| Show National Board of Fire Underwriters NEW YORK May STho National Board of Fire Underwriters began their twentyfourth annual session today with a large attendance President Heald in his annual address gave many statistics of interest to insurance men On the subject of dead companies he said 079 stock companies have failed or retire d since lCD These companies represented a capital amounting to 91901961 and assets not less than 5117276845 all of which was either lost in the business or withdrawn from it withdrwn as not yielding a sufficient return on the investment On the valued policy law he said Valued Valh1 policy legislation has been forced llc legislaton upon us vehemently vehe-mently during the session of several legisla tures this year and thus far in Now York Massachusetts and Iowa and during the previous previ-ous year in Pennsylvania Such bills failed of passage after the fullest and most searching examination Wherever this Is done such bills will fail to become law bUs Mr Heald spoke of the pernicious effects of this law where it had been placed In operation and called attention to the results in Wiscon sin JJ or eijjQb ear neioru n the ratio 01 loSCS to risks was 7J05 an average rate of premium of oO For twelve ycrrj since the law went into force 1873 to 1S79 inclusive the ratio of losses to risks was said to bcSilii an aver rato e rate of premium 1034 The conclusion inevitable leviable that from this law is due this enormous increase in the detruction of property by fire in Wisconsin Wis-consin The companies are not defenseless They can and should meet and counteract tho pernicious effects of this and all similar laws by increasing the rates and reducing their lines far within the actual values In conclusion ho said One fact is forced upon us oy the daily experience and knowledge of our business is that the rates of premium are too low that they aro fast approaching the dividing line be tween profit and loss even i they are not now drawing uncomfortably near the point of safety itself |
