FIRE INSURANCE

Press, Volume LXXXIII, Issue 25364, 11 December 1947, Page 4

FIRE INSURANCE

Sir,—A question to the powers that be who hold, I think, £3,000,000 of the fire policy premiums collected during the war, and are still collecting Is a £lOO for national calamity insurance: Are they going to use some of this money for the latest calamity irrespective of public donations?—Yours, etc., POLICYHOLDER. November 24, 1847. ' IMr A. H. Nordmeyer, tor the Minister of Finance, commented on this letter as follows; “It would appear that your correspondent is not aware of the correct position in regard to the matters he mentions. The War Damage Regulations, 1941, provided that as from December 19, 1941, voluntary insurance against war damage could be obtained at a premium of 5s per cent.; and as from March 1 T 1942. this became compulsory in respect of Are insurance policies. In other words, if a policy-holder effected insurance against fire ‘over his properly he, at the same time for a premium of 5s per cent, insured the same property against war damage risks. As from March 1, 1944, the premium was reduced to is per cent, and the cover was extended to include damage arising out of earthquakes. Statutory provision for this is to be found in the F n a /. thq^ke . a 2 d y w Damage Act, 1944 The fund which is administered by the Earthquake and War Damage Commission is intended to cover property in New Zealand against damage done by earthquakes or by war damage only, and is in no sense a national calamity insurance fund."]