Unlike other leading forms of insurance, credit insurance has not yet been used to an appreciable extent as a means of preventing loss. And yet the loss of several hundred million dollars of credit annually through insolvency shows that there is a field here in which credit insurance can render a very useful service. Credit insurance should have for its purpose not merely the payment of losses, but also the control of all accounts that have failed or are about to fail. Through its efficient organization the credit-insurance company could administer insolvent estates at a greatly reduced cost. It would be to its interest to prevent the heavy losses so frequently resulting from bankrupt sales by seeing that the stock of an insolvent concern is sold at the highest possible price. Its efficiency in handling doubtful accounts might also save many an embarrassed business from going under. And where the business fails, its prompt and intelligent action would certainly result in a reduction in loss as compared with the loss resulting from disconcerted action of creditors when acting individually. At present credit-insurance companies place the entire burden of proof of loss upon the insured. The policy expressly provides that the insured shall endeavor to obtain all amounts possible on covered insolvent accounts, and shall use due diligence in the filing of claims with referees in bankruptcy, receivers, assignees, or other proper officers for the purpose of having such claims allowed. Because of this provision and also because of the further provision in the policy that proofs of claim must be furnished to the company "within thirty days after the expiration of this contract, otherwise there shall be no liability under this contract," it is sometimes impossible for the policy-holder to obtain proof as required. In contrast to this method, one company, The London Guarantee and Accident Company, has recently introduced into its policy an agreement which it terms the "Guaran teed collection service." Under the definition of "insolvency, "this company considers as proven any loss on any account covered by the limits of the policy which is not collected by the salvage department within a specified time after it has been placed for collection. This time is usually limited to sixty days. The salvage department will also take accounts which are not covered by the terms of the policy; that is to say, the company is willing that the policy-holders should use its service on all occasions. For this collection service, the usual collection fees are charged. In this way the insurance company offers cooperation and protection to the policy-holder before an account is actually lost, and prevents the insured's losses from exceeding the initial loss, thus protecting itself from the payment of claims. On the other hand, it may prevent the losses from reaching the initial loss, thus benefiting the policy-holder. By reducing the initial loss, there would in due course of time also result a decrease in the size of the policy required and the premium charged. 66 BIBLIOGRAPHY ON PROPERTY INSURANCE I. FIRE INSURANCE NOTE.-The bibliography on fire insurance is very extensive. A number of important bibliographies exist. Two of these deserve especial mention, namely: the Catalogue of Standard Insurance Publications, 1910," issued by the Spectator Company of New York City, including the publications of Charles and Edward Layton, of London, as well as the works of other publishers, American and Foreign; and, secondly, the bibliography and bulletins issued by the Insurance Library Association of Boston. 