Standard Universal Schedule for Rating Mercantile Risks (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1902 Excerpt: ... grocery stock might be exposed by a dwelling house during one year and by a planing-mill during the next year, there would be, in so large a number of risks, compensating changes, and another grocery stock exposed by a planing-mill during the first year would be exposed by a dwelling during the second. The average fire cost per $100 of insurance on Grocery Stocks, therefore, while including the average exposure or environment hazard would, based upon a large experience, be an absolutely safe figure on which to estimate the relative susceptibility to damage feature, which has so much to do with rates. Moreover, the fire cost, including the average exposure, would be a perfectly safe figure for accepting or rejecting risks, especially as the underwriter has the opportunity of scrutinizing the exposure hazard of each risk as it comes up for insurance and of rejecting the more undesirable, if he cannot get a higher rate. CAN BE USED WITH ANY SYSTEM OP RATING AS WELL AS WITH THE UNIVERSAL MERCANTILE SCHEDULE. Being intended to measure, by the figure in the first column, the "ignitibility" and "combustibility" features of contents, and in the second column the third, "susceptibility" to damage, they can be added to a basis rate made by any other schedule for an unoccupied building, as well as to a basis or key rate computed by the U. M. S. These three features of a risk may be treated as the superstructure of a rate, the foundation of which would be a figure which recognizes construction, faults of management, environment, fire department, etc., etc, the resulting rate being higher or lower exactly according to the system of underlying unoccupied building rate and according to the estimate made of peculiar local facts or environmen...