Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1906-05-14
LOCAL UNDERWRITERS OF sATS
FRANCISCO REPORT.
HAVE WISCONSIN RISKS
Policies Held in This State Well Pro-
tected Although Practically All
the Capital and Surplus Will Be
Wiped Out in Paying Losses in
Recent Disaster.
Madison, May II.

Insurance Commissioner Host yes
terday made public a letter from the
two principal fire insurance compa-
MES of local character in San Fran
cisco, the Firemen's Fund and the
Home Fire and Marine. They are ii,
censed to do business in this state
and it was expected that the extent
of disaster had been so great as to
practically wipe these companies out
of existence. They will pull through,
however, but their capital and surplus
will be practically all taken to pay
the losses. The situation resultant,
and in which Wisconsin policyholders
have an interest, is that risks held in
this state are well protected. These
companies suffered a combined loss
of some $4,000000. The letter an
nounced by Commissioner Host con-
tains some interesting facts concern
ing the disaster. 1t was written
from temporary headquarters in Oak
land and is as follows:
Replying to your favor of the
oath uIt, beg to adyise that the fire
has not yet sufficiently cooled to
warrant the opening such vaults as
appear to be intact, while quite a
number have either been wrecked by
falling walls or the dynamiting of
buildings done in an attempt to stop
the progress of the fire, or were not
sufficiently f1reproof to resist the in
tense heat of the confagration, and
have had their contents destroyed,
the debris of fallen walls, so that it
is impossible for such companies as
did not remove their maps or records
from their vaults and take them to a
place of safety before the fire. to as
yet get at the information necessary
to give anything more than an esti-
mated statement of their liability in
the burned district.
''In our own case, the vault con-
tanning our city records and maps, be-
ing in basement, has been deeply
buried beneath the debris. Our re-
cent efforts toward removal of same
have, however shown a break in the
outer upper corner of the vault, where
it was evidently struck by a section
of wall Or a large safe falling from
far above, and we wear that we shall
find our Firemans Fund records de.
stroyed.
My recollection, however, is that
our tabulation showing net liability
January /, after deducting reinsur-
ance, was three million, eight hun
dred and some odd thousands. The
Home Fire and Marine was a little
over $1500,00O, and the Pacific I'm
derwriters a little under $1,406,000,
making all together practically ST.
100000 at risk for the Fireman's Fund
Insurance company net, in the entire
city.
Allowing for our net risk in the
dwelling portion of the city unburned,
in which section we have always done
an active business, $2,000,000 would
leave practically $5,0OO,OO0 at our
risk in the burned district. From
this estimating a deduction of $1,000,-
1000 for goods removed, salvage on
machinery, allowances for earthquake
damage, and buildings blown up by
order of the authorities, and from
which we are exempt by the express
terms of our policy, there would re-
main 100000, which l think will
quite accurately represent the net loss
by the San Francisco confiagration,
for Fireman's Fund and Home Fire
and Marine Insurance Companies.
This just about absorbs our capt.
tai and surplus, and upon canvassing
these facts at their meeting Friday,
April 81, our board of directors were
satisfied that there will be no diff
Guilty whatever about the company
paying its losses and continuing in
the business which it has so success
fully followed for nearly half a cen
fury, and they accordingly unanimous
ly instructed the officers to proceed
at once to settle and pay losses as
adjusted, and continue the company's
business as usual.
The company's attorneys are be
ing consulted as to all the legal pro
ceedings necessary to be followed
and proper steps will be taken in due
course to provide not only for the
payment of all our losses as adjusted
but for the proper protection of ali
poNcyholders of the company, both
present and future"
DENIED NEW TRIAL