FIRE INSURANCE POLICIES.
Mr. M'CORMICK called up his bill [H. R. 95] to regulate Fire Insurance Companies, making the face of the policy the amount of damages to be paid in case of fire, unless the Company prefer to rebuild, was called up from the table, considered engrossed and read the third time.
Mr. HUSTON said the Committee on Insurance unanimously reported that the bill should lie on the table. The Committee throughly discussed and examined into the merits of the bill, and agreed that this bill would work an evil rather than a benefit.
Mr. BUSKIRK said notwithstanding he had a great deal of confidence in this Committee, yet the bill was a good one. He considered the practice of Insurance Companies insuring property for almost any amount and in case of fire paying what they think the property is worth a bad practice and an erroneous idea. Under the provisions of this bill the Company is obliged to pay the face of the policy or replace or rebuild the property, which is right and proper. He considered this bill in the interest of the people, and favored its passage.
Mr. M'CORMICK--I do not believe the Committee considered the bill properly. I understand that the report of the Committee was not unaninmous, as some members say they were not present when the report was made. The same law is in force in the States of Ohio and Wisconsin, and the law works well there, and I believe that it is a good bill and one that should pass. It is also in the interest of Insurance Companies, from the fact that they will be compelled to have a better class of agents than they have at present, if this bill passes.
The bill passed the House--yeas, 57; nays, 28.
