The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1910-12-06
MUOITAIu DHUN
Insurance Rebates Due Board
of Education.
Amount Is Over a Thousand
Dollars.
FAVORITISM is FOUND.
Three Companies Now Hold Half
the Risks.
Proper Way to Carry Own In
is FOUND.
Proper Way to Carry Own In
surance, Says Committee.

was made by DR.. r. S. Magee. chairman
of the insurance committee of the school
board at the December meeting of that
body held Monday night, that although
the board has received no such rebate,
it is entitled to Is per cent OF the cost
of all insurance policies now carried
dating back three or five years to the
time of the writing of the policies, and
amounting in all to the by no means
insignificant sum of $1,10O
Acting upon DIR. Magees statement
resolution was proposed and adopted TO
the effect that if any of the insurance
companies refuse to pay this refund,
the board in the future Will refuse TO 90
business with them.
Another interesting point brought out
was that nearly half Of the insurance
carried by the board was written by
three companies, while the remainder
was divided up among q other com
panies, which savors OF faVorltlsm TO
say the least.
The report of the finance committee
is as follows:
After a careful and painstaking in
vestigation of the question of the board
of education's insurance on the q school
buildings, of the city of Topeka, your
committee on insurance respectfully
submits the following facts:
First, that a 1000 reduced rate clause
be attached to all policies covering
school buildings by contracts that are
now in force or that shall hereafter be
written, and thus save 15 per cent OF
the cost of insurance.
"By referring to tabulated state
ment you will see that all buildings
can be insured at 70 per cent actual
cash value. including the contents, by
transferring some policies from build
ings over insured to those now under
insured without any additional cost
Second, that the committee be
given power to rearrange the insurance
as above stated by cancelling out where
we have too much insurance and re-
writing where We have not enough.
BY so doing we would have enough in
surance to provide for the adequate
protection of the new Van Buren,
building at practically no additional
cost.
"a recognized rule of all companies
is that a deduction from schedule rates
is allowed for attachment OF the re-
duced rate average clause applying to
buildings and contents covering 20 per
cent of full valuation, amounting to Is
per cent 80 per cent valuation, 20 per
cent; 80 per cent valuation, rs per
cent.
ut seems that the board of educa
ton is entitled to Is per cent reduce
ton on most of the buildings. Your
committee recommends that all inSur-
ance companies carrying our risks be
so notified, and requested to return the
rebate from date of policy. The sum
total of these rebates amounts to
SLIPS.
The Favored Few.
THE bulk of the insurance seems
to have fallen into the hands of fav
ored few, three agents holding within
a few dollars of one half of the total
amount OF the insurance.
1.-The remaining twenty-five agents
who have equally as good companies
have not Jared so we'll, some of them
having only a single policy of $4,000
for their total. This is not just or
equitable.
your committee proposes to change
this as rapidly as possible, dividing it
up with malice towards none and
charity for all-the board should
know no friend in particular, and all
agents should be treated alike.
I'VE also ask of the companies hold
ing the steamboiler insurance that
the 100000 be written all at one time
instead of at two different times. By
so doing saving of $40 to the board
would be made. The cost of this in
surance should be $3.50 instead of
S21e.
your committee has discussed the
idea of blanket insurance on all
buildings with a stated value for each,
but this system would not be possible
unless all the buildings are rated at
80 per cent of their valuation.
1T has been suggested, also that
if it were possible to set aside from
year to year a sinking fund and even
tually be able to carry our own insur-
ance it would be wise move, but we
wouldn't war; to attempt that while
we are in debt
''I do not think the insurance COM
panies will refuse to pay the rebates
on the policies in force from now on
remarked DIR. DIagee. IT am afraid
however, that they will contest the
payment of the rebates up to now
THE money is due, and it is COM
ing to us even though we did not know
It. Our ignorance was the fault OF
the agents. The companies may re-
fuse to pay the back rebate because
they will say that the board did not