EARTHQUAKE INSURANCE

Wanganui Chronicle, Volume 77, Issue 158, 6 July 1934, Page 6

EARTHQUAKE INSURANCE

ME. W. E BARNARD S BILL. OLD CLAUSES RESURRECTED. [ Per Tress Association. 1 WELLINGTON, July 5. Mr. W. E. Barnard (Napier), in the House this afternoon, moved the intro duction of the Earthquake Proteetior Bihl and explained that the object wa? to provide a fund to meet, at least ir part, property looses which might arise from earthquake. The Government some time ago. introduced a Bill providing payment of Is 6d per cent, or fire insurances, but that provision was dropped largely because of oppositior of Reform members. He made thf dropped clauses largely the basis o: his Bill. Practically the whole of Net; Zealand, except perhaps the Nortl Auckland Peninsula, was subject t( earthquakes. Therefore, all parts oi the Dominion should bear a share ir building up a fund. He estimated rhai £200,000 would be provided each year and that would be the beginning of fund which would be readily available to meet fihe whole -or part of earth quake losses affecting property whicl the Dominion might have in the future He thought the present year was par ticularly opportune to start a fund, a: fire premiums were reduced 25 per cent An alternative would be to require th( insurance companies to carry earth quake risk in the ordinary way of in surance business, but that was < matter for consideration of the Gov ernment rather than the ordinary mem bar. The Bill was read a first time.