COSTS OF INSURANCE.

Shannon News, 18 November 1927, Page 4

COSTS OF INSURANCE.

THE POWER BOARD'S BILL.

Some interesting figmes relating to various risks and liabilities were given to the Power Board by its .secretary (Mr P. W. Goldsmith) on Tuesday, when a letter was received irom Mr T. F. Martin, secretary of the New Zealand Power Boards Association, asking for the lollowing information:— \(1) Total amount of insurances effected by the Board under each class of insurance; (2) total amount paid in premiums annually; ard (3) total amount of claims pa;d by insurance companies in regard to the above policies. Mr Goldsmith stated that he had replied that the total amounts of insurances effected in the five years of the Board's existence were: — £ Employers' 'liability 41,9fi0 Fire insurance—buildings and stock ~ .••:... ... 19,100 Motors (including third-party risks) ' 9,715 Fidelity guarantee 5,100 Total ~.. £-5,875 This table showed an average insurance per annum of £.15,175. The average annual fees were: — £ Employers' liability 179 Fire insurance 13 Motors, etc \ 77 Fidelity guaranl ee 9 ■These were rourd figures, and the total annual fees amounted to £279 0s 4d. The companies had paid in claims £328 4s 6d in the five years, and the present risks would run until the end of the financial year, March 31st next. The business dene by the Board in insurance had been very profitable to it. Further, thc % branch manager had told him that in regard to accidents this was the most fortunate Power Board I hi New Zealand. A collision between a trailer and a car had cost £OO in insurance, and the other accident payments comprised £193 divided between various workmen. The nearest neighbouring Board had had four deaths among its employees.

The secretary's action in furnishing the desired information to Mr Martin was confirmed. He also stated that the Association had inquired whether the Board would transfer its; insurances if the Association were successful in mating satisfactory arrangements for a grouping scheme. Tc this he had replied that he thought the Board's actions would depend entirely on what kind of a bargain the Association could make.