STRANGE INSURANCE RISKS

Shannon News, 29 June 1926, Page 4

STRANGE INSURANCE RISKS

TWINS AND TROUSSEAUS. Do you own— A voice like Melba’s? Fingers like Paderewski’s or Percy Grainger’s? Toes, or—this is purely a comrner. cial query-—legs like Pavlova’s? Perhaps you cannot lay claim to talents such as are possessed by those artists. Still (says a Sydney “Sun” writer) you may have, or believe you command, others equally valuable from your viewpoint. In either case the dark dread of possible loss of your pre-eminent money.producei’, potential or actual, may cause you sleepless nights. But you need not worry. By a simple business deaj you may obtain relief from such anxiety. You can shift the burden of uncertainty to other shoulders—for a consideration., You can transfer the liability—the risk, as it is termed —to insurance, underwriters.

Most ordinary risks are readily taken up in Australia; others' are not —yet. Some days it will be possible here, as it is in London, to obtain insurance “cover” for anything and everything tangible, and quite a lot that is intangible, under the sun. In the London insurance market it is quite easy to obtain insurance against the expectation of ttvins. Underwriters do not regard that class of business as coming at all within the comic or freak section oi insurance. 'They hold that insurance against dual or even triple additions to a family at one birth is a prudent precaution, and they maintain that it is so viewed by most of those who take out such policies. In London insurance against twins has provided such a wonderful field for business that special departments have been established by some companies. ’

Insurers are required to fill in forms showing “expectation 5 date,” date of marriage, previous issue, age of husband, age of wife, and —which often is rather difficult to supply—family history on both sides for three generation. And Triplets, Too.

The last-mentioned particular is deemed necessary, from the viewpoint of the insurance companies, as a guide to the probable jrislc to b e underwritten. For instance, if a proposed insurer’s family history for three generations back, or that of his life partner, revealed aij inclination towards twins at a birth the degree of “hazard” involved would naturally

bo greater than that in the case of a couple whose family history failed ;o disclose a similar tendency, and ius the premium of the former

would be larger than that demanded from the latter. Bisks of triplets—or even larger additions to the family—may be provided against similarly. Twins do not mark the limit in that section of insurance. i

Amounts of “cover’’ vary widely. Charges run, perhaps, from four to five guineas per cent, for twins. That is, for every £IOO contracted to be paid by the company to the insurer in the event of twins swooping down on him, he pays the premium named. Policies are taken out often for as much as £4OOO or £SOOO, and the turnover is stated to be considerable. Lloyd’s, which is now represented in Sydney, writes a lot of such business in London; but very little underwriting in that section has been done here yet. Bride-elects or, for that matter, bridegrooms-to-be are able to safeguard themselves against possible loss of, or damage to, their trousseaux. It .is possible even for either party, to a nuptial contract to provide “cover,” in anticipation, of course, for “damages” due to breach of promise in the event of one or other proving unfaithful.

The field offered for “freak” insurance in Australia is not a large one. Some day, perhaps, in the not very distant future it will be possible to provide by insurance policies against risks which tiro now written in England, in America, and on the Continent, but for which there is no present avenue in the Commonwealth. 1 •

Tip for Golfers. Risks have been written here recently concerning the rainfall. The policies provide for payment or varioxis' amounts to those % insured in the event of damage or of loss of profits arising from rain. Sports meetings,, agricultural shows, and holiday fixtures may be safeguarded in that way. The basis of the contract is that an excess over a stated number of poipts of rain falling within a definite period, or on a given day, shall entitle the insured to compensation. Do you play golf? If so, you are running a risk. Not of personal injury to yourself, maybe, but of monetary penalty in the event of a ball hit by you striking some person and damaging him. However, in England you on can take out an insurance policy to cover this and to protect yourself financially. Insurance brokers are offered peculiar business occasionally. Not long ago Lloyd’s were asked to accept a risk on the life .of .a cockatoo. Poultry fanciers, dog owners, and cat owners, from sentimental

and other motives, sometimes seek to

protect themselves —if not their pets --by means of insurance policies. Th fi fighting kangaroo, which won

its way to a high place in- popular favour some yeai’s ago, was the subject of an application for ,an insurance policy.

More than once lately hospital authorities in Austi’alia have been put to a lot of . inconvenience and some expense in recovering lost radium, the rare' element, - a thousand pounds’ worth of which might easily be carried in the smallest thimble. Some of the hospitals have now protected themselves against loss of their i*adium by means of insurance.

Many of the risks mentioned have not yet been added to the lists of the Australian insurance houses; but the day cannot be far off when most of them will be covered here, as they are in other parts of the world. It is only necessary to provide evidence of a demand. >