V

VALUED POLICY LAWS. Wisconsin was the pioneer in this form of legislation and enacted a valued policy law in 1874. Although later laws did not adopt the exact wording of the Wisconsin law, that law clearly expresses the purpose and application of such legislation, which is designed to make the amount of the insurance written in the policy the measure of loss, or, as stated in the Wisconsin law, "the true value of the property when insured and the true amount of loss and measure of damage when destroyed." A fire insurance policy is in principal and general practice a contract of indemnity simply the measure of indemnity being determined at the time of the loss, and, consequently, legislation which proposes that the amount written in the policy shall be the measure of loss, is considered contrary to the principles of fire underwriting. Such legislation also, it is claimed, is an inducement to fraud and arson, and for this reason such legislation has been condemned by underwriters and state insurance officials, and when enacted has been vetoed in several different states at different times. [See Cyclopedia of Insurance for 1893-94 and 1904-05.] A decision was rendered by the United States Supreme Court in 1899; upholding the constitutionality of the Missouri valued policy law. [See Cyclopedia for 1904-5.]

Valued policy laws are now in force in twenty-three states, as follows: Arkansas (1889 and 1899); California (1901); Delaware (1889, 1893, and 1901); Florida (1897 and 1899); Georgia (1895); Iowa (1897); Kansas (1893 and 1897); Kentucky (1893); Louisiana (1900); Minnesota (1905, 1907, and 1913); Mississippi (1902 and 1904); Missouri (1889); Nebraska (1889); New Hampshire_(1885); North Dakota (1907); Ohio (1879); Oregon (1893); South Carolina (1896); South Dakota (1903); Tennessee (1909); Texas (1879 and 1907); Washington (1897, 1899, and 1911); West Virginia (1899). Wisconsin (1917). [For text of laws see Cyclopedia for 1913-14.]

The laws of Delaware, Florida, Minnesota, Ohio, and South Carolina require the value of the property insured to be fixed before or at the time the policy is issued, and the California law provides that the insured may require that such valuation be fixed. Kansas requires that a full description of the property insured be made in the policy. The Missouri law allows depreciation in the property to be shown in ascertaining the loss, and an additional section provides that no risk shall be taken at a ratio greater than three-fourths of the value of the property insured. The Arkansas law makes it the duty of the local agent to make a personal inspection of all property on which policies have been written and make written report to the company of conditions of same.

Although valued policy bills have been introduced in several different state legislatures at almost every succeeding session, there has been no new valued policy legislation since 1909 with the exception of Wisconsin where the valued policy law was repealed in 1915, and reenacted again in 1917, which appears to be in conflict with provisions of the standard policy law also enacted in 1917 and which took effect Janu

ary 1, 1918. The attorney general, however, has expressed the opinion that the laws are not in conflict.

INSURANCE

VERMONT ASSOCIATION OF LOCAL AGENTS was organized June 21, 1900, at Burlington, Vt., and was re-organized in December, 1906, and the following officers elected: President, F. E. Alfred, Newport; vice-presidents, R. D. Preble, J. G. Brown; secretary and treasurer, F. L. Brigham, Bradford. The present officers, elected at the annual meeting in December, 1917, are: President, C. C. Graves, Waterbury; vice-president, E. L. Walker, Bellows Falls; second vice-president, S. S. Watson, St. Albans; secretary, H. W. Eaton, Bradford; treasurer, E. S. Leonard, Bellows Falls.

VERMONT MUTUAL FIRE INSURANCE COMPANY, Montpelier, Vermont. Organized 1828. Geo. O. Stratton, president; Hugh Philips, vice-president; James T. Sabin, secretary; Hermon D. Hopkins, treasurer.

VIRGINIA ASSOCIATION OF LOCAL FIRE INSURANCE AGENTS was organized at Lynchburg, September 20, 1899. The following were elected officers: President, L. W. Childrey; vice-president, W. L. Dechert; secretary and treasurer, George D. Dey, Norfolk. The present officers, elected at the annual meeting in May, 1917, are: President, C. Gratton Price, Harrisburg; vicepresident, Laurence Stabler, Alexandria; second vice-president, W. Lee Powell, Newport News; secretary and treasurer, Eugene H. Sutton, Richmond. Archer L. Richardson, Richmond, is the present secretary, elected to succeed Mr. Sutton, resigned.

VIRGINIA FIRE AND MARINE INSURANCE COMPANY, Richmond, Va. Organized 1832; capital, $250,000. Wm. H. Pat mer, president; E. B. Addison, vice-president; W. H. McCarthy, secretary; B. C. Lewis, Jr., treasurer; J. M. Leake, general agent.

