The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-11-28
STRIKE INSURANCE.
Two Companies Recently Organized
Make This Form Of Insurance
Their Exclusive Business.
Other Companies Are Adding De
partments to Cover This
Danger.
Brooklyn Eagle.

4eEs ses5.#85 sa#E 0lOOhlyll LLCSlSs
America has not the insurance
mania as badly as England has. but
economic conditions have evolved
strike insurance, the latest commercial
novelty OF which the Englishman as
err insures his life, and insures his
house, he insures his vessel, he in
sures his freight, he insures his plate
glass. He insures against robbery and
ne 1nsures against accident. He in-
sures against bank failure. He will
travellers insurance policy. When he
has nothing else to insure he insures
the kings life. and those of various
members Of the royal family. That Is
the cemmonest British form OF
gambling. Theatrical companies, big
dress making establishments, caterers.
etc, do this as a matter OF course, as
against the loss Of business which
would necessarily follow the kings
death and the consequent failure OF
the season."
But the Britisher has not yet come
to strike insurance, and the American
has. Not only have some Of the big
existing companies opened strike de-
partments, but two strike insurance
companies have been organized, one
in Waterbury, Conn.,, the other in
Louisville, Ky. The Connecticut
company Is said to be especially well
Of strikes during the last twelve
month. In several places employers
have organized to see one another
thru any financial stringency arising
from labor troubles.
And labor approves of strike insur-
ance. The workingman believes It
will inure to his benefit. One labor
iS a g
such insurance companies will accom-
plish at once what labor organizations
have been trying for years to do. They
will compel the unreasonable employ
er to recognize the rights of his en-
ployes. Just as fire insurance COM
panies compel policy holders to take
reasonable precautions against fire,
strike insurance companies will COM
pei employers to deal reasonably with
potential strikers.
The Waterbury company only re-
Gently obtained a charter authorizing
it to insure individuals or corpora
tions against loss resulting directly or
indirectly from the interruption or
suspension Of business "by reason of
food, epidemic, riot, strike. civil
commotion or similar causes" The
charter shows that assessments upon
members are to be relied upon to pro-
vide funds for emergencies, and prac-
tically establishes at once a jury Of
arbitration, to- which the employers
are bound to submit, but which has
no hold on employees. And this jury
has, every member of it, a, personal
financial interest in persuading the
employer to end the strike if he rea-
sonably can.
The company may collect not only
cash premiums for it's policies, but
may assess the holders thereof such
I further sums as are necessary to
cover losses, not exceeding five times
the amount of the cash premium.
! The policy holders agree in advance
to pay such assessments if called for.
If the company assumes the respon-
sibility of every strike, regardless of
| who is at fault, 1t will probably lose
| money. If it doesn't, it undertakes
at once to fix the responsibility for
| the strike, which will be far more
difficult than to ascertain the amount
| of loss involved.
The Louisville company does not
say just how it proposes to insure en-
ployers against loss thru strikes. It
does undertake to keep secret the
names of the persons insured, so that
strikers will never know whether they
are striking against their employers
or the insurance company. Probably
they will not care-but that does not
seem to have occurred to the company.
1t remains to be seen under what con-
| ditions a strike loss will be recog-
nized as a. claim against the connpa-
ny. And it rather looks as If it were
fun for the employers but death to
the company.
If any scheme can be worked out
whereby strike insurance can be made
a good business proposition, equitable
to the insured and profitable to the
company, there is undoubtedly mil
lions in it, But it is a little hard to
see how, for instance, an insurance
company could have paid for the loss
es involved in the existing building
strikes They run UP into the mil
| lions. To a great extent these strikes
are Of the sympathetic" variety, and
| Uncle Sam himself, tho the old gentle
| man is pretty well to do. would think
twice If he had to pay the piper. Oc-
casionally there is a great confiagra-
! ton somewhere-losses running up
| into the naillions-and the insurance
companies have to pay. Many are
| bankrupted by the operation. This
year there have been strikes all over
| the country. No one can compute the
cost to employers. But employers
/ could well afford to pay big premiums
| for any insurance that would guaran-
| tee them against such losses. The
| question is, can any company under
take the job?