INSURANCE SHARED ON BURNT WOOL

Grey River Argus, 5 November 1949, Page 8

INSURANCE SHARED ON BURNT WOOL

AUCKLAND, Nov. 4 The general manager of the South British Insurance Co., Ltd., Mr C. J. Rogers, in reply to a statement by Mr P. Kearins, Labour M.P., for Waimarino, in an address at Wairakei, denied that the State Fire Insurance Office had to take the whole liability of the wool stored at Rongotai in New Zealand’s biggest loss from fire because private insurance companies had refused to take a share in the insurance. He said the insui’ance was *m behalf of the New Zealand Wool Disposal Commission and was effected with the State Fire and Accident Insurance Co. By arrangement the private insurance companies—members of the Council of Fire and Accident Underwriters’ Associations of New Zealand —reinsured the State Office, and the amount of the claim paid by these private insurance companies as their share of the loss was £284,469.