Document 2JGmRxqDpM3o1EXaYqzXXGVN6

FILE NAME: Insurance Industry (INS) DATE: 1933 Feb 16 DOC#: INS031 DOCUMENT DESCRIPTION: Article from The National Underwriter - Occupational Risk Plan is Modified February 16, 1933 IN H CASUALTY AND SURETY SECTION kj I/O /,37 O c c u p a tio n a l R i s k Iin terest * th e Movement I Lloyds of America Elects P l a n I s M o d i f i e d I *HeIp Real E,tate Bonds I Livingsto n , PLAN OP REFINANCING IS U P TO RESIGN AS COMMISSIONER |Scheme National Compensation Council Sends Out Revised Schedule ____ _ t0 0rganize a ^ , 000,000 Cor- 1Michigan Official Is Choice of Bames Effective Feb. 28 | PratI0n ^ Assist as Guaranteed and Cohen for Head of Cas- Matunties Arise ualty Company Bureai Rog< Accident a. Organii An COVERAGE N O W O PTIO NAL Evidently a movement is on hand fos tered by New York City bankers to form Commissioner Charles D, Livingston, Re p o r t c a corporation to assist in the refinancing one of the most popular men in the Specific Phraseology for Endorsements of maturing guaranteed mortgages. ranks of the state officials, will be elected Including or Excluding Hazard Is 6ome of the surety companies guaran teed principal and interest of real estate president of Lloyds of America Feb. 20 He will resign as Michigan commis Efforts Towa; Recommended bonds and many of these are decidedly sioner as of that date. Under frozen. Plans for the new concern call The position of president of Lloyds for capital of $10,000,000 and in addi- has been left vacant, since that com A revised occupational disease pro substantial amount of credit from pany was formed in the conslidation gram has been approved by the National the Reconstruction Finance Corporation. of Lloyds Casualty, Constitution Indem Council on Compensation Insurance. It is the hope of the sponsors of the new institution that it will stimulate the re nity and Detroit Fidelity & Surety. NEW YOI Julius Barnes and Frank Cohen, who nual meeting i This is being filed in the various states habilitation of the real estate mortgage control Lloyds, were seeking a man of Accident & for approval, with recommendation that it become effective Feb. 28 on new and situation, thus averting losses that will prove staggering. The corporation is oustanding reputation for the presidency and they found him in Mr. Livingston H. Rogers, M, renewal policies. expected to fill the gap between the face Mr. Livingston, before becoming com reelected chai On that date, in any event' it will be amount of the maturing mortgages and the amount at which they can be re missioner, was supervising general agent in Michigan for the Royal Exchange committee and ineffect in Alaska, Connecticut, District funded on the basis of 60 percent of cur Assurance. He had 25 years insurance were elected a, of Columbia, Idaho, Illinois, Indiana, rent appraisals. No surety company is experience as local agent, rater, special >ng committee Iowa, Louisiana, Michigan, Montana, now writing this business but at one agent, state agent and general agent. General Life, Xebraska, New Mexico,- Rhode Island time it amounted to a considerable sum, W as Commissiouer&> President Globe Indemn ,,id all jurisdictions in which the United although but few companies engaged in it to any extent. Mr. Livingston was appointed insur Preferred Acc Slates longshoremen's act governs. The revised program and rates are advisory ance commissioner in 1927 and was re Standard Accid appointed in 1931. He served as presi States Casualt SD|y in Iowa, Nebraska and Indiana. pational disease under paragraph lb of I dent of the National Convention of In 'as reelected Recom mend E ndoreem ent the policy; 3. obligating the carrier to surance Commissioners from 1931-32. Lhe meeting tended, 39 con, Specific phraseologies are recommend(dby the special committee on occupa- indemnify against such loss, subiect to limitations as follows: a. No policy to He has been warmly regarded by insur ance officials and fellow commissioners. by. 49 delegate, lional diseases for endorsements to be Ibe written for limits below the stand ard limits; basic charge for coverage un Lloyds of America, in its 1932 annual statement, reports assets $8,951,253, in cnief executives ecutive secreta 5)Cd in excluding and including the dis eases under paragraph lb of the stand- der paragraph lb provides for standard cluding bonds $2,805,450, preferred and Underwriters C fd workmen's compensation and em limits of $5,000 on account of occupa common stocks $1,623,709, cash $405,742, en,tpi,Jy invitatioi ployers' liability policy. tional disease suffered by any one em first mortgage loans $1,044,844, real es rhe secretary ploye and subject to such limits with tate $772,792, premiums in course of col to the fact tha In states where all occupational dis eases are compensable under state com respect to each such employe, to $25,000 lection $939,124. iollowing the r pensation laws or by court interpretation on account of all occupational disease suffered during the term of the policy Loss reserve amounts to $4,035,529, premium reserve $1,808,795, contingency provement of v cident and heall Connecticut, District of Columbia and aider the U. S. longshoremen's act) the not exceeding 12 months; b. if higher limits are desired, the occupational dis reserve $461,883, capital $1,000,000, net surplus $1,000,000. yeaf, represent, entire members (overage will be provided by paragraph ease rate to be increased by certain per premium incom j pf the standard policy, limited only centages. w provisions of the compensation law. Aetna Life Promotions 000,000. He i In these states rates for all classifi L o ad lus It C over D esired year's operation ions on the state rate sheets include In these states rates do not include Dr. J. E, Root, medical director of the Aetna Life, was made honorary medical very satisfactory occupational disease coverage and an ele ment of 1 cent per $100 of