Profits by Fire Consequential Loss," London, 1912, C. & E. Layton) is vastly more flexible, equitable, and attractive. Under that method the applicant indicates whether he wishes to insure net profits only, or fixed charges only, or the two together under the general name of profits, and whether the basis or standard for measuring the loss is to be the turnover," measured in money, or the output," measured in quantity of goods produced. Then, for instance, if profits plus fixed charges are to be insured, and turnover is to be the standard, he is given insurance for the amount he declares his net profits plus fixed charges for a year would represent, and on the occurrence of a loss the actual annual turnover is ascertained, along with the percentage which net profits plus fixed charges have constituted of that turnover, and this percentage is applied to the reduction or loss of turnover due to the interruption by fire, thus giving the profit loss pure and simple, to which will be added the items constituting the increased cost of "working" necessarily incurred in continuing the business. Several necessary safeguards are introduced into the contract, so that, for instance, if fixed charges were not, in fact, continued after the occurrence of the fire, a corresponding deduction would be made from the amount of the adjustment. Under the English practice the period of liability as distinguished from the term of the policy is limited to a definite number of months following the fire, usually, though not always, less than a year. If in a given case it were longer than a year, instead of taking the annual turnover as the basis or standard of adjustment, the turnover for the longer period of liability is used, while, if the period of liability is a year or less, the standard or basis of adjustment is the annual turnover only. Usually, an audit is made once a month after the occurrence of the fire, until the full restoration of productivity, and monthly payments on account are made by the underwriters, though of course the ascertainment of the basis of entire adjustment, namely, the volume of the annual turnover and the percentage of that turnover represented by profits, is made immediately after the loss occurs. A number of minor checks, balances, and safeguards are introduced into the system, but this synopsis will sufficiently indicate the general character of the English handling of this subject and its manifest superiority to the practice in common use in the United States.

UTAH HOME FIRE INSURANCE COMPANY, Salt Lake City, Utah. Organized 1886; capital, $300,000. Heber J. Grant, president; George Romney and H. G. Whitney, vice-presidents; Geo. J. Cannon, secretary; A. L. Macdonald and B. F. Willis, assistant secretaries; Edgar S. Hills, treasurer.

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.

VERMONT ASSOCIATION OF LOCAL INSURANCE 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 March 1919, are: President, S. S. Watson, St. Albans; vice-president, George M. Clay; second vice-president, H. M. McFarland; secretary, E. S. Walker, Bellows Falls; treasurer, E. S. Leonard, Bellows Falls.

COMPANY,

VERMONT MUTUAL FIRE INSURANCE 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, 1918, are; President, Rufus Parks, Norfolk; vice-president, Taylor Twyman, Charlottsville; second vice-president, Thomas Rutherford, Roanoke; secretary and treasurer, A. L. Richardson, Richmond.

VIRGINIA FIRE AND MARINE INSURANCE COMPANY, Richmond, Va. Organized 1832; capital, $250,000. Wm. H. Palmer, 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. Hill, 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 secretary; 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. 89 Fulton

Street.

W

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, Caledonian, British America, Insurance Company of the State of Pennsylvania, People's National, Detroit National, Caledonian-American, American Underwriters, Royal Indemnity Co., 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, 23 William Street, New York, N. Y.

WASHINGTON

MARINE INSURANCE COMPANY, New York, N. Y. Organized 1918; capital, paid-in, $200,000. George (. Jones, president; Jesse Spier, vice-president; Lyman B. Whitaker, secretary; M. L. Heide, treasurer; N. G. Soter, assistant secretary.

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 June, 1919, are: President, Walter Merryweather, Spokane; vice-president, A. W. Calder, Vancouver; secretary and treasurer, J. C. Reynolds, Spokane; executive committee, Roland Gamwell, Bellingham; J. W. Jones, Puyallup; John F. Lyon, Tacoma; W. F. Bridgford, Yakima.

WESTCHESTER FIRE INSURANCE COMPANY of New York, 100 William Street. Capital $1,000,000. Otto E. Schaefer, president; Harry H. Clutia, vice-president and treasurer; C. B. G. Gaillard, secretary; George B. Crawford, assistant secretary; Allison B. Roome, assistant secretary; George R. Crawford, chairman, board of directors.

WESTERN ALLIANCE INSURANCE COMPANY, Chicago, Ill. Organized 1918; capital $300,000. A. A. McKinley, president; I. W. Rockey, underwriting manager.

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-presi

dent, 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; Cecil S. Wainwright, secretary.

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, 1919 are: President, Fred J. Sauter, F. J. Sauter & Co.; vice-president, Louie A. Lent, Cincinnati; secretary, Paul Fry; treasurer, George H. Batchelder, Pennsylvania; executive committee, John F. Stafford, London and Lancashire; J. C. Harding, Springfield; Geo. H. Bell, National; John A. Gallagher, Aetna; J. D. Vail, Hartford; R. H. Purcell, Liverpool and London and Globe; Ralph Rawlings, Boston; W. J. Faymonville, Fireman's Fund;Walter E. Miller, Great American.

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).

Ad

WESTERN FACTORY INSURANCE ASSOCIATION. dress, 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, 1919, when the following officers were elected: President, C. R. Tuttle, Insurance Company of North America; vice-president, John Marshall, Fireman's Fund; secretary and treasurer, C. R. Street, Fidelity-Phenix.

The following is the membership list:

Ætna, 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.