The New York herald. [volume] (New York, N.Y.) 1920-1924, 1921-08-24
Will STOP NSURING
MOTOR CAR SUPPLIES
Thefts Of Equipment SO NJ
merous Companies Decline
to Take Any More Risks.
RULE EFFECTIVE OCT. /
New York and Philadelphia
Hit Hardest; Only 10 P. c.
of Goods Recovered.
RULE EFFECTIVE OCT. /

Because of the loss suffered by theft
insurance companies on automobile
equipment and accessories no new
business or renewals on that kind OF
risk, with very few exceptions, will be
written in New York city, Philadel-
phia, Jersey City. Newark and Ho-
boken, N. J., after october 1.
That decision was reached yesterday
at a special meeting of the Eastern
Automobile Underwriters Conference
at 14o Nassau street, at which 80 per
cent of the insurance companies writ
ing automobile theft insurance in this
part of the country were represented.
II was explained that theft losses for
the last year have been running from
so 10 zoo per cent. of the premiums
paid on this class OF insurance, and
that only about 10 per cent. of the
equipment stolen by thieves who spe-
cialize in piifering extra tires, tools,
motor meters and other accessories,
has be9n recovered.
II was learned from other sources that
one oe the largest fences is located IN
Newark where only automobile equip
ment is dealt IN and ii has been found
next to impossible TO identity stolen
tires. repair equipment, wheels, tubes
aand rims The thieves sell the loot at
low prices and the fences realize
profits ranging from 100 to 200 per
cent
In the new clause to be inserted IN
the policies the only chance to recover
on motor car equipment Is where the
automobile itself IL stolen. II not re-
covered after a certain time the insur-
anee will be paid in full as heretofore.
Al present there will be no change in
the theft insurance rates for auto
mobiles.
The largest losses on equipment Of all
sorts have taken place In New York
city, with Philadelphia close second.
This also Is true OF the actual thefts OF
automobiles during the last twelve
months II this situation continues to
grow. Il was said yesterday. more
drastic action will follow and some
companies may refuse TO write any kind
OF automobile theft insurance.
Detectives Kamerer. Birmingham and
Winterhalper of the Automobile Squad
started ont last night In small auto
mobile 10 try 10 find the gang Of thieves
who have been stealing motormeters
and tires from parked automobiles In
the washington Heights section, par
ticulariy along Riverside Drive. More
than twenty complaints OF such thefts
have been received al the police stations
Of that district in the last two weeks
The detectives came upon two men
working over car standing in front
| O, $50 Riverside Drive. and after chase
In which they fired several shots caught
! ore OF them who gave his name az
| Thomas Donahue, OF 1874 Third avenue.
Tho owner OF the automobile. Moe
NaItove. OF $50 Riverside Drive. found
that the motormeter had been stolen
from the machine. and the police say 1t
was found In Donshue's pocket. Accord
ing TO the police. Donahue confessed mat
nc and the other man had committed
numerous similar thefts and had sold
the meters. which cost Sl2, for $3.50 TO
garage man. Donahue vas locked up.