Excerpt from Shipbuilding and Shipping Record, Vol. 11: A Journal of Shipbuilding, Marine Engineering, Docks, Harbours, and Shipping; February 7, 1918
It is now some eight months since the rate of discount on deferred premiums was altered from 10 per cent. To 8 per cent. By mutual agreement between underwriters and insurance Deferred brokers. An enquiry into the results of this Premiums. Action has revealed the interesting fact that, in the majority of cases, deferred premiums have been abandoned in favour of cash payments. It is probable that this result was foreseen to a certain 'degree by those concerned at the time the new scheme was inaugurated; but it'is doubtful -if the full extent of the change was anticipated. In any case the market has cause for congratulation in the complete success which has attended the measure. Not only has it resulted in a much quicker settlement of the quarterly accounts, but the clerical labour involved in the intricate book-keeping necessitated by the deferred system has been done away with. Moreover, in many cases where large sums were due for deferred premiums, a letter cf guarantee from the broker's bankers was required by underwriters, a formality involving certain financial negotiations which are now unnecessary. The alteration has come about so gradually that it has attracted little attention, and it is only on looking back over the period which has elapsed since it. Began, that it is realised what a radical change has been made.
Underwriters frequently complain that claims are not presented for settlement as promptly as could be desired, and generally the broker and the owner are blamed for this delay.
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