State Fire Insurance.

Opunake Times, Volume V, Issue 193, 10 July 1896, Page 2

State Fire Insurance.

Wellington, July 6.

The 'Ministerial scheme for State Fire Insurance, which the Premier has introduced, creates under Part I. a separate fire insurance department. In order to provide capital for the business, the Governor-in-Council is to be empowered to raise loans within the colony from time to time, not exceding in the aggregate £250,000 surplus. The profits of the business are to be applied in the creaation of a reserves fund, and the payment of bonuses to insurers. The second part of the Aot dealing with compulsory insurance of buildings and fire brigades is proposed to be permissive, and may be adopted by a poll of ratepayers. In the event of a quantity of ratepayers voting for the adoption of the Fire Act an insurance roll is to be prepared in the borough or county showing the value of every building, its owner, conditions, and classification as to its risks. Forthwith on the roll coming into force every building in the distriot shall be deemed to be insured up to the full insurable value in the Government office, except such as are already insured elsewhere, but the latter must come into the Government office, as soon as the existing premium expires. Half yearly premiums are to be payable in advance, and till fully paid are to be first charge on the property. Although insurance is to be compulsory, the manager of a Government office may decline to insure any building he thinks fit. A fire fund is to be created one half of necessary amount being created from the council's fuuds, and one-half by all fire insurance companies carrying on business in the colony in proportion to the amount of premiums paid by each.