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5 Legal & Ins. Rep. 1 (1863)

handle is hein.journals/lglir5 and id is 1 raw text is: JAMES FULTON, Proprietor, on t4sd+g Oe Dollar Per Year. OFFICE, 424 Walnut Street. Mtiff, a Five Cents Per Cop). VOL. V. PHILADELPHIA, JANUARY 1, 1863. NO. 1 The Legal and Insurance Reporter; JAMES FULTON, Editor andProprietor, GEO. . HARKINS, Associate Editor. 44- Published Semi-Monthly, at No. 42A WALNUT STaT, PiLAnELPMA. Trass or SsscaRsTi,-41.co per year. RATzs or ADvE!iSEXENtK,-AS MRy the agreed llope Select advertisementsxonly inserted; and when insert ed will be continued at the regular rates, until forbid- den. PasoNAL CGFROVERSy is entirely excluded from th paper. The Reporter will not even reply to iL on assailants. Its only answer to attacks will he to lab.o more fithfully and inddtrionsly to akea cplit. winch shall be worthy of the patronage of AlrelisntL' lAwyers, and reliable. upright Insurance Companies. NOTICE.-Any person who sends us the names of five ew subscribers ill be furnished with this paper gr. Ks, fr one year, as regilsqrly as issued. Amalgamation- The mania for amalgamation of insurance companies has had a very successful run in England, and in the rapidity with which the transfers have been effected, all considerations of prudence have been ignored, and theacom- plaints of those objecting entirely disregarded. Companies doing a fair business have been handed over to others in far less prosperous condition, the interest of policy holders never being thought of, their wishes consulted or their objections afforded the slightest conside- ration. A hitch has come at last, however, and their threatens to be a series of them to arrest the progress of these hasty transfers. The London Insurance Gazette makes mention of a meeting of the policy holders of the Argus, which company was recently placed in the embraces of the Eagle. The attendance was a large one, and the resolu- tion, adopted unanimously, was to the effect that a committee be appointed to represent the interests of the policy holders, to report at a future meeting, and that in the mean time all policyholders be recommended to abstain from recognising the proposed trans- fer, and to make all payments or tenders of premium at the office of the Argus to its officials or director. The Gazette makes mention of much other discontent existing as to other trans- fers, in which the policy holders have not been allowed any expression of opinion, and it intimates that very discreditable charges are being made against the prime movers in these enterprises. The policy holders of the United Kingdom are not in ecstacies over their transfer to the North British, and they have actually had the assurance to object because they were not properly consulted in the matter, andoproceedingsnin equity art contemplated in order that an investigation of the particulars of the change may be had The Globe, too, receives notice in the follow ing way:- 1 Well then, next, there is the Globe. The extremely modest party who profess to have 'done' that matter, has made a miserabl mess of it, and the whole thing is at sixes ant sevens. People are accusing both Mr. New march and Mr. Boult of 'dividing' a portiol of the spoil; and even those who, from thei knowledge of these gentlemen, doubt whethe they would condescend to appropriate to theii on the first Monday in May, and a regular tations, to supplant another member in poli- meeting for business, monthly. Special meet- cies already obtained, or in transacting the ings may be called on the written application business of insurance, shall make any member of seven members of the board. liable to expulsion. Art. III. Nine members shall constitute Art. VII. Every member shall with all a quorum for the transaction of business; but reasonable regularity and dispatch, collect no alteration shall be made in the by-laws and pay over to the companies the premiums without the consent of two-thirds of all the on all policies entrusted to him; and all com- members of the board. panies recognized by this board shall be re- Art. IV. The offices of the board shall con- quested to give notice to the president or sist of a President, Vice President, Secretary secretary of this board of any delinquencies and Treasurer, add the following committees, in this respect; and any member employing a finance committee of three, comnittee on the collected premiums, or any portion of insurance companies of five, to be elected by them, to his own use, or for any other pur- ballot at each annual meeting; and they shall pose than paying them to the companies shall severally continue in office until their succes- be liable to be expelled. sors are chosen. Art. VIII. Violating any of the articles of Art. V. Any person desiring to become a the constitution and by-laws of this board, hall subject the member to trial; and all own uses the funds of the failing concern, nevertheless admit that the transaction is in i volved in an obscure and hazy atmosphere. c People may well ask 'What next? and next?' s A moderate amount of energy and adaptation I of the Globe machinery to the necessities of i the times, would have caused the affairs of I the company to assume an aspect of vitality p which would have been of itself the safest a guarantee against such a disappearance as l now seems probable. Why, with perhaps s the ablest secretary of the present day, with s one of the most respectable and influential of all insuance boards, with a large capital, a good reputation, central offices, and in fact everything in appearance required for success,v the company should be absorbedbat all, is a puzzle unto many. If the Globe is to go, why should not the capacious swallow of the Liverpool and London Bo(u)lt a dozent others? If such amalgamations as the Medi- cal Invalid, the Argus, and the Globe, are tot be justified, then,there is no reason why the Liverpool and London itself should not go ton some other office where the amalgamatingb foxes can discover (and get well paid for) af momentary resting place.t If these proceedings, pending and in con- templation, are pushed, there may be some good results attained; at all events amalga- mation will receive a check that will stop itr from becoming