The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-06-30
RUSH FOR INSURANCE
UNDER WORKMEN ACT
Employers. Swamp Stock Com
panics and state Fund-Time
Extended Ten Days.
S2J.OO0.0OO IN PREMIUMS
First Year Expected to Produce
This Sum-Rate Board to
Work for Safety.
S25.OOO.OOO IN PREMIUMS

SO great has been the rash on the part
81 employers throughout the State for
insurance under the now workmens COM
rcnsation law. which technically goes into
effect tomorrow. that the Wortmen's
compensation Commission has declared an
extension OF ten days TO the State In
surancc Fund and the insurance com
ranics. or until July TO- In which to get
out the great mass of policies which
have piled up since the rates were pub
lished about two weeks ago All applica-
tons. however. must he hlcd by the en-
ploycrs before tomorrow night.
The capacity of the stock insurance
companies and OF tho State Insurance
Fund workers has been taxed to the ut
most The stock companies. which are
writing the bulk OF tho insurance under
the new law. have already issued. it was
estimated yesterday. nearly 10000 poli-
cics The State Insurance Fund has
written about $500 policies in the last
ton days. II is expected that about 5000
rolicies in all will be issued by the State
FUND. or from 10 To- 30 per cent. of the
insurance business created by the new
regulation. This Is considered remark
able, inasmuch as no time was afforded
for a campaign to show the advantages OF
tnsuring with the State.
s25,OOO,OOO In Prcmiu ms.
The workmens Compensation Com
mission estimated yesterday that al least
s25 100000 In premiums will be paid in
by employers the first year.
The constructive programme outlined
by the department IN the new law is ex.
pected TO bring about a momentous chang,
in methods and practices Of insurance
companies and uniformity In srch prac
;Ices that will he helpful In the admin
istration of the law. u is also designe,
10 revolutonize the liability Insurance
business.
Tho New York act provides a NOR
liberal schedule OF benefits than any oths
act In the United states. according u
the Insurance Department
TN order to promote ideas Of acciden
prevention" continues tho statement o
the department outlining the constructive
work to he accomplished. ito safeguar
and protect the environments undc
which wortmen are engaged and to re
ducc the cost OF compensation to the en-
ployers the department has perfected
plan by which all insurance carriers i
this State, including all the stock com
panies. all the mutual companies and IN
stbl' INSURANCE fHli. nave tn'fTPI INT
central burcau TO be known as tn
compensation inspection rating board.
THE rating board will review all III
inspections now being made by com
panies and those that have been mad
since March |. 1914 As soon as the rat
ing board Is completely equipped and ha
satisfied the Insurance Department tina
IL Is competent to make all inspections tn
companies will abandon individual In
snectlous and the rating board will az
sumo the function Of making inspection
for all companies.
I'm this way determinations In rate
will be abolished aud all employers wi
he treated on an equal and on an equ
table basis. The plan will result in
general campaign for accident preventio
ard the accident frequency in the indu.
trial employments OF the state will III
doubtedly be diminished. thereby reducir
the cost OF compensation to the employer
In this State"