This historic book may have numerous typos or missing text. Not indexed. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. 1876. Not illustrated. Excerpt: ... any man name the company and I will stand corrected. They all do it. They all do it (Laughter.) If, then, to save business regardless of rate or hazard, companies will waive every single right in favor of a mortgagee under a policy issued to a mortgagor, knowing well that the mortgagor may alienate the property, vacate the premises, occupy the same by extra or special hazard, or do anything, no matter how dangerous to the property, that he pleases, even to a willful destruction of the property itself, and the policy be a subsisting contract valid in the hands of the mortgagee, nevertheless, is it not plain that men of less recognized ability and occupying subordinate positions, aye, and even the companies themselves, should cease their senseless cavil about the necessities of a twothirds or a three-fourths clause? Here again, gentlemen, the remedy is in the hands of the companies themselves. Every officer of a company that permits this reprehensible practice knows and realizes the danger thereof. I see before me a gentleman who is an officer of a company, who smiles at these illustrations, and I venture to say here, if he will stand upon his feet and be honest, he will admit that ninety-nine out of every hundred companies consent to these sweeping waiver endorsements. The evil is recognized, and they know the remedy is in their hands. They can protect their contracts if they see fit, but they seem not to desire to do it. It is this reckless scramble for business, regardless of policy conditions or a paying average rate. The hungry greed for risks induces a waiver of all restraint as to the amount of insurance to be placed upon a risk, and begets this unprofessional practice of waiving all policy conditions. Now. I am told that there are two clauses, diffe...