Document QgXDkbDzYwXEXge7VzKGZOdyR

As a matter of interest, you may like to know what our potential maximum loss could be compared to the recent General Motors disaster at Livonia, Michigan. The' latest estimate on that fire indicates property damage of only $70,000,000.00. Brake Shoe's largest single exposure is the Amsco, Chicago Heights plant where the present insurable value is approximately $600,000,000.00. Oui` least valued plant is the BS&C plant in Port land, Virginia, with an insurable value of approximately 230,000.00. I am sure all of you can readily see how important it is from both the Company's outlook and the employees' welfare that our plant continue to operate safely and profitably. To accomplish this, it is essential that we and our fire insurance carrier cooperate to the fullest extent in making our plants better and safer places in which to work. Another form' of insurance that Brake Shoe has and which should be of interest to you is Public Liability Insurance. While we have few claims arising in connection with this coverage, never theless, it is very important insurance to the company since it affords protection for legal or assumed liability. In brief, this policy provides that the insurance carrier agrees to pay on behalf of Brake Shoe all,sums our company becomes obligated to pay by reason of liability imposed uoon it by T.aw or assumed by it under contract for damages including death at any time sustained by .any person or persons and caused by accident. Further more, it affords the same protection for damages because of accidental injury to and destruction of property including loss of use thereof. The same coverage is provided where damages as just describ ed occur as a result of a product made by Brake Shoe allegedly fail ing because of faulty manufacture. The efforts of the Safety Department in connection with this type of coverage has to do mainly with maintaining the company's physical property and exposures to such an extent that injury to persons outside the company who have occasion to visit our premis es will be protected against personal injury and loss of property. In conclusion, I should like to point out the obvious, that is, our comapny, through its Safety and Fire Prevention prog ram, concerns itself primarily with protecting people, used in the broad sense to include employees, cusotmers and anyone who might visit our plants for the purpose of carryong on business, from accidental injuries due to our operations and use of our products. As industrial nurses you are concerned principally with people, as it should be. In this regard, you have been and are an integral part of our safety structure and all of us look to you for the assistance necessary for attaining our objective of preserving life and property. 77 SPNY 000207