CO-INSURANCE CLAUSE IN FIRE UNDERWRITING 41 1876, by Dargan & Trezevant, with the Fire Association of Philadelphia as its first company, which has remained continuously in the office. CO-INSURANCE CLAUSE IN FIRE UNDERWRITING. The 80 per cent. co-insurance clause, which was adopted by fire insurance companies and associations, went into effect on rated risks in New York, New England, and many of the principal cities from 1892 to 1899, but encountered considerable opposition from property-owners almost solely because it was not understood, and excited hostile legislation in a large number of legislatures. Laws prohibiting the co-insurance clauses are in force, therefore, in twelve states: Missouri (1893, modified in 1903 and 1915 as to cities), Iowa (1897 and 1911), Louisiana (1894 and 1908), Indiana (1895 and 1901), Georgia (valued policy law, 1895), Michigan (1895, 1907, and 1913), Wisconsin (1897), New Jersey (1900), Texas (1911 and 1913), Minnesota (1895, 1903, and 1915), Tennessee (1893 and 1903), North Carolina (1915). 66 The laws with the exception of those of Texas and Louisiana are optional; that is, permit the use of the clause upon the application of or the written consent of the insured. The Texas law, however, permits the use of the clause in policies covering cotton, grain, or other products in process of marketing, shipping, storing, or manufacture. The Louisiana law does not apply to personal or movable property whenever the words: "This policy is issued subject to the conditions of the coinsurance clause attached hereto," are stamped on the face and back of the policy. The Missouri law contains a provision that the section shall not apply to policies upon personal property in cities of 100,000 population or more, "Whenever the insured sign an agreement endorsed across the face of said policy to be exempt from the provisions thereof." [For text of laws enacted prior to 1914 see Cyclopedia for 1913-14 and earlier volumes and also for definition of the coinsurance clause.] The Michigan legislature in 1915 enacted the following: Section 1. Whenever any person, firm, or corporation shall make written application to any insurance company authorized to do business within the state of Michigan to attach to any existing policy or to one to be issued by such company an average or pro rata clause, the latter shall have the right to issue and attach such average, or pro rata rider clause but not otherwise. form: number Section 2. Such application shall be made substantially in the following following pro rata or average clause, to-wit: It is hereby agreed in case of loss, this policy shall attach in or on each building, division, or location in such proportion as the values in or on such buildings, division, or location bear to the aggregate value of the property insured." To the provisions of which.. agree in consideration of a reduced premium rate. Section 3. It shall not be necessary for all average or pro rata rider clauses to be in the exact language used in Section 2 of this act, but no such clause shall be attached to any policy unless the same shall be an exact duplicate of the clause recited in the application nor until the form thereof shall have been filed with and received the approval of the commissioner of insurance. 42 COLUMBIA INSURANCE COMPANY The following was enacted by the North Carolina legislature in 1915: Section 5. No fire insurance company licensed to do business in this state may issue any policy or contract of insurance covering property in this state which shall contain any clause or provision requiring the assured to take out or maintain a larger amount of insurance than that expressed in such policy, nor in any way provide that the assured shall be liable as a coinsurer with the company issuing the policy for any part of the loss or damage which may be caused by fire to the property described in such policy, and any such clause or provision shall be null and void, and of no effect: Provided, The coinsurance clause or provision may be written in or attached to a policy or policies issued when the assured or his agent shall, in writing, request such coinsurance clause or provision, and in which case the rate for the insurance, with and without the coinsurance clause shall be furnished the owner, and where the owner elects to have his insurance property written with coinsurance. then all policies on said property shall be so written, and there shall be stamped on them the words coinsurance contract." The Minnesota law as amended in 1913, now reads as follows: Every company insuring any building or other structure against loss or damage by fire, lightning, or other hazard, by the issue of a policy or renewal of one theretofore issued, or otherwise, shall cause such