THE STATE BANK OF INSURANCE 39 



In the liatter case the general yield of neighbouring crops will be taken into 

 account, the average furnishing the basis for an estimate. If on the other 

 hand it be decided to have recourse to experts, who will be commissioned 

 to settle the dispute amicably, the amount of the loss will be fixed by two 

 experts, the respective nominees of the disputing parties, and they will 

 agree together on the basis of the terms of the policy. If they fail to agree 

 the matter will be decided by a third expert whom they will nominate, un- 

 less they cannot agree on his nomination when decision will rest with one 

 of three experts proposed to the insured person by the bank. The decision 

 taken by the two experts, or failing them by a third, will be final and there 

 will be no appeal against it, whether or not the third expert's decision agree 

 with that of either of the two first. 



The amount of the loss incurred will not be a matter to be discussed 

 in the courts. The costs of an estimate which the two interested parties 

 accept will be met by the bank. Honoraria and costs due to expert valuers 

 and those deciding disputes will be reckoned separately, and should be 

 partly paid by that disputant whose original estimate is furthest removed 

 from the final estimate. 



If an estimate of damage do not give rise to an indemnity, the insured 

 person's claim not being justified, the insured person must pay the costs of 

 inspection and the attendant travelling costs, which expenses must not 

 evei: be computed at less than forty pesos. The policy will be declared 

 null and void and the amount of the premium ensured to the bank if the 

 amount of such expenses be not paid within eight days in specie or by the 

 remittance of a guaranteed note. If no agreement be reached as to the 

 estimate, experts will be nominated to settle the dispute amicably or a se- 

 cond inspection will be made when the stipulated costs have been paid in 

 advance. 



The bank reserves the right to refuse an application for insurance with- 

 in fifteen days of the date at which it is signed, returning in this case 

 the amount of the premium. Simil arly it may at any moment annul a policy 

 after giving eight days' notice and returning the premium or a proportion 

 thereof, the proportion retained corresponding to any losses sustained which 

 it may have recognized. 



§ 3. The activity of the department for insurance against hail. 



The development of this department in the short period which has 

 elapsed since its foundation is due not only to the exercise of a monopoly 

 in insurance against hail, but also to the intensive propaganda which the 

 bank's agents have carried out in the country in support of this branch of 

 agricultural insurance. It has come to be almost twice as productive as 

 it was formerly, when it was practised by private companies. 



The private companies who covered this risk were " I^a Nacional " 



