INSURANCE AND AVERAGE.

Lyttelton Times, Volume XVI, Issue 908, 24 July 1861, Page 3

INSURANCE AND AVERAGE.

lo the Editor of the Lytteltoh Times. biK,—My attention has been called to an article in your number of the 13th instant, reprinted from the ' Wanganui Chronicle,' which, after giving some details of a disputed question of fire insurance, concludes by drawing the. attention of the holders of policies to the case, and by warning them to take care • that they are not paying premiums for a mere fancied benefits.' As this applies equally tt> all companies, I deem it due to the company which I represent to trouble you with a few brief observations. First,—When the terms of a policy have been fairly complied with, and no suspicion of fraud exists, I am instructed to pay at once, without reference to any one, the amount insured, or as the case may be, that of the loss sustained. Second.—When a loss has been sustained, the claim of the -.assured, supported by such vouchers as circumstances may permit, is tobe sent in. I am then t.q engage, on the behalf and at the expense of the company, the services of competent professional persons,- conversant with- the nature and value of the property in question, who are to be furnished with a copy of the policy; arid who: are tofurnish me with an estimate.in writing of the amount1 of loss or damage under the policy. Should difference of opinion exist, a reference is to be made to arbiters, one to be chosen by the agent and the other by the assured, whose decision, or that of an umpire to be chosen by them, shall be final. Third.—Average does not apply to a policy of the Northern Assurance Company, unless it contains the 'average clause,'.excepting only in the case in which the same property is insured witli another company and by its policy subjected to average. Trusting that the great public interests involved in this question will plead my excuse for trespassing at such length on your valuable space. , I am, Sir, your very obedient servant, FRED. THOMPSON, v ...,.;. Agent for Canterbury. Northern Assurance Company, Christchurch, July 26, 1861.