structure to be previously examined, a full description thereof to be made, and its insurable value to be fixed, all by the insurer or his agent, and the amount thereof to be stated in the policy. In the absence of any change increasing the risk, without the consent of the insurer, of which the burden of proof shall be upon it, and in the absence of intentional fraud on the part of the insured, the whole amount mentioned in the policy or renewal upon which the insurer receives a premium, shall be paid in case of total loss, and in case of partial loss, the full amount thereof. If there are two or more policies upon the property, each shall contribute to the payment of the whole or partial loss on proportion to the amount specified. Any policy where the entire risk covered by the same amounts to five thousand dollars ($5,000) or more may contain a coinsurance clause, if the insured requests the same in writing, of which fact such writing shall be the only evidence, and if in consideration thereof, a reduction in the rate of premium is made by the company. When so demanded and attached to the policy, said agreement shall be binding upon both the insured and the company, and in case of loss the actual cash value of the property so insured at the time of the loss, including the buildings, shall be the basis for determining the proper amount of such coinsurance and the amount of loss, notwithstanding any previous valuation of such building. Every person who solicits insurance and procures an application therefor shall be held to be the agent of the party afterwards issuing insurance thereon or a renewal thereof. COLOGNE REINSURANCE COMPANY, Cologne, Germany. E. M. Cragin, New York, United States manager. Admitted assets, United States branch, December 31, 1914, $1,417,063.51; liabilities, $1,132,083.92. COLONIAL ASSURANCE COMPANY OF THE CITY OF NEW YORK, New York. Organized 1896; capital, $200,000. Leo H. Wise, president; E. E. Hall, vice-president; E. S. Powell, Jr. secretary. Admitted assets, December 31, 1914, $536,264; liabilities, $141,897. COLUMBIA FIRE INSURANCE COMPANY, Athens, Ga. Organized 1908; capital, $100,000. The company reinsured in the North British and Mercantile in 1915. COLUMBIA INSURANCE COMPANY, Dayton, Ohio. Organized 1881; capital, $150,000. O. I. Gunckel, president; Herman R ce, secretary. Assets, December 31, 1914, $815,301; liabilities, → 20,152. COMMERCIAL UNION FIRE INSURANCE COMPANY 43 COLUMBIA INSURANCE COMPANY, Jersey City, N. J. Organized 1901, transacts automobile, marine and inland insurance; capital, $400,000. Geo. F. Crane, president; C. E. Dean, secretary. Admitted assets, December 31, 1914, $1,054,843.28; liabilities, $246,339.61. COLUMBIAN INSURANCE COMPANY OF INDIANA, Indianapolis, Ind. Organized 1911; capital, $250,000. George E. Feeney, president; Edward T. Lyons, secretary; Jacob Buennagel, treasurer; L. S. MacEnaney, managing underwriter. COLUMBIAN NATIONAL FIRE INSURANCE COMPANY, Detroit, Mich. Organized 1911, began business 1913; capital, paid up, $962,325. John G. Ewing, president; Herbert P. Orr, secretary; Edward Bliven, managing underwriter. Assets, December 31, 1914, $1,436,666.58; liabilities, $196,224.84. COMMERCE INSURANCE COMPANY, Albany, N. Y. Chartered 1859; capital, $200,000. E. Darwin Jenison, president; A. J. Hinman, secretary. Admitted assets, December 31, 1914, $749,112.77; liabilities, $295,522.73. COMMERCIAL UNION ASSURANCE COMPANY was organized in London in 1861, and came into the United States through the Golden Gate, establishing an agency in San Francisco in 1870. It was admitted to New York, and began a general business throughout the country, in 1871, under the management of Alliger Brothers. At the close of 1871 its assets in the United States were $346,037. In 1877 Alfred Pell was appointed to the United States management. In 1878 Charles Sewall became associated with him, and in November, 1885, Mr. Sewall became manager in name, and so continued until his death in December, 1898. He was succeeded by Alexander H. Wray in February, 1899. The Commercial Union closed the year 1914 with United States assets of $9,204,052.75, surplus of $2,183,448.96, and a premium income of $6,263,442.30. Charles J. Holman, then resident secretary of the northwestern department at Denver, was appointed assistant manager in 1899, and Wm. M. Ballard was appointed branch secretary in January, 1901. E. T. Niebling is the manager of the Pacific Coast branch. In 1913 Clarence E. Porter was also appointed an assistant manager. COMMERCIAL UNION FIRE INSURANCE COMPANY, New York city. Organized 1890; capital, $200,000. A. H. Wray, president; Clarence E. Porter, vice-president; C. J. Holman, vicepresident and secretary; Wm. M. Ballard, assistant secretary. Admitted assets, December 31, 1914, $1,204,235.54; liabilities, $600,715.92. 