INSURANCE CLAIM

Dominion, Volume 7, Issue 2190, 1 July 1914, Page 9

INSURANCE CLAIM

PAYMENT IN FULL URGED. The alleged unwillingness of certain fire insurance companies to pay claims for total lose was the subject matter of a question of which Mr. T. Buxton gavo notice in the Houso of Representatives yesterday. Mr. Buxton will ask the Prime Minister:--" Whether he will consider the advisablenesa of. bringing in legislation to compel insurance companies doing business in New Zealand to pay out the full face value of any policy issued, they having accepted payment of premium for the. amount, set forth ou such policy, should the property so covered by any insurance company be totally destroyed by fire and tho insured not desiriug the property to be restored or replaced, but to be paid in cash as purchased by premium paid?" "It is well known," said Mr. Buxton in an explanatory note, "that some companies doing business in New Zealand compete unfairly by accepting risks in excess of actual insurablo values, relying on disputing claims and getting a settlement on a reduction of tho claim under the policy, / for which full premiums may have been paid for ten or twenty years; and, further, where a reduction of tho claim has been agreed upon, no return of premium is made."