payroll to occupational disease coverage. If the policy is endorsed obligating the carrier director Tuesday and Dr. Donald B. Mnny Attei Chairman Roj (over the general occupational disease yard. For specific occupational dis- tor this liability, a separate and distinct occupational disease rate is to be applied Cragin, associate medical director, was named his successor. Stanley Withe was view of the acti because of raw materials, processes t products normally involved in such to the entire payroll for each classifi cation. A 1 cent element is contained named manager of the accident and lia bility publicity department. J. C. Dun the effect of th ment of the bui issifications, there is a specific load m all rates to cover the general hazard, can and B. P. Fleurot were appointed that this progra p. g w-..LhIiacIhi may Kbea rrAemm/otivmerdl oamn acae.rita. Lin i here is also provided a specific occu assistant comptrollers. All other offi mination of nm deifications with the approval of the pational disease element and provision cers and directors were reelected, as back over many or bureau having jurisdiction ;if i special hazard does not exist in a (CONTINUED ON PAGE 34) were those of the Aetna Casualty and Automobile of Hartford. the point that similar movemei particular risk. A supplemental occu- had it succeedei Hlional disease loading may be added ibe rate for any individual risk where R. F. C. Collateral Value Reinsurance Bureau Elects great benefit to 1 bt occupational disease hazard is ab- Increases by $900,000 NEW YORK Feb 15.-A. Duncan 9ther attempts i time which fina Keid, president Globe Indemnity was fjmiL year. Endorsement Required reelected president of the Workmen's Compensation Reinsurance Bureau at the He also called gtJnnso-tAtateaus*mn/dwIuehurer4tehneaocccoumpaptieonnsaalati?o_dn.i.se1alaswes, One of the casualty companies, which received a loan from the Re annual meeting yesterday. All other offi- ing use of the 1cers were reelected. discussion of pr. j f f |iu h v v M A p v . io a iiu u l a w , yjjely Alaska, Idaho, Indiana, Iowa, construction Finance Corporation terest and empha l^isiana, Michigan, Montana, Ne^ka, New Mexico and Rhode Island, last summer rather than make the sacrifice of selling securities to Burke Is Made President the statistical w The program pi ay standard policy must be endorsed. cash, reports that the assets The Massachusetts Casualty Under- shall pool their The suggested endorsements are: 1. pledged as collateral for the loan have available th iaiin^atinrg* a---ll- o-- --b--liog--at-i-o-- -n-sw woof tihn ew Vc*aair- g p to in d e m n ify e m p l o y e r a g a i n s t lo s s ve ,, tp-rease<^ *n . value about $900,000 since th a t tim e. eelTecct'eedd AA . WW.0 Bf iutr'lkle, aptres?idoesntot;n E.haJs. illation possible, experience is nen Maccount of claim? arising from occu- o isie.i, vice-president; E. M. Peabodv secretary-treasurer, and W. C Smalt the hureau is i chairman executive committee. ' ' which will contin (CONTEVUI tA iU A 1/ 1' THE NATIONAL UNDERWRITER Occupational Risk Plan Is Modified (CONTINUED PROM PAGE 2) for removal of this element and for sup plemental loading. The minimum pre mium charge for adding the endorse ment is $5. In Illinois, where some occupational diseases are covered under the state com pensation law or court interpretations, and others are not, the details of cover age and determination of appropriate rates have not been completed but will be issued soon. .OCCUPATIONAL D ISE A SE DA N G ER Extension of the compensation law to include occupational diseases may some day go so far as to make the law a gen eral sickness and accident insurance, John D. Sullivan, attorney of Roches ter, N. Y., and former deputy on the New York compensation commission, told members of the Optimists club of Rochester. Silicosis and other diseases are on the border line of compensation and they offer great difficulty because of their indeterminable nature. In New York state unlimited compensation is provided and insurance may be paid to a man for years and then to his de pendents. BROADEN MINNESOTA LAW . ST. PAUL, Feb. 15.--A bill has been introduced in the Minnesota legislature adding' dermatitis, silicosis and carbon monoxide poisoning to the occupational diseases covered by the compensation law. Bureau Reelects Rogers Chairman (CONTINUED FROM PAGE 28) tific rate ,basis. The ability to test the adequacy of rates for accident insurance and to keep them on a proper level is one of the valuable features of the pres ent plan, making possible the develop ment _of accurate rates based on the combined experience of the bureau mem bership. S tatistical R eports V aluable The statistical committee reported on its recent revision of the medical reim bursement rates on the basis of present experience and on the progress made in the compilation of statistics covering the experience of the entire membership Casualty Push New Jersey Cs Casualty Association Carrying Drive Against Ambuls Chasing NEWARK, Feb. 15.--A ca stamp out "ambulance chasinf Jersey is being pushed by th' Underwriters Association of N A law passed last year in the sey legislature forbids the pr. Hudson county, the bar asso< been extremely active and ha of the bureau. Attention wa: its report covering the combi experience of bureau membei icy years 1921-1926 inclusive, an analysis by disease of 111 of sickness which developed fr years of exposure. The analyzed from an entirely new should prove extremely valua The manual and underwri mittees also reported. ^ PERFORMANCE in plate glass insurance means but one thing-- unfailingly prompt Plate Glass Replace ments. Continued repetition of unfailing plate glass replacement service makes this company outstanding in the Chicago territory. Let the Am erican Glass service your next breakage. AMERICAN GLASS COMPANY ' 1030-42 North Branch St,, Chicago ' ' ' ' Coil M O H AW K 1100