a common evil. The Fire Insurance Reform MovementI among Now York City Brokers- t There has lately been quite an effort madeE among some of the New York Insurance Companies to induce at least a majority of the underwriters to adopt some joint mode of operations to increase rates of premium, and thus prevent their universal destruction,I which seemed almost inevitable in case theyI pursued their former courso. The Insurance Brokers have caught the contagion and have4 proposed also to join themselves into a body under the following constitution and by-laws.1 PREAMBLE, CONSTITUTION AND BY-LAWS. We, the undersigned, hereby unite together in an Association which shall be known as the Board of Insurance Brokers of the city of New York, and for our government we have . adopted the following CONsTITUTION. Article I. The name of this Association shall be the Board of Insurance Brokers of the city of New York. Art. II. There shall be an annual meeting member of this board, must be proposed by ak member at a regular meeting, and his appli- ation referred to a committe of three, who hall investigate his qualifications for mem- bership, and report the same to the board at I ts next meeting, when, if approved by a vote, by ballot, of three-fourths of the members i present, upon his signing the constitution,I and paying the amount required by the by-I aws, he shall receive a certificate of member-I hip from the president, countersigned by theI ecretary. Art. VI. This constitution may be altered or amended at an annual meeting by a vote of three-fourths of the members present, pre- vious notice having been given at a regular meeting. BY-LAWS. Art. I. Each member shall pay to the treasurer an initiation fee of ten dollars, be- sides such assessments as the board may from time to time require. Art. II. No person shall be admitted as a member of this board unless he has a place of business, and devotes the most of his time to the occupation of insurance, and is at the time of his admission as a member, free ons any indebtedness for premiums coll~ctud.*to any company recognized by this b fhm which proper inquiry to that effect el I made... .. Art. III. A list of compa*P1 ogniec* by this board, shall be handed to each me*T.- ber for strict observance, and from time to time, the same shall be revised and corrected; and any member patronizing insurance com- panies not of proper standing, and not recog- nized by the board shall be liable to expul- sion for any risk put in them after due notice is given ; and the insurance companies shall be furnished with a list of members of our board of brokers, and requested not to allow commissions (for risks taken) to any person or persons not members of this board. Art. IV. Any member recommending doubtful persons applying for insurance, with the full knowledge of the fact, to any of the companies aforesaid, shall be liable to be ex- pelled. Art. V. All members of this board shall, special risks excepted, faithfully adhere to the established rates fixed by the companies re- cognised by our board, and any violatidn of this article shall make the party liable to ex- pulsion. Article VI. The use of dishonorable or im- proper means, or the resort to misrepresen- shall subject the member to trial; and all charges of complaints shall be made in writ- ng, with the name of the witnesses. A copy of the charges shall be served upon the ot- fending party at least three days before action by the board upon the same. Should these charges be sustained, the offending member may he reprimanded andtfined, the 1mount of such fine to be fixed by the inves- tigating committe; or he may be expelled by a vote of two-thirds of the members present, and each insurance company recognized, shall be notified of such expulsion. Art. IX. Any member once expelled, can never again be admitted a member of this board. Art. X. The board shall hold their regular meetings on the first Monday of each month; and special meeting may be called by the president on the requisition, in writing, of seven members, and due notice of it shall be served upon every member. Art. XI. Absent members at the monthly meetings shall be fined fifty cents, and their non appearance at three successive regular nqesti %bjects them to a fine of two dol- l -A~otld* auye~~rntb present at , w~elvscbseate meetings, he shall be . 1...rn en Slelied -provided, however, that sickness r any othes.gLrmissible cause, was not the jrenio9.* * t, XI1. The treasurer shall give two satisfactory bondsmen for the proper security of amounts entrusted toshim; and all funds shall on the day of their receipt, be deposited in a bank or trust company selected by the board; and no checks can be drawn or issued without being signed by the president and secretary, and drawn to the order of the trea- surer; and the respective bank shall be noti- fied to that effect. Art. XIII. At each annual meeting, the secretary and treasurer shall report, on the condition of the funds, expenditures, &c., of the board, and a committee of three shall be appointed to investigate such report. Art. XIV. It shall be the duty of every member of the board to report from time to time to the committee on insurance, their experience in transacting business with the different companies, for the guidance of the board, and any such communication shall, under penalty of expulsion, be considered strictly confidential by all members of the board. Art. XV. The forgoing by-laws may be altered or amended at a regular meeting, one month's previous notice having been given in writing of the intended alteration. The Commonwealth Insurance Co.- We regret to learn that this company is about winding up its affairs. The reasons impelling the directors to this step have not been made public, and we are probably not at liberty to divine them. The Common- wealth has done and is doing a good business, even though it may not have come up to the expectations of its managers. Its course has f been always creditable and such as ever to - reflect honor upon the insurance organiza- l tions of our city. It is one of the companies that we can least afford to spare, and we f notice the fact of its being about to close up, , with considerable regret.

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