Iron County news. [volume] (Hurley, Wis.) 1913-1950, 1914-03-07
BIG INCREASE
IN INSURANCE
Business in Wisconsin Expects
to Grow in 1914.
MANY SEEK INFORMATION
Under the Laws All Public Property,
State, County, Municipal and
Schools Can Be insured in
the State Fund.

tne STATE Fund.
Madison.-With numerous officials
Of counties, cities and school boards
writing to the department of insurance
for information, large increase in in
surance on public property by the
state is anticipated for the year 1914.
Under the laws Of the state, all
public property, state, county, munich
pal and school, can be insured in the
state fund, created for that purpose,
and which has behind it the state
treasury as a reserve. Phe law estab-
fishing such fund was passed in 1903,
and for the first nine years provided
for insurance of state property only
In 1911 the law was amended to in
clude county and local property as
well, and it's field of operations great
ly widened. All state property is now
insured IN this fund-in fact has
been since 1903. Counties may insure
courthouses, jails, asylums, poor farm
buildings, training schools, etc, cities
all municipal buildings, and school
boards may insure school houses. The
Insurance OF school houses is con-
fined to those located in cities and
villages, for the reason that school
houses in country districts are now
insured IN the farmers companies at
cost.
At present risks to the amount of
S17067, 8S9.07 are carried by the state.
OF this amount the insurance on
state property is $15,896,372.57. In this
amount the principal item is one of
$4,130,730 on the state capitol. The
insurance on state university build
ings is $3.267,732. SO. Sixteen counties
have taken state insurance to the
amount Of $1,171, $3.50.
So far no cities have come in under
the law, but some 40 cities have cor
responded with the department with
that end in view. Public property may
be insured up to 80 per cent of it's
value, but any amount below that fig
IRE may be taken out
The cost of annual insurance is go
per cent of the cost of the same kind
of insurance in regular fire insurance
companies
The state buys its ratings from the
Wisconsin inspection bureau of Mil
waukee, as do the fire insurance COM
panies, and charges 60 per cent. of
the usual rates, The expenses for
travel, inspection, etc, are paid oSt
Of the fund, and every six months or
oftener the properties insured are in
spected by the state. Written reports
of such inspections are sent the au-
thorities in control of such properties,
pointing out dangers and defects and
suggesting possible changes that may
reduce fire hazards and insurance
rates. This work is ali done at present
by Charles 2 Bennett, fire proven
ton inspector OF the department of in
surance.
The fund at present available for
meeting losses is $215.150.50 Except
for the extraordinary fire in the state
capitol Feb. p, 1901. which involved
a loss of $197 ,S21.53, the losses from
1903 20 July /. 1918, were 1855, 504.S9.
Public property is regarded by stock
frs insurance companies as very de-
sireable insurance as it is generally
better built and better equipped for
fighting fires than private property,
and the moral hazard is reduced to a
minimum.
Even If the losses of the state
should equal those Of the companies,
this state can we'll afford to furnish
the insurance at 60 per cent. Of the
companies rates by reason Of the ex-
pense of about 40 per cent. which is
now paid by the companies. Under a
constitutional amendment to be voted
upon by the people at the coming No
vember election, IL will be possible to
extend the benefits of state insurance
to all kinds of insurance.