Excerpt from Report of the Co-Insurance Committee to the Board of Fire Underwriters of the Pacific on Percentage Co-Insurance and the Relative Rates Chargeable Therefor, Also on the Cost of Conflagration Hazard of Large Cities, 1905
To the Executive Committee, Board of Fire Underwriters of the Pacific:
Gentlemen:
Your sub-Committee on the subject of Co-insurance being adopted for San Francisco beg to report:
After careful consideration of what has been written on the subject and all the data obtainable, they are of the opinion that up to the present time all the different rate reductions for co-insurance are arbitrary to a greater or less extent, and that until other statistics are utilized than heretofore, they will so continue.
As to cities and towns where sufficiently reliable data are obtainable as to losses and values, there is no reason why the value of the percentage co-insurance clause should not be ascertained within a small degree of exactness. Those who have given or who will give careful consideration to the question will find that nothing approaching facts regarding value of co-insurance can be learned without loss to value of property - that is the foundation stone; it has been claimed by some that loss to insurance is good enough, especially as any error on such a basis of calculation would result in favor of the insurance companies, but it is not wise to let non-co-operating companies have so wide a margin in their favor, and as the amount of insurance carried is a movable quantity at the will of the assured, it will readily be seen that facts cannot be learned therefrom; advocates of this plan argue that values of property as learned from proofs of loss are not altogether reliable; that as to individual losses is occasionally likely to be the case, but in a large number of losses under- and over-statements of values will adjust themselves very closely, and after everything that may be said against the reliability of such values of property, no better method of obtaining such values has been suggested.
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