« PreviousContinue »
Cyclopedia of Insurance
Established in 1891 by H. R. HAYDEN
Copyrighted 1918 by
R. B. CAVERLY
R. B. CAVERLY, PUBLISHER
LIFE, CASUALTY AND SURETY SECTION
. . . . . . . . . 431
BIOGRAPHICAL SKETCHES.. . 459
Annual Cyclopedia of Insurance.
AACHEN AND MUNICH FIRE INSURANCE COMPANY of Aix-la-Chapelle, Germany. The company was required to cease business in 1917 under provisions of “Trading with the Enemy" act, and in May, 1918, its United States business was reinsured in the Tokio Marine and Fire Insurance Company, Tokio, Japan.
ABANDONMENT. In marine insurance the relinquishment of an insured ship or cargo to the underwriters when the same is damaged and the claim is for a total loss. There is no abandonment in fire underwriting.
• ABEILLE FIRE INSURANCE COMPANY, Paris, France. Starkweather & Shepley, Inc., United States managers. Geo. L. Shepley, president; Emil G. Pieper, superintendent of agencies.
ABINGTON MUTUAL FIRE INSURANCE COMPANY, Abington, Mass. Incorporated 1856; began business 1857. Isaac C. Howland, president; Edgar H. Thompson, vice-president; Alfred H. Nash, secretary and treasurer.
ADJUSTER. The business of an adjuster as known in American fire insurance is to examine into losses and settle upon the amounts due. He is a regular employee of the company, usually, although there are some independent adjusters who work for any company employing them, temporarily, or on particular losses. In most cases, also, the adjuster acts as appraiser except where an official or technical appraisement is to be had. The General Adjustment Bureau was organized in 1905 to have charge of adjustments throughout the eastern district of the United States. It is an incorporated body. Similar bureaus have been organized in other sections of the country, and as a rule have been a success. The National Board of Fire Underwriters in 1912 appointed a committee on adjustments, which was charged particularly with the work of preparing a system for adjusting large conflagration losses. While there are still individual and independent adjusters much of the work of adjusting losses, except small losses, is done through the bureaus.
ADJUSTMENT. In fire insurance practice in the United States this work covers the act of the adjuster in settling a loss as well as its apportionment between different insurers. The latter is sometimes difficult and puzzling in the case of non-concurrent policies. See Non-Concurrent Policies – Apportionment.)