FIRE INSURANCE—A SUGGESTION.

Evening Star, Volume VIII, Issue 2267, 12 August 1870, Page 2

FIRE INSURANCE—A SUGGESTION.

To the Editor of the Evening Star. Sik,—Permit me to call attention to one of the many existing oppressions that weigh upon the inhabitants, and more especially upon the tradesmen of this City. I allude to 'what -I might call the extortionate rate of' premium charged by the different insurance offices that take risks on wooden buildings. 1 believe lam correct when I say that all the offices here have combined together to charge the highest rate of premium ever known to be paid, viz., from (ids to 72s per cent, (in most cases the latter amount) especially in a City like this, where every block of buildings is surrounded by the water mains, and with water of greater force tlmi they have in Melbourne. Now, Sir, I would Hite to know why the insurance offices have charged 725,-when I believe the highest rate charged in Melbourne on stocks in wooden buildings is not more than 255. Surely with a climate like Melbourne, where in summer everything iis parched up, and will’almost catch lire spontaneously the risk there must be three times greater than it is here, where not only have we the water brought to our, very doors, but have it descending from heaven nearly every other day. Like many others, lam one of the sufferers, who have to pay this exorbitaht premium of 72s on stock and buildings. Now, l Sir) one of my policies is

about to run out, and I to renew it at a less rate, but the agent of, otto of the offices, on being applied to Said “ No," I must not, if I were to do so, I should haVe all the other offices down on me.” the monopoly is too great, especially in svtch times as these, when everything is sold at prices extremely low, and taxation (in which insurances may bo fairly included) is at the highest. I woeld suggest if the insurance offices do not reduce the rate of premium on such rates as I have mentioned, say from 72s to about 40s, which 1 think would pay handsomely, let us have a Tradesman’s Insurance Company, wheu we should not only have a cheap rate of insurance, but reap a little of the harvest which is at present enjoyed by foreign offices. Hoping the matter will he taken up by others, and agitated until a successful result is attained. I remain, &c , A Sufferer,