9
THE CHICAGO BANKER
July !8, 1008]
Wisconsin Insurance Department a Success
pany to refuse payment of a loss, if they should be so disposed. The fact that not two of the fifteen or more companies issue the same form of burglary policy should, of itself, warrant us in seeking a standard form of bank burglary policy.
Although our association company has amended its policy in several particulars at the request of our association, until we are to-day issuing the only form of policy which fully protects a bank in case of any error in description of safe and vault equipment (and very few of us are safe experts enough to warrant our description of equipment as other policies demand)—yet there are other amendments to which we are entitled and which we are requesting of our company, and which we have assurance will be granted if we can assure them of the co-operation and patronage of a reasonable percentage of our members. To secure an amended form of policy, should be the next step by our association, and if we cannot secure it from our company, we should look elsewhere, even though we have to appeal to the legislature for a standard form of policy. If our association company will give it to us we may feel from past experience as to reduced rates, all other companies will follow our lead. Could we secure a copyright upon a form of policy we might secure the business of 75 per cent of the banks of Wisconsin. Although the gain of ioo per cent in this year’s business over last would indicate an increased interest in our insurance department, there is no disputing the fact that we should have received more patronage when we consider the benefit we secured, in dollars and cents, for every bank in our state.
That good book, with which all good bankers are familiar (I do not refer to the ready-interest-figuring book) informs us a certain king once prepared a feast for his subjects and invited them to come and partake of several
Geo. D. Bartlett at the Milwaukee Bankers Convention
Some of the advantages expected, and results received, from such a department are shown in the circulars distributed this morning.
New Form of Policy
That a new form of burglary policy would be an advantage to all is evident to any who will take the time to read the conditions of present policies from beginning to end, for they all contain enough technicalities to permit a com-
GEO. D. BARTLETT Stanley, Wis.
At the Thursday meeting of the Wisconsin bankers at Milwaukee interest centered in the entertaining report of the year’s work of the insurance department of the association. Wisconsin has been a pioneer in this field and has many imitators to the great benefit of member banks everywhere. Mr. Bartlett said in part:
From the itemized reports of the insurance department submitted semiannually to our executive council, the following figures compare the business written this year with that of the preceding year, to wit: burglary insurance written ”last year, $278,500; this year, $554,-000; fidelity bonds written last year, $3x4,500; this year, $579,000; making total business placed last year, $593,000; this year, $1,133,-500. Total premiums collected last year $1,587.31; this year $3,349.43.
A list of the banks which have patronized the department is placed in your hands to-day and shows 105 banks of our state have favored us prior to July 1st. This gain of more than 100 per cent over the business of last year is an evidence of the increased interest in our association work and that an insurance department is being considered desirable for bankers associations as well as in associations of various manufacturers and professions is evidenced by the fact that bankers associations have organized and are preparing to operate similar insurance departments in the states of Arkansas, Arizona, Alabama, Indiana, Iowa, Kansas, Minnesota, Nebraska, New Jersey, New York, North Dakota, Ohio, Oklahoma, South Carolina, Tennessee, Texas, and our own state of Wisconsin, while Illinois and other states will doubtless follow suit during this year.
Very little other evidence that this is needed to prove that our association took an advance step two years ago when our insurance department was inaugurated.