PREMIUMS REDUCED

Dominion, Volume 3, Issue 840, 11 June 1910, Page 6

PREMIUMS REDUCED

ACCIDENT INSURANCE. BIG CONCESSION TO BUILDERS. An important special reduction in accident insurance rates has been obtained by tho Now Zealand Federated Builders', and Contractors' Association. The reduction is stated to bo equivalent to 33 per cent, of tho premiums now paid. ' A circular which has been issued to tho members, over the signatures of "S. I. Clarke, president," and "W. A. W. Gronfell, secretary," states that the builders of the Dominion have for some considerable time, owing to a combine amongst the accideiit insurance companies, been compelled to pay a much higher premium than formerly. At /each of the annual conferences of the federation, since the companies combined, resolutions have been brought forward and adopted, urging tho federation to use its utmost endeavours to secure a reasonable reduction. Efforts have been made at 'different times, and in several centres, to induce the companies to meet the wishes of the federation. but hitherto without success.

In order that the committee of the federation might be in a position to definitely promise that a substantial number of members would give their insurance to any company the federation might arrange with, a form of undertaking to abido by any agreement entered into in the name of the federation was sent out for signature by each memoes.

The circular goes on to state that as a. result of the concerted action of the members throughout the Dominion in agreeing to support the federation in any action it might take in the matter, a certain insurance company has been induced to undertake the accident insurance business for the members (both present and prospective) of the affiliated associations at a substantially lower rate than heretofore. Members are asked to realise that this arrangement has been made only after persistent effort and at much trouble, and the terms aro believed to be tho best that could reasonably have been expected. It is further . stated that the company in yielding, to the representations made to it on behalf of..the. federation has opened the door for all the other companies to enter the field with a free hand. It may, therefore, be fully expected that .members will be approached by other companies with quotations as low as, if not lower than, those at which the one company' has agreed to do business. The circular, therefore, urges members to stand by the insurance company that has reduced the premiums) and to assist its officials .in securing the business.