EARTHQUAKE LOSSES.
INSURANCE NEGOTIATIONS. £200,000,000 CLAIMED IN TOKIO A. and N.Z. TOKIO. Nov. 6. The insurance problem in connection with the earthquake losses is still unsettled. The Osaka companies have been holding out, but it is reported that only one company now stands in the way of settlement.
In Tokio alone the losses on property covered by general insurance policies are estimated at £200,000,000, but almost all these policies have reservation clauses against earthquakes and fires following earthquakes, such events coming under a general heading of "acts of God."
Branches of 28 foreign companies have been instructed that their head offices cannot recognise contractual liability for d.unages, nor make any payment whatever apart from the terms of the policies.
Public opinion, however, has risen so high in favour of those insured that most Japanese companies have announced their willingness to make as much sacrifice as their funds will permit, provided such course will not endanger their business, and the Government will assist them to continue, operations.
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New Zealand Herald, Volume LX, Issue 18551, 8 November 1923, Page 9
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166EARTHQUAKE LOSSES. New Zealand Herald, Volume LX, Issue 18551, 8 November 1923, Page 9
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