PROFIT FROM FIRES.

New Zealand Herald, Volume LXV, Issue 20112, 24 November 1928, Page 14

PROFIT FROM FIRES.

UNSCRUPULOUS INDIVIDUALS "PRACTICE NOT UNCOMMON." INQUESTS PROPOSED AS CHECK. [DV TELEG UArit. —OWN COUKESI'ONDENT.] DUNEDIN b'ridaj "It is not uncommon for unscrupulous or debt-laden persons to turn combustible assets into money through the convenient medium of a quickly convertible fire insurance uolicy," said Mr. John Moloney, chairman of directors of the National Insurance Company, in his address to tho annual meeting of shareholders to-day. "Besides, in rhis country, where fire insurant*- rates are so low over-insurance is not unknown," added Mr Moloney. "Increased premium rates and inquests concerning all fires should help to check selfish and criminal form of destruction. In regard to tho wilful burning of motor-cars, it is stated that this 'industry' seems to have developed into a regular 'business

"The chairmen of other New Zealand insurance companies have recently commented on the enormous fire waste in the Dominion and although the insurance companies are called upon to pay tho losses it is, nevertheless, an economic loss to the community and a waste of wealth that should givo our Government food for thought."