The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1910-06-06
News of the Insurance World

insurance companies doing a marine in
suraDce business In connection with the
operations OF Knight. Yancy & Co. and
other bankrupted firms
The recoverics were made by the re-
ceivcrs for the failed firms and go to
the account OF their creditors. The pre-
which never existed and was represented
by fictitious bills of lading Issued by the
iailed hrms In order to cover shortage
OF about 5000 bales which they had
sold short in European markets. The re-
ceivers are not yet through and predict
that they will get considerable more OF
these premiums as soon all the GER
tlncateS OF insurance are checked up:
The sWindle, IL transpires, was due TO
the loose methods In vogue. In issuing
the certificates the practice was for the
assured to act as the agent of the COM
pany In writing his own insurance on
the cotton as It is sold and attaching
the certificate to the bill of lading and
sight draft for the payment of the pre-
MUM. No bonds were required guar
anteeing the correctness of the bills OF
lading.
In order to prevent a repetition of the
frauds, the banks and Insurance COM
panies OF the south are now requiring
greater safeguards for their protection.
The companies involved the most are
tho Atlantic Mutual and the Insurance
Company Of North America.
Another Celebrated Case.
A case OF unusual interest is on trial
Louis. 1t Is suit to recover from the
New York Life under a policy of George
klmmel, cashier of bank in Arkansas
City, Ark. Kimmel disappeared sudden
ly about twelve years ago. and at the
expiration OF the statutory time, seven
years, his sister, Mrs. Ada Bowslett OF
Chicago. sued under the policy. The
claiming that Kimmel was not dead, and
later claimed to have found him In a
New York insane asylum. Kmrnel made
n ,,rla tlw. n A,fIf At~ T.
fraud the company; but the family denied
that the man was Klmmel- The insur-
ance company, however, charges that
there has been conspiracy to collect the
insurance, and Furthermore charges that
the denial Ia part OF the conspiracy.
Tho amount involved Is $4,000 and the
case has attracted widespread attention.
Insurance Notes.
The Salt Lake hre department is busy
these days practicing how to use the
Pompier ladder. as well as In the work
of training the men in the means of res
cufng victims OF suffocation and those
trapped in burning buildings. Chief
Glore intends keeping UP this work until
the firemen show proficiency.
The forest fire loss in Oregon last year
aggregated s200.000 considerably smaller
than In years past,
w. H, Cunningham, general manager
company Of Salt Lake City. returned Fri
day from visit TO the Colorado agency.
lie reports substantial increases in busi-
ness over last year.
w. II. Gibbons, superintendent of agen-
cies for Edward Brown " Sons of San
Francisco, spent a few days In Salt Lake
last week. While here Mr.. Gibbons made
his headquarters at the University club.
The Arizona Fire Insurance company.
now in process OF organization at Phoe-
nix, ArZ,. will be incorporated early in
July with q capitalization OF 5000. 900
and paid-up cash surplus of $500 900.
Among the hackers of the new company
are many OF the states leading financers
and business men.
The Loyal Protective Insurance COM
pany of Boston. Mass, has been granted
q license by the insurance department to
do business in Utah The company Will
write accident and health insurance only.
The next regular meeting of the Utah
Association of Life Underwriters occurs
the second Tuesday IN July and will be
held at the Commercial club.
Through the efforts OF the state inSur-
ance department about $500 has been re-
covered within the last week for citizens
of the state from certain life companies
whose agents had collected premiums in
advance and failed to make proper ac-
counting and have policies issued In due
course.
a fire insurance company not regularly
admitted to the state which has been as
sorting lis right to place surplus lines OF
insurance without complying to section
81 OF tho insurance law governing such
matters has written the commissioner OF
insurance asking what steps Will be
necessary to secure representation by
local agent under the requirements OF the
now law.
On account OF the heavy loss ratio on
automobile Insurance, the companies
writing this feature arc seriously consid-
ering the raising of rates for collision in
surance per cent.
George r.. Cutler, formerly Chicago
manager for the Frankfort. IS now gem
cral manager for the Guardian Casualty
& Guaranty company OF this city, with
headquarters in the Mccormick block.