EARTHQUAKE FUND CONTINUES TO CLIMB

Evening Star, Issue 26155, 17 July 1947, Page 5

EARTHQUAKE FUND CONTINUES TO CLIMB

(Special.) WELLINGTON, July 15. The Earthquake and War Damage Commission’s funds now total £5,328,000, and the 134 claims paid last year involved an expenditure of £1,779. Surpluses are being invested overseas, and £937,500 has already been placed in Imperial stock. Misunderstandings of the limited cover provided by the fund are explained in .the commission’s anual report tabled in the House of Representatives. “ Claims are made for damage caused by natural forces other than earthquakes.” states the report. “ While there is every sympathy for sufferers whose claims have to be disallowed, neither the rate charged nor the state of the fund would permit of any enlargement of the liability. Earthquakes are by far the most serious cause of a possible calamity to which the Dominion is exposed.” Claims for earthquake damage were received from places as widely dispersed as Gisborne and Dunedin. Careful expert examination, it is stated,_ revealed In a number of cases that either the damage occurred at some, period before the operation of the scheme, or that the amount of the damage was less than the franchise provided under the regulations. A visit to London by the commission’s deputy-chairman to discuss with overseas insurers a f.cheme of reinsurance resulted, it is stated, in some progress. but not sufficient to warrant agreement with the commission.