WAR RISK INSURANCE

Dominion, Volume 8, Issue 2286, 21 October 1914, Page 5

WAR RISK INSURANCE

STATE AGENTS APPOINTED. During reccnt debates in Parliament it has been explained that' any exporter wishing to insure against- the war risk must do so through an accredited agent in London. ; Consequently arrangement for insuring any line of produce had to be made-by cable in plain language,. ' which involved 'a considerable expenditure, and to the small man it probably meant the securing of ail accredited agent in the first instance, <md then some costly inter-communica-tion by cable. .To minimise that cost Kas been tli? Government's intention, «jjd after negotiations with'the Imperial War Insurance Oflice, through the JELigh Commissioner in it has "been nuabled to extend the facilities for the insurance of produce from New Zealand ports of the United Kingdom. The arrangement made is for the Government to cable' the High Commissioner' uame's of consignors, descriptions, and value of cargoes, amount of insurance required, name of steamer, and date of sailing. The High Commissioner will then pay premiums to the Imperial War Risk Insurance Office, and secure policies, cabling to the Government whon it is done. The General ,Manager ( of the State Fire Insurance Office,, Wellington, will rcceive particulars of cargoes under this scheme . and collcct premiums here from consignors plus the cost of cables. The Imperial rate is now £2 2s; Cargoes will be accepted only in hulls already insured by the Imperial War Risk Insurance Oflice through the several approve'd Shipowners' Associations in London, and the onus of ascertaining that hulls are so insured rests upon the consignors. When applying for war risks consignors must supply in duplicate copies of ordinary marine insurance policies. Similar arrangements have been made and subject to the same conditions to cover cargoes from New Zealand to Eastern and Western ports of tlie United States of America and Canada. War risk insurance on gold from New Zealand to Australia will be taken by tho New Zealand Government under the War Risk Insurance Act recently passed, at the rate of 2s. 6d. per cent. This will also bo arranged and cover granted by the Goneral Manager of the State Fixe Insurance Office.