The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1916-08-05

Of the fact that their business hes
been disorganixed. realize further
that possibly others have been e,n
bofrassed financially by reason Of the
fAct that they have not been able TO
secure adequate INSURANCE pretection,
& Some time aso. while I'm sWsshing-
ton on ofiicial business in .cqnnection
With the war department. ,sentleman
whom ! know personally stated that
he would sladly arrange for confer
snce with the eticials iof some sof the
larger fire Insurance companies An
New York and I requssfed him TO do
-. ! then went 10 New York from
Warrington and conferred with these
gentlemen i reference to. the situa-
ton. I found these gentlemen very
ssHnk ana courteous IN .discussins this
mattsr. 4 lfenna that sthsysfeit that
~ 2 'Rnsiness prepssitlpn tneyi.coupd
not coptim'e to do businafssin South
Carolina under the present law. There
l..
geeped to be no disposftQn on their
bArtsso puxtsh tsc people u Our
state. and they were very frank 10
say that while their business had not
been profitable. yot from the STAND
point Of sentiment they disliked 10
bseak their egsncy copnsctions, prac-
tically ~ n which hsd been person
ally pleasant. AS an evidence. OF the
fact that they did not wish to purish
e'ar peoRle thsy stated that they
wculd not exercise theif risht to can
eel the policies that were writtsn and
- force shefofv their wfthdrawal.
4 NY p0sitisn has been that. t.inasmuSh
- there II 30 much complaint al to
rate masking. It would be but prop
e step Tor the state to maintain a
Are insurance ysts making bureau.
4 have carefully worked out /. plan
alohe this sRne. A. matter OF fact,
the insurance laws df South caroaina
should % rssompaetely revised and
BROUGHT up to the requirements 6f
modern 'brsipsas liee. In, recent years
other States have given great thought
and study 70 these questions and have
revised their insurance laws I'm such
manner that the companies and the
assured are given fan protection uh-
der the law. and all parties look upon
the rsatters ~ strictly q business
proposition. This Is az 1t should be.
Fire insppance IL a. business matter.
A company sells indemnity against
loss and shspld charge therefor such
price or rate as is equitable and just.
am unaDtsrably opposed ID. any ,com-
bination In restraint of trade or COM
pact to .contral the price of any com
modify upon which the public Ne lie.
pendent. Fire Insurance rates should
be in accordance with the losscs and
expenses Incurred together with "a
reasonable profit ON the investment
by the stockholders. at the same time.
laying aside unreasonable amount to
rrovic., for oonnagrations. "A
We have learned that drastic LED
islation will net accomplish good re-
suits unless such legislation takes i'm
to confederation sound business prln-
ciples upon which a business should
be conducted. Flavor laws that WAL
prevet'a combinations or compacts. "A
state rating bureaup. ~ conduct
ed by competent business men VIII
solve :nis problem. The insurance
companies Will in my judgment be
glad to return to the State under suoh
a bureau. When the insurance laws
of South Carolina are. revised, L sug-
gest that therrecently revised laws Of
New York. Pennsylvania and Ken
thcky might he used as models on
which our laws could be based. The
so-called valued policy law now on
the statute books Of South Carolina is
In my Judgment an incentive to In
and a protection to the
man. This law should be
repealed promptly and / shall so rec
One Of the greatest problems before
the people Of South Carolina today is
not so much the securing Of insur-
ance as Is the reduction of the fire
losses In the State. Fire waste In
south Carolina has been greatly in
year by year. This can be
feniedled by the exercise on the part
NJ our citizens Of more care, and more
rigid inspection by the firemen. The
exercise OF ordinary care Will pre-
'cnt serious fire losses 1t Is so much
asicr to prevent fire than to ex-
inguish one after 1t Is begun. Prop
rty that. Is burned Is forever gone,
md the insurance collected does not