1. General Works CAMPBELL, A. C., Insurance and Crime. New York: G. P. Putnam's Sons, 1902. DANIELS, W. H., Apportionment of Loss and Contribution of Compound Insurance. Indianapolis: Rough Notes Co., 1909. DARRACH, HENRY, The Standard Fire-Insurance Policy. Philadelphia, 1905. DEAN, A. F., Analytic System for the Measurement of Relative Fire Hazard (Mercantile Classes). Chicago: A. F. Dean, 1906. Fire Rating as a Science. Chicago: J. M. Murphy, 1901. DEAN, WOODARD, Fire Insurance Under the Searchlight. Devoted exclusively to the interests of policy-holders. Chicago: W. Dean, 1897. DEITCH, G. A., Standard Fire Policy. Indianapolis: Rough Notes Co., 1909. Fire and Miscellaneous Insurance (in Yale Insurance Lectures, 1903-04. Vol. 2). Yale Alumni Weekly. Fire Prevention and Protection. New York: Spectator Company, 1904. FOWLER, J. A., History of Insurance in Philadelphia for Two Centuries, 1683-1882. Philadelphia: Review Publishing & Printing Co., 1888. FREITAG, JOSEPH KENDALL, The Fireproofing of Steel Buildings. New York: John Wiley & Sons, 1909. FRICKE, Wm. A., Text-book of Insurance, Compilation of Addresses at National Convention of Insurance Commissioners, 1898. GRISWOLD, J., Fire Insurance Agent's Text Book, an annotated dictionary of the terms and technical phrases in use among fire underwriters. Montreal: 1888. HALL, T. On Insurance Adjustments. Indianapolis: Rough Notes Co., 1907. HESS, H. M., Philosophy and Methods of Operation of the Analytic System for Measurement of Relative Fire Hazard (Mercantile Classes). Chicago: H. M. Hess, 1909. HORE, WM. H., Remarks on the Apportionment of Fire Losses. London: Charles and Edward Layton. How to Sell More Fire Insurance—67 Business-Getting Plans Used and Proved by 38 Agents. New York, Chicago: The System Co., 1909. Insurance. Philadelphia: American Academy of Political and Social Science, September, 1905. Insurance and Commercial Organization. Philadelphia: Ameri can Academy of Political and Social Science, 1904. KITCHIN, F. HARCOURT, The Principles and Practice of Fire Insurance. London: E. Wilson, 1904. MILNES, THOMAS J., Fire Loss Settlements, and the Conditions of Fire Insurance Policies. London: Charles and Edwin Lawton, 1910. MOORE, F. C., Fire Insurance and How to Build. New York: Baker & Taylor Co., 1903. Standard Universal Schedule for Rating Mercantile Risks, 1902. WILLETT, A. H., Economic Theory of Risk and Insurance (Columbia University Studies in History, Economics, and Public Law, Vol. 14, No. 2). New York, 1901. (Also Macmillan & Co., New York, 1901.) WILSON, A. J., The Business of Insurance. London, 1904. YOUNG, T. E., "Insurance." Chapter 12-Fire Insurance. Chapters 13 and 14-Marine Insurance. London, 1903. YOUNG, T. E., and MASTERS, R., Insurance Office Organization, Management, and Accounts. New York: Isaac Pitman & Sons, 1904. ZARTMAN, L. W., Yale Readings in Insurance. New Haven: Yale University Press, 1909. 2. Treatises on Insurance Law BATES, CLEMENT, Digest of Fire Insurance Decisions (2 vols.). New York: 3d Edition, 1882. BEACH, C. F., Jr., Commentaries on the Law of Insurance in all its forms (2 vols.). New York: Houghton, Mifflin & Co., 1895. BENNETT, EDMUND H., Fire Insurance Cases. A selection of all reported cases on fire insurance in England, Ireland, Scotland, and America from the earliest period (5 vols.). New York, 1877. BERRYMAN, J. R., Digest of the Law of Insurance (in United States, England, Ireland, Scotland, Canada, Australia, and Hawaii). Chicago: Callaghan & Co., 1901. BIDDLE, A., Treatise on the Law of Insurance, including fire, life, accident, guarantee, and other non-maritime risks, with reference to decisions in the United States, England, Ireland, and other British provinces. Philadelphia: Kay & Bro., 1893. BUNYON, CHARLES JOHN, Law of Fire Insurance (1 vol.). London: Quinn & Calenso, 5th Edition, 1906. CAMERON, EDWARD R., Law of Fire Insurance in Canada; with a Complete Analysis of the Jurisprudence and of the Statute Law of the Dominion. Montreal, 1909. CLARKE, S. R., Treatise on the Law of Insurance, with notes of all decisions in the Dominion reported to March 1, 1877. Toronto, Canada: Carswell & Co., 1877. CLEMENT, GEORGE A., Law of Fire Insurance (2 vols.). New York: Baker, Voorhis & Co., 1905. Fire Insurance as a Valid Contract in Event of Fire, and as Affected by Construction and Waiver, Estoppel, and Adjustment of Claims Thereunder (1 vol.). New York, 1903. Digest of Fire Insurance Decisions (1 vol.). New York, 1893. COOLEY, R. W., Briefs on Law of Insurance. St. Paul: West Publishing Co., 1905. |