therefore, recommend that
throughout the country rates be ad-
vanced on mercantile stocks in all
buildings except such as are occupied
as dwellings above the ground floor and
on frame store buildings, also on all
manufacturing risks and other special
hazards which have not been rated un-
der revised and approved schedules
within one year.
They recommend that each company
instruct it's general. state and specia
agents and rating bureaus, state asso-
Citations and local boards. to advance
the rates on all such risks 25 per cent
and upward as may be equitable in each
case. and that this advance go into eff
feet Immediately and continue until
such risks can be specifically rated un.
der proper revised and approved SEIZED.
ules.
"Of course, no concerted action car
he taken affecting risks in states hav'
ing anti-compact laws. so that while
the committee believes that in sucl
states like advance is necessary. eacf
company must be left to take action il
its own way. without any agreemen
on the subject"
This edict went into effect. Saturday
throughout New England. with the ex
ception of New Hampshire and Provi
dence. which have their own governin,
bodies.
Therefore. from now on all applica
tons for insurance upon mercantil
stocks. frame buildings, manufacturin,
risks and special hazards must be writ
ten at an advance Of rs per cent. ant
upwards according to the degree o
risk.
The Boston fire underwriters hav'
put into effect the advance agreed upon
with the following exceptions. which
will probably be initiated by the un
derwriters in Maine:
Dwellings and their contents.
Apartment houses and their contents
Churches. clubhouses. public institu
tons and their contents.
Wood and coal yards.
Lumber yards on Albany street.
Buildings of brick, stone and iron, i
occupied exclusively for mercantile
purposes when no manufacturing of an,
description Is carried on upon the prem
fses
Brick. stone and iron buildings and
their contents when occupied strict!
for office purposes. st
Stables containing not more than fou
horses. used for business purposes. ant
the contents of the same.
Sprinkled manufacturing risks ant
their contents when not located in Bos
ton proper.
In case OF doubt the advanced rate o
% per cent. must apply. unless a con
struction to the contrary is obtaine,
frnp, Tho hoo H