The Wairarapa Daily. MONDAY, MAY 27, 1889. A Sensible Verdict.

Wairarapa Daily Times, Volume X, Issue 3214, 27 May 1889, Page 2

The Wairarapa Daily. MONDAY, MAY 27, 1889. A Sensible Verdict.

The jury which sat at the inquiry into the fire by which the Waipawa Hotel was destroyed deserves the tbanks of everyone who is in eke least degree interested in property in Zealand, for the rider which it attached, to its verdict, which was—- " That the Jury are of opinion.tkat the proper time to raise the question of value is when the proposal is made, but that, when the Company has accepted the proposal and taken the premiums, it should, in all fairness, when a fire occurs, pay up, and not raise the question of over-insurance." Jn adding this rider, the jury touched a point \ybjck but few Insurance Companies, probably, cared to see raised, There' are, of course, companies and companies, ns well as there are agents and agents. There are companies who almost make it their business to accept the premiums that are offered without looking too deeply into the value of the property which it is proposed to insure. So long as they have reason to believe that tlio owner lias no im-. mediate' intention of burning the property, they are quite satisfied. Hut when such a property does burn down, they immediately throw their agent over and dispute the value. As the recovery.of the insurance money nearly always involves an action in the Supreme Court, and the holder, of the policy only too often has no monoy wherewith to institute proceedings, tlnspolicyisapreltysafeone. Even if he should be able to prooeed, the action,' if lost in theiirst instance, is geuflj'ally carried by the defendant from, stage to stage, 'anjlfrojn Court to Coutf, till Iris nwn.ey ),s equated, and he is compelled to abandon the suit. Instances have frequently come under our notice ln'wbiokinsurances have been effeoted without sufficient inspection; indeed, we renumber a case in Wellington in which a risk wap accepted from a comparative strange? wjjjhpufc any inspection of the property aj all, . 11 is.not a little suggestive that the Companies flft'eo.ted should in nearly all oases of alleged nygr-valuation, profess to have a so mu.okbp.ttpr knowledge of the value of a property after a fire than they bai before it, This is not as it should be, ft wpuld be much more satisfactory in every respect, if every Insurance Company prp to inspect a property an account of which a proposal has been received before a policy j« granted, and to certify on the policy Jha| tkty believe the property to be of a deitain value. This would, perhaps, Involve jajltjjeestoa .expense in some cases, hut it would place |he whole matter on a thoroughly footing. We know that tlie JMp,ee,iion Is supposed to be mads'i but, as" we have already pointed out, the agents | of some of the Companies do this in p very perfunctory manner; nor is thefr valuation acoepted by the head office except'when it jfl ; |bjjplutely eoavenient to do so, no inatter How just it maybe,' we not quite prepare"} ft say'thatall this should ; be made compulsory jjy the passage' of an Aot of Parliament j iJ would , certainly look mow biisinesS'like if •

tho Companies adopted it on th fI JJ <Mi account. Companies wliioh did So would soon find thenmelvosin a niuoli more satisfactory position, i The present rule regarding a reduction, in value of a property during the existerico of a policy might still hold good. An Insurance Company naturally has a very risky business, and, like the gambler, it calculates that the general average ehould leave a fair margin of profit; but/ like the gambler also, it should pay up when it lias made a loss on a stake which it Ln3 covered. •

It ib to be regretted that the majority of Ihe members of the Wairarapa Pastoral and Agricultural Society could not see their way towards accepting ■ tho proposals for amalgamating or working hand in hand with the Masterton Society. The conclusion which they came to at .theirgeneral meeting on Saturday has, put an end to the negotiations for the time being, if not for all time, ana the district will go on having two shows a year where one would', be sufficient. So fir there has been a rivalry between the two Societies which appears to have been healthy enough, but it remains to be seen. in bow far that spirit can bo maintained now that another; and apparently a powerful; Society has been formed in Wellington, whieh will undoubtedly absorb a considerable proportion of the subscriptions which would otherwise come to tho Wairarapa. We:are inclined to think that it *aa wise to reject the proposal of amalgamating with a view to holding show on neutral ground half way between Carterton and Masterton, because the attendance at such a place would never havo been satisfactory; but the idea of holding alternate shows at Masterton and Carterton, ovon if both Societies remained as they are,now, might at least havo received - a trial before it Was coudemned, One good has, we think, come out of tbe negotiations, The feeling ou the subject between some of the members has been just a trifle high, and this appears to have been dropped, if not altogether, still to such an extent' that tho traces of enmity have almost disappeared,