The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-01-05
GET MORE, PAY LESS.
New Plan of Insurance for School
Buildings Suggested.

| In making the report of the insur-
| ance committee to the board of educa-
/ ton last night Chairman q r Hardy
said:
| The school board controls 1866, 800
worth of buildings and equipment on
which it has paid but 1875 per cent.
/ should heavy loss occur on any of
| the larger buildings the question of
rebuilding would be a serious one.
/ Considering the values of the buildings
| and the Indebtedness of the board it
seems that ordinary prudence would
demand that reasonable amount of
insurance should be carried. 1t is the
opinion of your committee that an in
surance OF 54.S of the valuation is not
unreasonable, unless it is too small
There are three ways by which the
rate of Insurance may be reduced:
"First-Improve the construction of
the buildings or correct the structural
defects
"Second-Provide special fire pro-
lection. Your committee hopes to see
every school building in the city equip
ped with fire extinguishers within the
next year.
''Third-The third method is to
adopt the use of reduced rate valua-
ton clause, a part of the policy con-
tract. The use of this clause Is COM
mon in connection with commercial
insurance and there is no good reason
why boards of education should not
employ it. The use of a 20 per cent
valuation clause would reduce an in
surance rate Is per cent while an so
per cent valuation clUase would reduce
it 30 per cent
IN case the board decides to use the
valuation clause contract your COM
nlittee respectfully urge that particu-
lar care be taken in securing reliable
information as to the values of the
properties insured as this will become
an important matter in case of a loss.
1t is the opinion of your committee
that the present schedule of valuations
is inaccurate and should be revised.
Bearing in mind the Importance of
paying proper attention to large values
where values are concentrated, your
committee recommends that the board
adopt the following system in placing
its fire insurance: Where pro erties
are valued at $4,000 or less, insure for
go per cent of the value with so per
cent reduced rate clause attached to
the policies.
"Where properties are valued at
from twenty to forty thousand dollars.
insure for so per cent of the value and
attach 10 per cent rate clause to the
policy. Where properties are valued
at $4,000 or more insure for 20 per
cent of their value and attach an 80
per cent reduced rate clause to the
policies. This in the aggregate would
give the board S424,590 insurance
against $4,000 carried at the present
time at a saving of $105.57 in pre-
miums annually.
I'm substance, the adoption of this
valuation clause means that by agree
ing to carry a small portion of the
damage claims. the school board can
secure S62,690 more insurance for
S1O5.57 less money annually than it is
now paying for the insurance which it
is carrying. By agreeing TO this the
board would not overload itself with
liability and would more nearly pro-
vide adequate protection for the school
properties in case of a loss running
from so per cent to 100 per cent
The Babcock fire exungulsnerS
which were purchased by the school
board several months ago and which
were stored in the basement of the
Manual training school for some time
have been distributed about The To-
peka school buildings. Five of them
are in the high school building. six in
the Manual training building. two in
the Lincoln school building and three
each in the other larger buildings and
two in the smaller ones.