Perth Amboy evening news., 1918-10-16
$50
WILL SETTLE IN FULL

u :; 18th No little satisfaction that Perth Amboy receives the
announcement that the insurance companies r going to pay tner
losses here due to the explosion in full in spite of the clause IN tne
noleies tn the effect that the companies will not pay damage under
slO0. 1t is the big thing for the insurance companies to DO IN Is
bound to set at rest some of the harsh criticism that la been hearu
in this vicinity of late regarding hard-hearted insurance companies
that are continually taking the peoples money, but always manage
to find a way to squirm out from under when it comes time for the
companies to pay a little money back to the people.
1t is only fair to say, in regard to explosion insurance, that t is
largely an experiment in this country. In fact, 1t Is announced tha'
this is really the first real test that explosion insurance has had here.
Ordinarily explosion insurance is not carried by individual prop
ery owners, it being something that is considered mainly for large
industries and large property owners s that the limit of 500 IS tn
minimum loss really has little effect, a any large structure such as a
factory, office building r tenement, is almost certain to suffer more
than that amount.
But during recent months the individual property owner has
been urged to take out explosion insurance; some banks, building
and loans and persons holding mortgages on property n this vicinity
have insisted that explosion insurance be carried.
Now that a explosion has occurred and hundreds OF proptrey
owners who were thus forced to take out insurance to cover possible
y loss by explosion come to settle up they find that their individual
bun damage. which, in many cases, is under 500, is not covered Natur-
ally there has been a great deal of dissatisfaction.
1t speaks well for the insurance companies that they IRE willing
TO waive that clause in the interest of the small property owners
and have agreed to meet all losses from 81 up.
For this attitude on the part of the insurance companies credit
is due FredJ Cox, of this city, who, by the way, is one of the best
known insurance m e in the country. Mr.. Cox served most success
fully as the president of the State Underwriters Association and then,
. the last national convention of the National Association of Insur
Agents, he was chosen chairman of the executive committee of
that organization. As such he has played an important part in the
reorganization of that body, and his work has brought him into con-
tact with some of the biggest insurance lei In the world.
1t was largely through this connection that the suggestion that
all losses be paid met with a ready hearing by those in authority and
the people of this vicinity may consider themselves fortunate that
they have among them a MAJ big enough in his particular line of
work to bring sufficient influence to bear tS5Kave such a decision
reached. 1t means &hoGssaois Q uohars to Perth Amboy in the set
Element of little claims that the insurance companies are under no
obligation whatever to meet.
The insurance companies will not lose anything by the move,
however. AS for Mr.. Cox, it may be said that he has rendered the
community a most valuable service.