■IGO BOARD OF AfiKICULTURK. 



him that iiuiouiit. He has paid as nuu-h as the other man, and I can not 

 understand why he is not entitled to recover as much. It seems to me 

 it is begging the question altogether when you undertake to divide the 

 dollars into (U!g and 33^ distributed over the entire building. When a 

 man's Jmilding is damaged there is no distinction in j'our application or 

 policy; you simply vahie that man's building at so much and insure it 

 at so much. 



Yesterday you discussed the (luostion of loan companies taking your 

 policies as security. There is not a loan company in the United States 

 that would take your policies on a two-thirds valuation of loss. Just as 

 soon as you cut down the rate of your payment of losses you destroy the 

 face value of your policy, which is taken Into recognition by all loan com- 

 panies. I think you will find the face value is injured one-third by this 

 method. 



President Jones: Have you a clause in your policy that provides in 

 case of a partial loss on buildings you pay tAvo-thirds of the loss at the 

 time of the fire? 



Mr. Clark: We have. 



President Jones: In case of a partial loss on personal property, AA'Ould 

 you pay tliat in full? 



Mr. Clark: Yes, sir; because we insure personal property for its 

 full value. 



President Jones: Is that fair between the two classes of insurersJJ 

 If that is the case, is your constitution based on equity? 



Mr. Clark: I think it is. I will say for your information. iNIr. Forbes, 

 that from Chicago, Cincinnati and away up into the New England States, 

 there is not a loan company that will not take our policies. The North- 

 western does refuse, but I am told they will not take an old line policy 

 unless it is a paid-up one. 



Mr. Johnson: Ail old line companies reserve this right. This As- 

 sociation reserves the right to repair or rebuild in liquidation of any and 

 all losses. If lightning strikes a building and damages it only to the 

 extent of )i;40 or .150 the company can well afford to repair it, or let tlie 

 owner have it done under the supervision of the director and pay for it. 

 No member of our company complains of that plan, and it certainly puts 

 the assured in good standing with the association. However, if a nine 

 hundred dollar building with si.K hundred dollars of insurance on it should 

 be totally destroyed we reserve the right to build. If we should make 

 up our minds to build wliei'e are we? Are we going to put up a nine 

 hundred dollar Ituilding or a six hundred dollar building? Usually when 

 favm buildings g( 1 on fir(> if two or three buckets of water do not do the 



