WAR DAMAGE

Bay of Plenty Beacon, Volume 4, Issue 164, 6 October 1941, Page 3

WAR DAMAGE

PROPERTY LOSS

BILL INTRODUCED

The War Damage Bill, introduced in the House of Representatives makes xjrovision for insurance of property against loss either through enemy action or necessary action by the authorities for defence purposes. It empowers the constitution of a War Damage Commission to administer the insurance scheme, its members comprising the Minister of Finance, who will be chairman, the Secretary to the Treasury, and four other members nominated by the Governor-General.

The Commission will administer a War Damage Fund, which will be created from premiums paid to the Commission, and it is stated in the Bill that where after the commencement of the Act any property is ill-

sured to any amount under any contract of fire insurance made in New Zealand with an insurance company the property shall at all times during the war period be insured against war damage. The Bill provides machiner3 r ! under which the war damage premium will be collected by insurance companies holding the fire policy, and power is given to mal<c regulations prescribing the rates of premiums.

In addition the War Damage Commission is empowered to insure property against w T ar damage to the extent that it is now insured against Are, and it may also insure manufacturers of munitions against third party risks.

Power is given for the establishment of Adjustment Courts to adjust liabilities in the case of war damage claims.