The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-08-07
INSURANCE NEWS AND
NOTES

Because of the recent heavy losses in
packing house fires rates on that class have
been raised . to 40 per cent.
Hubert II. Woodsmall, formerly of this
city, but more recently OF Bloomfield. Ind,
has purchased an interest in the George NJ.
Cobb & Co. agency at Muncie.
The Indianapolis Fire Insurance COM
pany, III its semi-annual statement OF June
30 last shows assets, si6l. $3.50: reinsurance
reserve. $l4I, $3.50; surplus TO policy holders,
49,, 1000.
William S. Taylor, Ex-Governor of Ken
lucky, who has made Indianapolis his home
for several years. has been appointed state
agency director of the Hartford Life Insur-
ance Company for Indiana.
Robert ]. Bremen has resigned his posi-
ton as examiner with the Policy Holders
National League, of this city. to take.
position with the new strike insurance
company of Louisville. Mr. Bremen is a
member of the Indianapolis bar, and has
made insurance law a speciality.
z. H. Arlington, formerly Of this city,
but for some years past identified with
insurance interests in the South, has re-
signed a position with the Liverpool and
London and Globe to become State agent
of the Home Insurance Company for Louis
lana and Mississippi with headquarters in
New Orleans.
J. G. Cloud, who was recently in this
city for the purpose of selecting a general
agent for Indiana for the Casualty COM
pany of America, is reported to have
formed poor opinion of Indiana as a
field for employers liability and general
casualty business because of the demoraliz-
alton of rates and that he deferred making
any appointment for the present.
Reports from various quarters seem to
indicate that the recent agreement between
the three giant life insurance companies of
New York to discontinue the use of COM
petitive and comparative" literature in So
liciting business extends still further and
precludes the former practice OF PROSECUTING
among one another's agency forces. The
strife of life insurance companies for new
business is no keener than that for desira-
BILE agents, and any man on competitors
staff who has been conSpicuouSly success
full is sure to receive fiattering offers If he
will change. The effect OF an agreement
to discontinue this practice would be far
reaching.
Freak insurance contracts are common
enough in England. where Lloyds flourish,
which will take chances on any contingent
cy imaginable for premium consideration.
but such cases attract attention in the
United States because of their rarity. An
incident of the kind is noted this week in
Chicago, where man has agreed to pay
$1,000 per night for every night In three
weeks that the Pains Fireworks Com
pany's representation of the destruction of
Rome is interrupted by rain, hail or any of
the elements except fire. Such contract
table American insurance company could
or would take.
The recent smuggling given the wildcat
fire insurance operators by the courts in
Chicago has scattered that unsavory brood
far and wide. The state insurance commits
sioners of several States, who have discov-
cred that these renegades are attempting to
make retreats in their domains. have been
clubbing them out. and is now appears that
Indian Territory Will prove refuge Tor
many because Of it's lax laws and lack OF
insurance supervision. 1t is rather out or
successful conduct Of a wildcat insurance
company is a calloused conSciene, indiffer-
ent state officials; little cash for postage
stamps, a waste basket Tor claims and the
patience of a spider.
Credit insurance is a branch of under
writing which is as yet but little heard of
by the public, but is growing in Importance
and favor. A number of companies are
writing it in Indiana on a small scale along
with other lines. BY 1t a company agrees to
insure firm or business house against loss
from bad accounts among its customers.
The possibilities of such plan OF insur-
ance once generally adopted are apparent,
for it would be material check against
financial panics, since 1t would prevent the
far-reaching effects of one failure. 1t would
establish a feeling of confidence and would
present interdependent methods of credit
upon the slightest rumor of instability of
markets, prices or individual firms.
The most important question on the life
insurance horizon at present is the one
raised by Insurance Commissioner Host, of
Wisconsin, who has ruled that the Equitable
Life Assurance Society of New York (Which