MUNICIPAL INSURANCE

Evening Star, Issue 22451, 23 September 1936, Page 13

MUNICIPAL INSURANCE

SOUND POSITION OF FUND TOWN CLERK’S ANNUAL REPORT “ For the third year in succession no premiums were paid into either the fire or the accident fund,” states the town clerk (Mr G. A. Lewin) in reporting on the Insurance Fund of the City Corporation for the year ending March 31 last. “The closing balance at March 31, 1935, in the combined fund was £93,890 12s lOd, and this total was advanced by the addition of £1,930 9s 8d to £95,821 2s 6d at March 31, 1936. This result was achieved in spite of a deficit of £417 17s lOd in the accident branch. The interest earned on that branch for. the year was £1,313 18s 4d, or only some £2O above last year’s interest accretion on a much lower sum. As the claims and costs on this branch amounted to £1,736 16s 2d the fund went back by £417 17s lOd, as already stated. “No claim was made on the fire branch, with the result that the only deduction from the interest earned (£2,398 12s 6d) was the cost of administration, £SO ss. “ The total of the premiums withheld during the past three years has amounted to £13,570, which sum, had it been paid to the fund, would have increased the balance at March 31, 1936, to £109,391, disregarding any additional interest that would have accrued. The diverted premiums have been used in supplementing the fund to meet the cost to the council of supervision and other overhead expenses under Scheme 5 of the relief works. , . . , . “The accident claims during the vear have been greater in number, and have, moreover, involved heavier claims in settlement, in comparison with recent years. “ The number and cost of tho claims against the accident . insurance fund for the vear ended March 31, 1936, was 71 and the amount £1.698 2s Bd. “ Four cases were brought forward from last vear, and 67 new claims were received during the year, making up the 71 claims shown above. There were three claims not settled at the end- of the year. In addition to these claims there were 47 reports received out of which no claims for compensation arose. “ In four cases the payments made exceeded the sum of £SO. details being as follows:—Case I—Municipal Department (heart attack), £lO4 4s lid; case 2—Municipal Department (loss ot eye). £393 6s 9d; case 3—Municipal Department (bead iniuries). £139 11s 6d; case 4—Electric Department (loss of eye), £384 17s 7d.