Report On Status of Marine Insurance in the United States

Cover Report On Status of Marine Insurance in the United States
Report On Status of Marine Insurance in the United States
S S Solomon Stephen Huebner
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There is no written agreement between the companies, but only an acceptance of reinsurance by each company of its agreed per- centage of all liability assumed by each company represented in the arrangement.
Burlap agreement. This arrangement is similar to the cotton agreement and covers the traffic in jute, jute butts, bagging, burlaps, and gunnies from Calcutta to ports and places in the United States, British North America, Cuba, or Porto Eico. Twenty separate in- terests, representing, howev
...er, a much larger number of American and foreign companies, constitute the membership and divide the business on the basis of 1Y2 shares. Each company is obligated to reinsure a portion of any risks which it may assume with the other members. Four interests are entitled to eight shares each, four to four shares each, and four to one share each. The balance is dis- tributed among eight other interests, each receiving, respectively, 2, 5, 7, 13, 14, 24, 25, and 30 shares. The rates received on the rein- surance are stated in the contract.

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