El Paso herald. (El Paso, Tex.) 1901-1931, 1910-04-07
MANY INVALID FIRE
POLICIES GIVEN HERE
H r.. Wood Makes Statements That
VIII Be of Great Interest to Every
Business Man and Property
Owner In FL Paso-State-
n1ent Is Startling.


Quite another surprise was sprung
in the fire insurance and pOlicyholders
circle today when II. R. Wood, the we'll
known agent of several old line fire
insurance companies announced that II
Ell Paso was visited by disastrous
fire there would be a heavy loss. owing
to the fact many people who have poll
cies today would find them worthless
after fire.
Il have discovered that out of $500 900
worth Of policies in force in the busi-
ness district of Ell Paso only about IS
percent would be cOllectable after a
fire." was the statement made by Mr..
Wood this morning. He continued by
saying: L am not in position to give
the amounts of policies in force in the
resident district that are not valid and
the people of FL PaSo would certainly
get a severe shock to see thousands of
dollars worth of property destroyed
which they believed to be covered by
insurance and then TO find out that
only a small percent was collectable."
"A man who writes fire insurance
policies should be a student of law"
he continued, because there are so
many things That come up in the insur-
ance business that require a knowledge
of the law II the policy writer's I'M
derstood law they would not give out
policies that some of the agents are
doing in this city because the policies
would be invalid.
Should Read Policies.
You would be surprised" said he to
a Herald representative, lat the amount
Of money paid for fire insurance pre-
miums which are accepted by some of
the best business men in FL Paso with
out reading one. 1 know of a place
which carries insurance to the amount
of about 100000 and the policies were
never examined. I examined them and
had this place been destroyed by fire
they could not have collected over $685.
600.
1T has only been a few years ago
that an Ell Paso man lost $4,000 by
having bad policies. don't think that
all of the blame should be placed upon
the insurance agents because some be-
heve that they are giving. valid policies
but nevertheless the policyholder could
lind little consolation if his property
was destroyed and he discovered his in
surance was invalid, but if the policy
holders would read their policies a
small percent would realize that the
policies were not valid"
Texas Has Best Laws.
MI. Wood further said that Texas
hau the best insurance laws in the
Ohlleo states and he gives Hon. W. W.
Iurney, OF this city. who represented
II Paso county in the senate in 1901,
credit for the good work.
Must Report Condition.
MT wood believes that, as bad as
lne conditions are, that the people who
are holding such policies should be ac-
quanted with the condition that exists.
Mr. WOOD states that it will also be
us duty to report the condition to the
STATE meeting of underwriters of Texas
WHO meet In short time.
Entitled to Protection.
Mr.. Wood further states. that &C
ene rate In FL Paso seems. that ii is
more important to see that the policies
tiat are carried could be collected in
Sase OF IRE Mr.. Wood being a stu
oent OF law himself states that every
poncy 0hat he has written in Ell Paso !
Inat now in force is valid. Mr. |
"oou IS very conservative man and |
oeileVes in doing business honesty
VI not doing it at ALL"
feopie of Ell Paso who have +bo,x
= baUperIy insured should lose no time IN
naving their policies examined and sa.
tionotSs mat are absolutely unuues-
Mr. Wood states that a.
u oe pleased 10 look over the Nil
cies OF anyone interested witbn,,+ po-,
on So Whatever His office is located
hu;,dir iilth 1ioor Of the new CanIes