PAYMENT OF INSURANCE.

Taranaki Daily News, 11 September 1922, Page 2

PAYMENT OF INSURANCE.

GREAT SYDNEY FIRE. ONE CHEQUE FOR £256,7-27. What is probably the largest cheque paid in relation to a fire insurance claim was drawn by the Atlas Assurance Company, Ltd., in favour of the liquidators of the Pastoral Finance Association last week, the amount being £256,727. A total payment of £280,000 has now, been made in respect of the destroyed by the fire in December last, when the Pastoral Finance Association store and premises at Kirribilli were completely gutted. An amount of £BO,OOO in respect of the building and plant has already been paid by the insurance company. The delay in settlement was occasioned by the extreme difficulty in ascertaining the value of the wool that was destroyed iby the fire, for this was owned by hun-. drefls of individual clients of the Pastoral Finance Association, and it was only lately that the association concerned was enabled to make its claim. Full realisation has even now not been completed, for after the fire efforts were made to turn into cash the quantities of wool that were only partially damaged. These salvage operations were on a large scale, and as many as 400 men were employed in the work of recovery. Realisation has not been made on the whole of this wool, so that there are still some returns that may be expected by the insurance company, and in these the liquidators, acting on behalf of the Pastoral Finance Association clients, will participate.