FIRE INSURANCE FOR THE EXHIBITION.

Dominion, Volume 4, Issue 1123, 10 May 1911, Page 6

FIRE INSURANCE FOR THE EXHIBITION.

A PROTEST. A protest against insurance rates which are deemed too high was uttered by .Mr. T. Ballinger, as chairman of the Coronation Exhibition Committee, last night. The following clause appeared in a report by the secretary.:—By. terms ill the deed of lease of the buildings, the Wellington Provincial Industrial Association had to keep insured with the Standard Fire office m,° l-„ !uul " J " buildings for .£43,000. The Wellington Harbour Board had tho buildings covered for ,£22,000. Upon this amount, we had to pay. an additional ss. per cent., while on the balance—,£2o,Boo— the premium fixed was Gs. Sil. per cent. The amount for insurance was thus _£12-t 16s. Bd. A deputation with members of tho fire underwriters was arranged, with a view of endeavouring to have a lower rate fixed. So far as the rate on the buildings is concerned, the underwriters could not sec their way to amend. Tliev, however, decided to reduce the rate of.insurance on contents from 10s. per cent, to 9s. per cent. net. It was always recognised that tho committeo have to insure pictures, etc., lent for exhibit against fire, and those good enough to lend pictures and works of art would be asked to declare the values when lending. : The chairman said he felt that the insurauco companies had taken a very great advantago of the. position. The rates the assured had to pay were 55., 6s. Bd., and 10s. for a quarter of a Year] lvhereas tile ordinary rate for a building of tho kind was 6s. 6d. per annum. It was an absolute imposition, but Uiey had to accept it. He thought they ought not lo insure the annexe with the same companies, but they should rather insure with the State office, which offered to insure for ,£20,000. at Is. 6d. per cent. The underwriters, however, said their rates wore reasonable, and were very firm about it. It would bo impossible, ho considered, for a. fire to do more than a few hundred pounds damage to the new building, because of tho nature of the construction and the lightness of the temporary fittings. It had been arranged with Superintendent O'Brien that two firemen should be in the building from 10 a.m. to 10 p.m., and during the Test of the twenty-four hours there would be watchmen, who v;ere also firemen, .cleaning the building. Fire alarms would also be placcd in various parts, connected with the cit.v air circuit, and the City Council would lend two chemical fire engines. Yet the association was be in? made to pay .£l2l for what they ought only to have to pay .£SO. It was resolved to guarantee tho value of the art exhibits up to ,£25 in caso of loss. The matter of insuring the annexe was referred to a sub-committee.