VIRGINIA FIRE PREVENTION ASSOCIATION, Richmond, Va. Organized in November, 1911. The present officers, elected in November, 1917, are: President, John H. Baker, Virginia Fire and Marine; vice-president, W. B. Claiborne, Agricultural; secretary and treasurer, Herbert C. Taylor, Home, New York; assistant secretary, W. P. Fill, Virginia Fire and Marine; executive committee, George B. Jennings, chairman; Robert E. Michaels, H. T. Nelson, Charles R. Robb, D. E. Witt, E. A. Clark, and J. M. Waller, and the officers.

VULCAN FIRE INSURANCE COMPANY OF OAKLAND CALIFORNIA. Organized 1910; began business, 1912; capital $500,000. J. F. Carlston, president; E. S. Wangenheim, vice-president; Arnold Hodgkinson, secretary; B. E. Cotton, assistant secredent; R. M. Fitzgerald, second vice-president; E. D. Bothwell, treasurer; H. B. Keith, manager.

VULCAN INSURANCE COMPANY, New York, N. Y. Organized 1911; capital, $200,000. Isidor Kahn, president; Chas. E. Falk, vice-president; Israel Koenigsberger, secretary.

W

WABASH FIRE INSURANCE COMPANY, Wabash, Indiana. Organized in 1915; cash capital, $100,000; authorized, $500,000. The company reinsured in the Connecticut Fire Insurance Company in 1918.

WAKEFIELD, MORLEY & Co., General Insurance Agency, 252 Asylum St., Hartford, Conn. W. L. Wakefield; F. A. Morley; Geo. I. Watson. Established 1847. Covers Connecticut as General Agents for companies transacting all kinds of insurance. Companies represented, Royal, Caldeonian, British America, Insurance Company of the State of Pennsylvania, People's National, Detroit National, Caledonian-American, American Underwriters, Royal Indemnity C., National Life of Vermont, United Firemen's, United States Fidelity and Guaranty Co., Baltimore. Special Agents, C. E. Holt, Wm. Gilligan, Myron L. Baldwin, Sidney L. Smith.

WARSAW FIRE INSURANCE COMPANY, Warsaw, Russia, Fester & Folsom, Inc., United States managers, New York.

WASHINGTON STATE ASSOCIATION OF LOCAL FIRE INSURANCE AGENTS was organized in November, 1910, and officers were elected as follows: President, T. K. Binnie, Spokane; vice-president, Seth Morford; secretary and treasurer, E. L. Ensign, Spokane. The present officers, elected in October, 1917, are: President, John F. Lyon, Tacoma; vice-president, R. E. Mahaffey, Tacoma; secretary and treasurer, Harry Egan, Seattle; executive committee, Daniel Duryea, Everett; J. L. Easton, Bellingham; T. K. Binnie, Spokane; Jesse Davis, Seattle; W. F. McDowell, Olympia..

WESTCHESTER FIRE INSURANCE COMPANY of New York. Capital, $1,000,000. George R. Crawford, president; Otto E. Schaefer, vice-president and treasurer; Harry H. Clutia, secretary; George B. Crawford, assistant secretary.

WESTERN ASSOCIATION OF SPRINKLER INSPECTORS was organized in Chicago in November, 1916. The membership is limited to those engaged in sprinkler inspection work, and its object is the promotion of uniform field practices. The officers are: President, J. B. Sullivan, Milwaukee, Wis., Inspection Bureau; vice-president, David A. Keller, Illinois Inspection Bureau, Chicago; secretary and treasurer, A. M. Clawson, Milwaukee.

WESTERN ASSURANCE COMPANY of Toronto, Can., incorporated 1851. W. B. Meikle, president and general manager; John Sime, assistant general manager.

