RISKS AT SEA
INCREASE IN THE RATES NOW 5 PER CENT Tho subject of marine war risks was mentioned again yesterday in the House oi- Representatives. Mr. A. M. Myers asked whether- tie Prime Minister 'had been informed that the London Undorwnters' Institute had raised tho rato on cargo to and from New Zealand from 3 per cent, to 5 per cent, since the preceding day. The Prime Minister said he had heard a rumour to this effect, but ho had not been officially informed, and he did not know wlietlier.it was more than α-rumour. • . Mr. Myers: You may take it that it is authentic. . Mr. Massey: My information is that it does not apply to vessels now loadln% »nat is happening now applies, I believe, to vessels afloat before the declaration of war, on which the risks were too dangerous for the British War Uince to take. Mr. Myers: My information is that it applies to all Homeward cargo—to tho United Kingdom or America. . , Mr. Massey: I will have it looked into this afternoon in any event. There is ono point I think tho honourable gentleman might clear up if ho oan, and that is this: Has the British War Risks Office increased its rates ? Mr. Myers: I am referring to the London Underwriters' Institute which is used generally by merchants throughout New Zealand. The Hon. A. L. Herdman said ho had hoard a similar statement from merchants in Wellington that morning, but when he had questioned them about it, they did not seem to be able'to state definitely whether the Imperial War Risks Office had increased its rates or not. .'Die last information' the Government had-was that tho Marine War Risks Offico had fixed its rates ten days ago at 40s. per cent., and in the samo cablegram a promise wa-s made that the New Zealand Government would be informed" of any alteration in tho rate. Since- then, hoivcver, the Government had not been advised of any alteration m the rate. Ho waa inclined to think that the rates referred to by the honourable member wore, those obtainable
from private insurance offices. . Mr. Myers: That' is so: . Mr.. Herdman: Of course that is a very different thing. There is still a gcbd deal of .misapprehension about getting insurance rovers from the Marine War, Risks Office in England.' Any merchant in New Zealand who is sending goods . Home in ships covered by the Imperial War Risks Office can anpoint an agent in London who can go to tie office there and get a cover for tho full inaurable amount. He added that the engagement of an agent could be done through the shipper's bankers. Mr. Myers: Can't tho New Zealand Government act as agents. Mr.-Herdman said that the War Risks ,Offico would not allow any outside body to act as agents, because the Homt. authorities who were wholly responsible for the schome, wished to keep control of insurances all over the world, tiis reason boing that if they did this tnej knew whore every ship insured was, and they could warn ships to remain in particular ports at particular times until the ssa was clear. Tho Government had endeavoured to arrange also that they should insure ships and cargo here and reinsure ill the Imperial War Office, but this application was also declined. Mr. Myors: Is it within the knowledge of the honourable gentleman that consignors hero arc . taking advantage of the Imperial War Risks Office? Mr. Herdman: Yes. Mr. Myers: Iβ it general ? Mr. Herdman said ho believed that fairly extensive use wan being made by New Zealand shippers of the War Risks Office in England. (By Telegranh.-Presß Association.) Cnristchurcn,, September-18. The British Insurance Association has cabled firms in Christchurch that the war rates to Britain have increased from 3 per cent, formerly to 5 per cent. The rates to India and Africa have increased from 2 per cent, to 4 per cent.
Permanent link to this item
Hononga pūmau ki tēnei tūemi
https://paperspast.natlib.govt.nz/newspapers/DOM19140919.2.43.4
Bibliographic details
Ngā taipitopito pukapuka
Dominion, Volume 7, Issue 2259, 19 September 1914, Page 8
Word count
Tapeke kupu
655RISKS AT SEA Dominion, Volume 7, Issue 2259, 19 September 1914, Page 8
Using this item
Te whakamahi i tēnei tūemi
Stuff Ltd is the copyright owner for the Dominion. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International licence (CC BY-NC-SA 4.0). This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.