UNUSUAL POLICY
SERVICE TO SUPPLIERS An unusual public liability policy has been issued by Lloyd’s London underwriters covering suppliers of the Te Awamutu Co-operative Dairy Company Limited against any claims which may be made in connection with cream stands erected at farmgates. It is conceivable that some vehicle or person may come into collision with these stands, and if so the farmer is protected in case of a claim for damages. This risk was accepted by a syndicate of thirty-eight London underwriters who solemnly agreed each to find a thirty-eighth of the liability, providing that in no single case the claim would exceed £250, and that there should not be more than four claims for this amount in any one year.
It is difficult to know by what process of calculation the underwriters arrived at the premium, which amounts to the modest sum of three pence per supplier per annum. Not to be outdone in generosity, the Dairy Company agreed to pay the whole of the premium without calling on suppiers for the three pence.
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Bibliographic details
Te Awamutu Courier, Volume 66, Issue 5597, 26 March 1943, Page 2
Word Count
175UNUSUAL POLICY Te Awamutu Courier, Volume 66, Issue 5597, 26 March 1943, Page 2
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