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Show WILL NOT PAY POLICIES ON GROUND THAT FIRE WAS ACT Of PROVIDENCE I NEW YORK, Aug. 10. The most Important Im-portant action from the standpoint of the fire insurance companies that has been taken since the recent San Francisco disaster was that of yesterday, when attachments at-tachments were levied on property of the Trans-Atlantic Fire Insurance company of Hamburg held by the trustees in this city, aa well as in the possession of the State Superintendent of Insurance. This action, taken by attorneys retained re-tained by the San Francisco policy holders, hold-ers, was due to the refusal of the company com-pany to pay claims on fire losses at San Francisco, on the ground that the destruction de-struction by fire was an act of providence, provi-dence, excepted In its form of policy. As most of the trust funds of the company are In New York State, the policy holders decided to bring action here. Under the laws of this State it is required re-quired that trust funds similar to those of the fire Insurance company be deposited de-posited in the State, and the State Superintendent Su-perintendent of Insurance has on deposit with him $565,000 pi the company's money. An attachment was served on him yesterday for that amount. The State Superintendent, however, considers himself in a position similar to that of a receiver of a corporation, and will take no action In the matter personally. As the amount of claims is over $800,-000. $800,-000. attachments will be levied on property prop-erty of the company in Hamburg, Germany, Ger-many, and also on property held by the trustees in this city. The refusal of this fire Insurance company com-pany to pay claims caused considerable comment among fire insurance officials yesterday. It is said that other companies com-panies will refuse to pay on policies and will have the cases taken to the courts for adjudication. If such action is taken it will mean long litigation. |