EARTHQUAKE DAMAGE.

Star (Christchurch), Issue 17190, 6 November 1923, Page 10 (Supplement)

EARTHQUAKE DAMAGE.

THE INSURANCE QUESTION. By Telegraph—Press Association —Copyright Special to Press Association. (Received November 7, 10.45 a.m.) TOKIO, November 5. The insurance problem is still un settled. The Osaka companies have been holding out. but it is now reported that only one company stands in tho way of settlement. In Tokio alone, the losses on property covered by general insurance policies are £200.000.000, but almost all these policies have reservation clauses against earthquakes and fires following earthquakes and such events under the heading of “ Acts of God.” Branches of twenty-eight foreign companies have been instructed that the head offices cannot recognise the contractual liability for damages nor can they make any payment whatever apart from the terms of the policies. Public opinion, however, lias risen so high in favour of those insured, that most of the Japanese companies have announced their willingness to make as much sacrifice as their funds will permit, provided such a cour.se will not endanger their business and the Government will assist them to continue operations.