The Prevention of Loss By Fire; Fifty Years' Record of Factory Mutual Insurance, Based On Thirty-Five Years' Personal Experience; With Suggestions for the Protection of Cities From Conflagrations

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Virginia hold that the contract of insurance is not in a legal sense " commerce." Under these conditions the Codes of every State are incumbered by a mass of useless or noxious statutes of a most absurd kind. Commissioners are appointed to whom reports must be made, which give no real test of the solvency of the Insurance Companies making them ; upon these reports licenses are granted to foreign or corporations of other States to transact business, making a quasi State warranty of Insurance Com...panies managed in such a reckless way as to be wholly unsafe.
This being done every device has been tried to prevent the assured from managing their own affairs and choosing their own underwriters. Fortunately, the laws of Massa- chusetts and Rhode Island are free from the most obnox- ious conditions, and the Insurance Commissioners have, during my time, been men of character and capacity, so that the beneficial work of the Factory Mutual Companies has been but little obstructed.
In conclusion, I may add that, without the cordial and hearty support, often critical and most useful, of the Directors of this Company, this work could not have been done.


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