Salt Lake Tribune | 1904-05-08 | Page 2 | Lose Money in Burglar Insurance

LOSE MONEY IN BURGLAR INSURANCE Companies "Will Advance Rates, Due to Smooth "Work of Thieves. CHICAGO, May 7. The activity of burglars has made burglary Insurance In-surance in Chicago unprofitable to the companies that havo been placing it. Tho announcement announce-ment that a new high Schedule of rates on burglary Insurance will go Into effect here on July 1 has brought to light) some startling facts In connection connec-tion with this class of insurance. Representatives of prominent insurance insur-ance companies acknowledge that in the last ten years the Chicago agencies handling burglary Insurance have sustained sus-tained a loss of from 520,000 to $30,000, in spite of tho fact that tho rates here, are from 25 to 40 per cent higher than in New York, Philadelphia and other large cities. During the last five years tho number of burglaries and thefts in Chicago had Increased to an alarming extent, Insurance Insur-ance men say. Scvoral companies' have cither stopped taking risks or, have transferred their business to some other company.