Volume 2 - ElectricCanadian.com

MARINE INSURANCE DURING THE GREAT WAR 481hull I do not know.The rate is a flat one, the same from andto every port in the world where the Government offices willassume the risk. The underlying fact is not one of underwriting,but one which will keep ships moving therefore theflat rate. The committee in charge had determination of therate between the maximum and minimum as above.As a matter of practice, observe that inasmuch as thewar insurance can only be secured from the combined Governmentand syndicate, as above indicated, shipowners will notmove their vessels except when they can secure such insurance.This was the position last week when for a period of forty-eighthours Government insurance was withheld upon the hulls,as well as cargoes, from ports north of Philadelphia. Duringthis time it was possible to underwrite with Lloyds, or anyother first-rate maritime company, war risks upon the cargoesof vessels in ports to sail forthwith. But this was reallyuseless precaution, as the ships would not sail until the shippingcompanies could secure insurance upon the hull. In thisconnection note that the Government's withdrawal of insurancefrom any port for any length of time, or the re-establishmentof the insurance by the Government later, appliessimultaneously to hulls and cargoes, and therefore when avessel sails it means that the hull can be insured and thatmerchants at the same time can effect Government insuranceof the cargoes.At the moment the rate upon the cargo isfour guineasper cent. Please note that the Government insurance is onlyapplicable to ships flying the British flag and of a certainstandard, the standard to be determined from time to time bythe committee which has charge of the whole matter. Insuranceought to be secured through a reputable firm of brokers,who will keep fully in touch with the conditions which mayfrom time to time be established by the committee governingthe business.You are probably aware that the Government has twoobjects to secure by the insurance.