State Fire Insurance

Taranaki Daily News, Volume XLVII, Issue 7740, 16 February 1905, Page 2

State Fire Insurance

I'IHILIC Mi:KTIN(i. ■.QUKS'IUdN OF UXIiKKWIiri'INU. There was 11 very fair nUrnd.iii e of insurers nl tin- public im-<-.:-nrf held at the Town Hull lost night, convened and prcMklcd over by Mr llul Goodaci-e, Chairman of 111.' New I'l.vmouih Tradesmen'* and KitipLoycrs' Association. The object of the Hireling was lo (t s.-iisn the ivtusil of the insurance companies to underwrite, policies! issued by the Stale File Insurance liepartment. Numerous apologies for absence had './ en sent'.

Jn opening Ihe proceedings the Chairman pointed ou'i that the companies had so combined that insurers hull to pti.v whnU'vr the "ring" ii\ed. 'I In s pres.v .i so hardly on insure, s thai they nailed wit !i pleasure the passing (~' thi' Slate i'lre Insurance Bill. Not. that it vas expected to obtain a deciiiase in premiums!.'hut the chief gain would he a paiticipalion in the profits, lie lefeiml to tlie urolith ami 11 serve of the New Zealand Company, and pointed out that the ring were n.iw trying to put down not only the State but any other new insurance companies by a boycott in the direction o;f refusing to re-inxuic. The companies claimed that every insurer should get all his insurances endorsed on. every policy he held, so that on any insurer taking out a policy for part of his risk i*h the State ollice the companies will rcfu'.e to endorse any policy held in a private ollice, and thus their policies are invalidated. On the association taking l'egal advice on the point, the companies' had replied that they might possibly make a refund of the unexpired portion of uhe premiums, but would not endorse a State policy, lie took it that t>hc ]>eople of this colony would not sit down quiet'ty and submit to such oppression. The Covernment had come to the rescue, and the companies would lind they had marde a grout mistake in forcing insurers to take out all the policies in the State ollice;). An il'lustraticm of the elTects of combination was seen in the fact that on goods sent from London, insured there, and landed at New I'lvmotith there were only paid premiums amounting to one-third of what was charged Jrmn Weilington to New Plymouth.

! Ulr I), Kerry moved, "That in the opinion of this meeting it is desirable that tho Covernment be asked at the next coming session of Parliament, to so amend the law relating to colonial n nd foreign insurance companies doing business, in .Ww Zealand that the terms of the policies granted to insurers shall be uni|mm in terms and conditions and frhal'l be approved by the (iovernor ,ent (hat policy-holders in the S(«l e ol,t ;c w„ u ,d participate ~„ ,"* Profits, especially af(er a re 'serve fund was ..suilt up,. He road a ■latter from tho head of the Kta< t Jlepartmont on the subject, „„,, „ (M . ,eJ (hat he hail received a letter horn (he Premier wherein it wa have t ' ,0t l?", """I™'™ wouW have to knuckle down before long 'whH, wT". f;m,ml «' the motion, which Mr Ambur.v supported | The Chairman referred to the ae|tron of the companies over the 1) T C ,claims, as already published in these columns. lie cautioned those present [against insuring in a "general average' office.

1 The motion was carried unanimously*

| Mr Teed (hea moved, "That il shall lie contrary to law for any insurance company doing.business in ,Kow Zealand to refuse to endorse upon their policies insurances effected in other companies, whether , State or private, upon the grounds only that such companies do not belong to an Underwriters' Association."' ■ £

I The motion was seconded bv Mr Ainlmry auil carried. | Mr Dlyth moved, 'That the <!ovornment 1)0 requested to consider the allowing of English jnsiirnncc companies, not having agents or offices i'e Zealand, to issue policies of insurance lo persons residing in -Vew Zealand upon payment of n stamp duty upon each policy, according to the amount insured, and as is now done with Marine insurances • always provided that such insurance has been find tendered to the Slate Department, and declined by reason of that Department having msulncienl re-insurance cover." He referred to tho way in which insurers some time back went almost on their knees to the companies, asking for relief irom the charges made ih" result being that the representatives admitted » change was necessary nnd promptly shot up the premiums' ten per cent. (Laughter.) . H?» ,'!!•'''?'•, '" soco,Kli "K the motion, pointed out that if carri-d out ft would pay London offices to undertake reinsurances bee. m" , Deny m . otc( , ra , ps j(| . and pointed out that f or thc ,„.,, & inX to™. hj,, *'•'»»» «'" | The motion was carried I On the motion of Mr item- it was thos? , ° rv ,Kl T ' J,,th «» T-o'-mer d .the inUng h ° reSOU,U ° ,,S ***** * On the motion of Mr E. M, Smith' for ihW, Ch ?# r »«» «>"! Mr Bene surunce for (he lis! „i.,i * '" n.. r 4iJvv.',:;s.^';r,',3:! el for h,s sucqossfnl ellorts in , rnc' motion was (-„-i-;,..i . .. .meeting dissolved ' nnd tho