Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1919-11-11
SINKING FUND INSURANCE
Makes Good Profit Now and Promises
Free Projections to Public Buildings

Makes Good Profit Now and Promises
! Free Projections to Public Buildings
This letter from NJ. j. Miller, secre-
tary of the Sinking. Fund Commission
to John r. Hart, Esq, representing
Yorl; county in the general assembly, is
dated, Columbia, November 5.
In response to your inquiry as to the
progress being made by this office in
conducting the insurance of public
property, I>beg to advise that this
feature of our work is in highly satis-
factory condition at present, the last
session of the general assembly having
made several desirable changes in the
act under which we operate.
1t has been the policy of the Sinking
Fund Commission in the past to re-
frain from seeking publicity about the
conduct Of our insurance business,
letting the results speak for themselves,
but inasmuch as the legislature has
placed the insurance of all public
property, including the rural school
buildings of frame construction, under
this commission it may interest the
public to know just what we are doing.
The insurance of public property by
the Sinking Fund Commission was be-
gun In 1900 by taking over small per-
ceatage of the insurance on state
property Later the insurance on coun-
ty property was taken over and in 1916
the act was further amended as to in
clude the brick public school buildings,
and, as mentioned above, at the last
session Of the legislature the frame
school buildings were included under
the provisions of our insurance act.
From the very beginning the business
proved profitable and has continued to
produce even greater profits as it has
grown and expanded. Starting without
resources of any kind whatsoever and
without ever receiving one penny of
appropriation, the commission. has met
all losses promptly, paid all necessary
operating expenses, and has amassed
assets amounting to more than one
quarter of a million dollars. The law
provides that when our assets reach
the sum of one million dollars we shall
cease charging premiums and carry all
of this insurance free Of charge, the
theory being that the income from this
sun. invested will cover all losses and
expenses. In my opinion it will amply
do so and should further provide sub
stantial dividends to be returned to the
policy holders.
The only opposition that has develop
ed against our insurance business, eX-
cept the natural opposition of insur-
ance companies and insurance officials,
has come from a few, a very few,
school officials who preferred that their
rural school buildings be insured in
their county Mutual insurance COM
panies. 1t is true that the rate charged
by these mutual companies is much
lower than the rate charged by this
commits and it is also true that
mutual -Cn.panies will continue to levy
an annual assessment on their policy
holders while in a very few years the
institutions insured by this commits
sion will be getting their insurance
absolutely free of cost. The Mutual
companies do not and cannot hold out
any such inducement as that.
The attorney general has held that
all policies on public schools in Mutual
Insurance Companies will be consider
ed as expired on the date on which
Mutual Companies assess their annual
premium. These policies must be
placed with this commission on the
date on which they expire.
The present year will probably prove
the most profitable Of any since the
work was inaugurated and l hope to
have a policy in force on every school
building in the state that is worth in
suring, by the first of January.