Detroit Free Press (Detroit, MI), 6 Oct, 1883
- Full Text
THE WRECKERS OF THE LAKE HULL POOL
An interesting point is said to have been reached in lake marine underwriting out at Buffalo. As the Chronicle duly mentioned early in the spring, when lake navigation began for the season, the association known as the "Lake Hull Pool," which had been in successful operation for ten years or more, had been broken up by the opposition of a local firm. The pool of 1882, we believe, was composed of the Aetna, Boston Marine, Shoe and Leather, Western, of Toronto, Buffalo, Fireman's Trust, United States, Continental, Union of Philadelphia, State of Pennsylvania and several other companies. According to reliable reports the pool worked satisfactorily to all concerned. Its rates were base on five percent for strictly A1 vessels, the experience of many years having demonstrated the cost of insuring this class of vessels to be fully four and one half per cent. The pool took about $408,000 in premiums and the net result was a profit of about $100,000, which was divided pro rata among the members of the pool. Notwithstanding that the owners of vessels were willing to pay five per cent for their insurance, a Buffalo insurance firm, known as Crosby & Dimick, began writing lake marine risks at sixty per cent of the 1882 rate in April last and have had a real jolly time since in "scooping" their neighbors. Crosby & Dimick are agents for the Continental, the Union, the State of Pennsylvania and the Thames and Mersey - known in Buffalo as the "Big Four" - and by their bolt have succeeded in procuring three-fourths of the business for the companies named. The interesting point which now has been reached by the "Big Four" is that, if October and November produce an average number of losses, they will be jointly about $100,000 out on the season's business. It is a jolly thing to break pools, but it is also sometimes expensive. - [New York Chronicle.
- Media Type:
- Item Type:
- 1883 turned out to be the most destructive year in lake history, in terms of numbers of losses, with over a hundred major accidents or losses in October and November alone.
- Date of Original:
- 6 Oct, 1883
- Local identifier:
- Language of Item:
- Dave Swayze
- Copyright Statement:
- Public domain: Copyright has expired according to the applicable Canadian or American laws. No restrictions on use.
Maritime History of the Great Lakes