Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1912-05-25
STATE HOUSE.
Latest News from the In
SuranCe Department.
Portrait Of Gen. TiIISOn Re-
ceiVed by Adjuiant General.
Caratunk Men Appointed Clerk to
The State Board Of Assessors.

HuS 9tGtG bV0tW VI HSoG9SVlSs
Bulletin, No. 3. issued Friday, from
the State insurance department contains
in addition to the financial statement Of
the department and a full report of fire
Investigations made during the past
month, much other valuable information
in regard to the work of the department.
The contents of the bulletin follow:
Citizens Insurance Agency.
The department recently advised citi-
zens of Maine not to place insurance
through the above agency until an In
vestigatiou as to their reliability had
been made. We have endeavored to get
hold of Information as TO this agency
but thus far nothing has come to our at
tention that would warrant any change
in eur advice. Efforts to ascertain what
companies are represented have been
futile We feel that it is our duty to put
the citizens of Maine in close touch vita
such propositions We are anxious Tor
them to have insurance at the lowest
possible rate consistent with good, safe
business methods. but 1t should be re-
membered that insurance Is similar to
other commodities In one striking partic
ular, viz. the element of risk increases
as the selling price diminishes. We re-
commend a thorough investigation on the
part of those contemplating cheap in
surance before venturing too far.
Grain Dealers Mutual Fire Insurance
Co.
Inquiries have been made of the de-
partment as to whether or not the above
company is authorized to transact bust
ness in Maine. This company is not au-
thorized and up to the present time has
not applied for admission
We call the attention of the citizens OF
Maine to Chapter 131 of the Public Laws
of 1911. Under the provisions of this
law premiums paid for insurance to un-
authorized companies are subject to a
5 per cent. tax, and litigation must be
prosecuted through the courts of the
state wherein the company is domieiled.
we can render no assistance whatever
in adjusting claims or other matters in
dispute The Citizens Insurance Agency
comes under the provisions of this law
also. hence parties taking insurance with
either of these or any unauthorized
companies do so subject to the provis-
ions of Chapter ISL, Public Laws of 1911.
State Firemens' Association.
We desire to express our pleasure and
appreciation of the Invitation extended
to attend and address the association of
the fire chiefs of Maine. which recently
met in Augusta. Although the project is
still i'm its infancy the chiefs and those
connected with the departments of our
cities are manifesting a great interest
I'm the association and it is to be hoped
that the next meeting, which we under
stand is to be held in Bangor on June
list, VIII result III the eTfollTlent OF
every fire chief in Maine Although the
organization is in no way connected with
the department, yet we have common
interest of great Importance and we
realize. III view of the fact that great
crusade against our tremendous fire
waste has been. launched, that much
good viii come as "A result OF the associa-
ton interesting itself in this particular
line of work.
Companies Admitted.
~.
Philadelphia, Pa. Admitted April 2: 1917
Admitted assets 81 125,6 1883. Total liabli-
ties except surplus, including t$5Oo0ooi
cash capital s9H,s2Ioi
Equitable Surety Co, st Louis, Mo
Admitted April 3, 1872 Admitted assets
81 ISL 1853 A. Total liabilities except SUR
plus, including ($l00o.0ool cash capital
Atlantic Horse Insurance Co. Provi-
dence. r. l. Admitted May s. 1912 Adj
mitted assets $192.333.10 Total liabilities,
except surplus. including Gll0,0oO cash
capital $l52, $50 so.
Maine Company Incorporated.
Maine Fire and Marine Insurance Co..
Portland incorporated May 49, 1912.
Agencies Licensed.
Maine mutual fire. u.s. fire and marine,
S.; life, Al miscellaneous, "a: assessment,
s; brokers. Q.
Financial Statement.
RECEIPTS. APRIL. 1912.
Received from companies, s499 90
Licenses to brokers, 10000
Interest on deposits, BIS
Total receipts. 1904. Is
Brokers' fee returned 1000
Net receipts. s5s4.l5
Salary of Commissioner and
Salaries of clerks, 1900
Printing, %. Is
Binding. 500
Postage. 63.u0
EXPRESS 103
Telephone and telegraph. 1910
Office supplies. ~
Reporting service 1000
Total, 1855. %
Investigation of Fires, 1}6 80
Total expenditures. $72l.7a
Over insurance.
This is one of the dlsagreeable ele-
ments In connection with the business
In fact 1t is IA question whether or not
legislation could not be enacted for the
purpose of making it Illegal We are all
more or less familiar with the principle
lowing are altogether too common.
(these figures are taken from the re-
ports of municipal ofiicers). Estimated
value of contents $500. with the remark
contents $500; assessed value OF build
ings $40; Insurance on same $500.
This reckless placing of insurance on
property should be stopped. A great
many suspected cases of incendiaries are
accompanied by over insurance like the
above and until either legislation is en-
acted or some other means taken to
regulate ii, it will go on indefinitely.
The general insuring public should con-
slider this matter seriously. The rate
is higher because of it and the honest
insurer is the one that suffers. We shall
give all possible publicity concerning
any agents in the state of Maine who
are guilty of deliberately praetieinG the
placing of over insurance in the future.
This may seem a summary procedure
but over insurance must and viii be
stopped ia some way and pending lesis-
lative or other action we shall follow
the above course.
Investigations.
Several fires have been investigated
since the issuance of the last bulletin
and we are gratified to report success
on several of them. We have been
Handicapped by the indifference of
county attorneys in several instances.
1t seems to us there can be no excuse for
county attorneys acting in this way.
The department goes to the expense of
making complete, exhaustive investiga-
tions, and when satisfactory evidence Is
procured. turn the matter over TO the
colIntv attorney The funds AZ pl1p dis