WESTERN AUTOMOBILE INDEMNITY ASSOCIATION; Fort Scott, Kansas. Organized 1911. W. E. Brooks, president,

A. B. Dickmann, vice-president; Oscar Rice, secretary and general manager; E. C. Gordon, treasurer.

WESTERN AUTOMOBILE UNDERWRITERS CONFERENCE, Chicago, Ill. Organized in February, 1915. The present officers, elected in February, 1918, are: President, Fred J. Sauter, F. J. Sauter & Co.; vice-president, S. T. Collins, Providence Washington; secretary, Paul Fry; treasurer, George H. Batchelder, Pennsylvania; executive committee, John C. Harding, Springfield; P. W. Čadman, Royal; H. C. Eddy, Commercial Union; Thomas E. Gallagher, Ætna; John H. Carr, Hartford; Charles E. Dox, London and Lancashire; Charles E. Sheldon, American of Newark; W. S. Warren, Liverpool and London and Globe; and L. A. Lent, Cincinnati. The states under its jurisdiction are: Ohio, Michigan, Minnesota, Illinois, Indiana, South Dakota, North Dakota, Oklahoma, Iowa, Nebraska, Kentucky, New Mexico, Missouri, Wyoming, Wisconsin, Colorado and Kansas. [See National Automobile Underwriters' Conference.]

WESTERN FACTORY INSURANCE ASSOCIATION. Address, Insurance Exchange, Chicago; S. W. Tripp, manager; Randolph Buck and J. R. Gathercoal, associate managers. This association of stock fire insurance companies includes in their business the writing of sprinkled manufacturing risks in the western union states. The last annual meeting of the association was held in Chicago, in May, 1917, when the following officers were elected: President, A. G. Dugan, Hartford Fire; vice-president, C. R. Tuttle, Insurance Company of North America; secretary and treasurer, C. R. Street, Fidelity-Phenix.

The following is the membership list:

Etna, Hartford.

American Central, St. Louis.
Atlas Assurance, England.

British America, Toronto.

Commercial Union, London.
Connecticut Fire, Hartford.
Continental, New York.
Fidelity-Phenix, New York.
Fire Association, Philadelphia.
Fireman's Fund, San Francisco.
General Fire, Paris.

American Alliance, New York.
Great-American, New York.
Glens Falls, Glens Falls, N. Y.
Hanover Fire, New York.

Hartford Fire, Hartford.

Ins. Co. of North America, Philadelphia.

Liverpool & London & Globe, England.
London Assurance, England.

London & Lancashire, England.
Mechanics & Traders, New Orleans.
Mercantile of America.

Michigan F. & M., Detroit.

National Fire, Hartford.

New Hampshire Fire, Manchester.

New York Underwriters Agency, N. Y.
Niagara. New York.

North British & Merc., England.

Northern, London.

Norwich Union, England.

Orient,.Hartford.

Palatine, London.

Pennsylvania, Philadelphia.

Phoenix, Hartford.

Phoenix Assurance, London.

Providence Washington, Providence.

Queen, America.

Royal, England.

Royal Exchange, England.

Scottish Union & National, Hartford.
Springfield F. & M.

St. Paul F. & M., St. Paul.

Sun, London.

Westchester Fire, New York.
Western, Toronto.

WESTERN HAIL ASSOCIATION. This association was organized at a meeting held in Chicago in November, 1915, by companies insuring growing crops from damage by hail. Its purposes are to

harmonize and standardize underwriting methods and practices. Walter C. Leach was elected president, and R. H. Purcell, Liverpool and London and Globe, secretary and treasurer. The present officers, elected in November, 1917, are: President, Walter C. Leach, Minneapolis Fire and Marine; vice-president, Walter D. Williams, Security Fire; secretary and treasurer, R. H. Purcell, Liverpool and London and Globe; executive committee, George H. Bell, National Fire; J. C. Ingram, German-American; C. A. Ludlum, Home; Fred A. Spooner, Connecticut Fire; W. A. Gordon, Twin City Fire; and the officers.

WESTERN IMPROVED RISK ASSOCIATION, Chicago, Ill. Organized 1915. The present officers, elected in November, 1917, are: President, J. W. Cochran, Fire Association; vice-president, J. C. Corbet, Northern of London; secretary and treasurer, J. L. Braddock, Insurance Company of North America; executive committee, W. H. Lininger, Springfield Fire and Marine; John G. Thomas, Fidelity-Phenix; Walter E. Miller, German-American, and W. F. Robertson, Liverpool and London and Globe, and the officers. The association in 1918 adopted the title "Underwriters Service Association."

WESTERN INSURANCE BUREAU was organized in April, 1910, and is an organization of companies doing business in the western field which were not affiliated with the Western Union. E. G. Halle was the first chairman, and G. H. Batchelder, secretary. The present officers, elected in May, 1918, are: A. D. Baker, Michigan Commercial, chairman: Walter D. Williams, vice-chairman; Charles L. Hecox, Ohio Farmers', treasurer; Benjamin Auerbach, secretary; M. A. Scholbe, manager.

The following is the membership roll: