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Co-operative Live Stock Insurance. [nov., 



The premiums must be calculated at a figure which will 

 cover a greater rate than the average, and until there is a 

 reserve fund they should be sufficient to provide for losses 

 up to si or 4 per cent., or sufficient to cover the average 2 per 

 cent, loss, with power to make further levies up to a fixed 

 maximum when losses are great. In various countries of 

 Europe a premium of ij to ij- per cent, is found sufficient 

 over wide areas, almost all work being done gratuitously, and 

 certain small subventions being given by the State. When 

 a reserve fund has been accumulated, the rate of premium can 

 be reduced by a vote of the general annual meeting. A pro- 

 portionate entrance fee is often charged after a reserve fund 

 has been made. These rates apply to cattle. The rates for 

 horses are double. For sheep and pigs it appears that insur- 

 ance has not so far been successful, and one meets with 

 warnings that they are very dangerous risks to touch. 



Each society should engage a paid expert to deal with the 

 carcasses of slaughtered animals for the abattoir or otherwise. 

 When illness or accident occurs, the owner must at once 

 summon the two appointed valuers nearest to him, and with 

 them consult what steps should be taken, and whether a 

 veterinary surgeon should be called in, and whether the animal 

 should be slaughtered. There arise cases in which timely 

 slaughter is recommended while the animal is in good con- 

 dition, rather than that a long illness, loss of condition, fees to 

 veterinary surgeon, and cost of medicines should be suffered. 

 The owner must agree to such a decision or forfeit his in- 

 demnity. In such cases he is sometimes given an advantage, 

 as this slaughter may benefit the society. In a certain society 

 where 25,000 cows were insured the 500 carcasses realised 

 ^"1,500, an important factor in keeping premiums moderate. 



To guard against fraud, the best safeguard is found to be a 

 valuation of all cattle twice a year. This also provides for 

 fluctuation of value at different seasons. The owner and two 

 valuers make these assessments of value. The plan is found 

 to give rise to no trouble. The owner does not wish to raise 

 his premium by naming too high a price ; the valuers do not 

 fix inordinately high prices to obtain large premiums, because 

 high assessments would entail high indemnities. If the three 

 men differ in their assessment, the average of their three 



