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CONTENTS

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Classification of insurers, 63. Stock companies,

63. Local assessment mutuals, 65. State mu-

tuals, 68. Deposit premium companies, 69.

Factory mutuals, 69. Ordinary premium mu-

tuals, 71. “Reciprocal” or “ inter-insurer”

associations, 71. Non-assessable mutuals, 72.

Ship owners' mutual associations or clubs, 72.

Lloyd's of London, 74. American Lloyd's asso-

ciations, 78. Self-insurance, 79.

81-96

VI. AGENCY AND BROKERAGE

Importance of agency in fire insurance, 81.

Method of reporting business written, 82. The

daily report, 83. Statutory regulation of agents,

84. Powers and liabilities of the agent, 86.

Agent's apparent powers coextensive with those

of his principal, 86. Liability of company for

the acts of sub-agents and employees of the

agent, 86. Legal effect of agent's opinions on

the meaning of policy provisions, 87. Personal

liability of the agent for misconduct to his

principal, 87. An agent may not act as such

for two parties in the same transaction, 88.

Waiver provision in the standard fire policy, 88.

Brokers distinguished from agents, 91. Defini-

tion and licensing of brokers, 91. Services of

the broker, 92. Legal status of the broker, 94.

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149-157

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158-177

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178-191

Excess rein-

surance, 188. Reinsurance covering excess loss,

188. Application of the reinsurance contract to

the original insured, 189. State regulations

pertaining to reinsurance, 189.

1', 187.

XIV. POLICY ENDORSEMENTS IN FIRE INSURANCE .

Standard policy not adapted to meet all kinds

of circumstances, 192. Forms or clauses descrip-

tive of the property or interest insured, 193.

Clauses describing the property, 193. Clauses

describing the insured's interest, 194. Clauses

permitting changes in the location of the prop-

erty, 195.

Clauses allowing an adjustment in

the insurance coverage, 195. Clauses extending

the insurance coverage,

195. Endorsements

limiting or distributing the indemnity, 196.

Endorsements decreasing the hazard, 196. Per-

mits, mostly suggested by the policy, which in-

crease the hazard, 198.

XV. USE AND OCCUPANCY, PROFITS, AND RENT IN-

SURANCE

The standard fire policy incomplete in its cov-

erage against loss by fire, 202. Use and occu-

pancy insurance, 203. Meaning and application

of use and occupancy insurance, 203. Items

usually constituting the value of use and occu-

pancy, 206. Policy definition of buildings,

machinery and equipment, 206. Company's

liability under use and occupancy insurance, 207.

Other leading provisions and endorsements, 208.

Profits and commissions insurance, 210. Lead-

ing differences between profits insurance and

use and occupancy insurance, 210. Nature of

the protection under profits insurance, 210.

Nature of the protection under commissions

insurance, 210. Policy provisions under profits

and commissions insurance, 211. Rent, rental

value, and leasehold insurance, 213. Nature of

service performed by rent insurance, 213. Mean.

ing of the several types of rent coverage, 214.

Leasehold insurance, 214. Ground rent insur-

ance, 215.

Different degrees of coverage ob-

tainable under rent and rental value insurance,

216.

217-230

The reserve defined, 217. Real purpose of the

reserve, 218. Legislative and state depart-

mental requirements for a reserve, 219. Ascer-

tainment of the reserve on the yearly basis,

220. Abstract of a company's financial report,

221. State insurance department's recapitula-

tion of fire risks and premiums, 222. Computa-

tion of the reserve by months, instead of by

years, 228.

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