Insurance Conference.

Ashburton Guardian, Volume XXII, Issue 6485, 2 February 1905, Page 1

Insurance Conference.

A NEW TAEIPF ADOPTED. fnited Press Association- By Electric Telegraph. "Wellington, Jan. 31 Though the members of the Insurance Conference which has been sitting in Wellington lately decline to give any information as to the proceedings, it is known that a new tariff was adopted. It will probably be found that this involves a very substantial reduction in rates. This reduction will brie g the rates except for certain hazardous risks to a level considerably below those of the State Fire Insurance Department. Under the tariff •which has now been abolished risks were grouped under certain letters; for example, W. included churches, offices, and dwellings, X manufactory, V retail shops, and Z hotels, warehouses, etc. In each of these classes it is understood that substantial reductions in rates are to be made. On the other hand, where it is considered that a distinct fire hazard, exists, as in closely built blocks in cities and country towns, a committee of the Underwriters' Association will from time to time rate accordingly. It is thought that in respect of these risks there will be an increase upon the late tariff almost immediately. Wellington, Feb. I It is understood that some of the conclusions arrived at are that in what is termed " W " risks, tariffs are reduced by 33-s per cent, and that the basis of rates under "X," " V," and " Z " schedules in all tariffs will be reduced by 10 per cent. Risks coming under " special higher rates " remain as they are, and will be not subject to any discount or reduction pending the issue of revised rates by the Committee of the Council. It is further stated that a reduction of 10 per cent is to be made on all present " schedule rates." It is also said that a minimum premium of 5s in the present tariff and the fee at present charged for registering the transfer of nterest in policies is to be abolished.