MEAT LOSS AT WAIROA

Poverty Bay Herald, Volume LV, Issue 17527, 23 July 1931, Page 12

MEAT LOSS AT WAIROA

PAYMENT OF INSURANCE BASIS OB SETTLEMENT A statement of importance to owners of frozen meat was made by Air. J. S. Jessep, chairman of the Wairoa Fanners Co-operative AI eat. Co., Ltd., to the directors and shareholders this week. The Wairoa freezing works were destroyed by lire on February 5. At the time of the lire the works contained 47,000 carcases of meat. The great bulk of this was the property of farmers of the district, and was insured by the Wairoa Aleut Co. on behalf of their clients with Lloyd’s, London. Immediately after the lire the company cabled Lloyd’s, notifying them of the loss, ami at the same time suggesting that in view of the economic conditions and drought, and the earthquake disaster, and the fact that the great btilk of the meal was owned bv farmers, prompt settlement would be very much appreciated. The Commonwealth and Dominion Line, agents for Lloyd’s in Wellington, immediately sent Air. Hutchinson, their assessor, and an assessment was made of the loss, with the result that within 10 days of the fire 7fi per cent, of (he assessment, was cabled out by Lloyd's to the Wairoa Farmers’ Co-operative Meat (V for ill; I Dilution to clients whose moat bad bce i insured. Complete papers were then forwarded to London and final payment b is now been ’■eeeived in full.

I lie basis of selllement was the c.i.f. value of the meat at the lime of the loss, based on Smithfield values.