Fire Insurance

Fire Insurance

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1909 edition. Excerpt: ...the companies can safely discriminate between good and bad risks is by making a careful inspection of all the risks insured. There is nothing to prevent all the companies from making such an inspection, each for itself, except the expense of doing it. But this is an insuperable difficulty; for if each company were forced to inspect carefully each risk that it insured, the expense of such inspection would probably be much greater than the saving in losses which would result from having rates closely adjusted to hazards. And there is a still more serious objection to inspection of risks by individual companies; no matter how thoroughly a representative of a single company may go about the inspection of risks he is not going to accomplish much in the improvement of hazards. Consider the situation as it existed before the companies began to cooperate in inspection. A company's special agent would visit a risk; and though he might see conditions which seriously increased the hazards of fire, yet the knowledge that other companies were anxious to write the risk as it was, and that even a reasonable request on his part would cause ill-will toward his company, would deter him from requiring the removal of defects which he knew to be serious, but which other companies had passed unchallenged. It is the same old story of competition. How different is the situation when the leading companies cooperated and established inspection bureaus! No matter how many companies are now on a risk, only the authorized representatives of the inspection bureau visit the risk; and since a few men are performing the function hitherto performed by many, experts can be employed, and more efficient inspection is secured. Not only is the inspection more efficient, but the...
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Product details

  • Paperback | 138 pages
  • 189 x 246 x 8mm | 259g
  • Miami Fl, United States
  • English
  • black & white illustrations
  • 1236666631
  • 9781236666635