44 COMPANIES ORGANIZED OR PROJECTED IN 1914 COMMISSIONERS AND SUPERINTENDENTS OF INSURANCE, LIST OF. [See Insurance Departments, fire section, and also National Insurance Commissioners' Convention, life section.] COMMONWEALTH FIRE INSURANCE COMPANY OF TEXAS, Dallas, Texas. Organized 1903; capital, $250000. I. Jalonick, president; J. B. Adoue, secretary. Admitted assets, December 31, 1914, $660,800.57; liabilities, $291,454.29. COMMONWEALTH INSURANCE COMPANY, New York City. Organized 1886; capital, $500,000; E. G. Richards, president; J. F. Hastings, Wm. P. Young, and Charles R. Perkins, vice-presidents; Robert Newboult, secretary. Admitted assets, December 31, 1914, $2,767,458.67; liabilities, $949,870.57. COMPACTS OF FIRE UNDERWRITERS, STATE LAWS AGAINST. [See Anti-Compact Laws.] COMPANIES ORGANIZED OR PROJECTED IN 1914. Wabash American Fire, Wabash, Ind. 1,000,000 50,000 200,000 1,000,000 200,000 100,000 The Central National, Chicago, Ill., changed its name to the Anglo-American Reinsurance Company, and the Hamburg Assurance, Hamburg, entered the United States as did also the North China of Shanghai to do a marine business. The Pelican, New York, changed its name to the Imperial. The London and Lancashire Life and General, London, entered the United States to transact fire insurance business. The following mutual companies were organized or projected: American Fire Association, Sioux City, Ia.; Harmonia Mutual, Buffalo, N. Y.; Fitchburg Mutual Fire, Fitchburg, Mass.; Methodist Mutual Fire, Statesville, N. C.; Mutual Fire of Montana, Mont.; National Trust Mutual Fire, San Antonio, Tex.; Worcester Mutual, Worcester, Mass. The following Lloyds and inter-insurance organizations were also projected: American Fire Underwriters, Gary, Ind.; Colonial Fire Insurance Association, Dallas, Tex.; Commercial Fire Underwriters, Waco, Tex.; Co-operating Inter-insurers, Chicago; CORCORAN FIRE INSURANCE COMPANY 45 Farmers Mutual Protective Association, Stratford, Tex.; Forest Products Insurance Exchange, New York; Hardware and Implement Dealers Mut. Exch., Dallas, Tex.; Lone Star Fire Insurance Association, Fort Worth, Tex.; Millers and Merchants Fire Ins. Exchange, San Antonio, Tex.; Standard Insurance Exchange, San Antonio, Tex.: United States Underwriters, Kansas City, Mo.; Wholesale and Retail Grocers, F.I.A., Dallas, Tex. CONCORDIA FIRE INSURANCE COMPANY, THE, Milwaukee, Wis. Organized 1870; capital, $600,000. Gustav Wollaeger, Jr., president; Frank Damkoehler, secretary; Jas. M. Moran, superintendent of agencies. Admitted assets, December 31, 1914, $2,415,965.14; liabilities, $1,424,673.08. CONNECTICUT FIRE INSURANCE COMPANY, Hartford, Conn., was organized and began business in 1850. Capital, $1,000,000. Edward Milligan, president; W. T. Howe, vice-president; J. A. Cosmus, secretary. Admitted assets, December 31, 1914, $6,740,712.12: liabilities, $4,510,006.04. CONNECTICUT STATE ASSOCIATION OF LOCAL INSURANCE AGENTS. A meeting of Connecticut agents was held July 12, 1899, in West Haven, and an association organized with John C. North of New Haven, president, and J. N. Phelan, Bridgeport, secretary. At the annual meeting held in November, 1914, the following officers and executive committee were elected: President, J. J. Fisher, Bridgeport; vice-presidents, F. F. Small, Hartford; L. D. Rhinehart, Stamford; J. L. Case, Norwich; secretary and treasurer, J. Richard North, New Haven; executive committee, T. B. Warren, Thomas McGinley, E. S. Cowles, E. W. Kneen, G. E. Judd, G. S. Elliott, C. E. Burton, D. D. Butler, G. E. Curtis. CONTINENTAL (FIRE) INSURANCE COMPANY, New York. Organized January, 1853; capital, $2,000,000. Henry Evans, president; George E. Kline, vice-president; J. E. Lopez, second vice-president and secretary; David Rumsey, second vice-president and counsel; C. R. Tuttle, J. A. Swinnerton, Ernest Sturm and F. R. Millard, secretaries; C. A. Cross, auditor. Admitted assets, December 31, 1914, $27,588,192.23; liabilities, $11,162,722.21. COOK COUNTY FIELD CLUB was organized in December, 1913, by the field men of Cook County, Ill. The officers elected were: President, George H. Coleman, Royal; vice-president, A. W. Jenkinson, Northern; secretary and treasurer, William W. Moore, Liverpool and London and Globe. The present officers, elected in December, 1914, are: President, Harold Hilton, Critchell, Miller, Whitney & Barbour; vice-president, Daniel J. Harrigan, Liverpool and London and Globe; secretary-treasurer, E. P. Rogers, Continental; executive committee, George H. Coleman, A. M. Raymond, A. W. Jenk esson. CORCORAN FIRE INSURANCE COMPANY, Washington, D. C. Organized 1873; capital, $100,000. W. E. Edmonston, presi |