THE INSURANCE ADVOCATE HAS BEEN IN PUBLICATION SINCE 1889. EACH ISSUE, WE LOOK BACK TO A DIFFERENT TIME TO SEE WHAT INSURERS WERE READING ABOUT BACK THEN.

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Inland Marine Insurance Has Been Progressive and Aggressive, Says Guest Editor Joseph J. Magrath

Too infrequently does the insurance business hear from Mr. Magrath. And when he consented to tell in broad outlines wliy "inland marine" really spells "all risk" coverage, we gladly said: "Go ahead, Joe; the page is yours."--Editor.

For some years [he demands for "all risk" and "multiple peril" policies required under sufficiently urgent conditions have been gratified by inland marine coverage. The use of this highly adaptable market to serve the reasonable needs of the public now arouses less irritation than was prevalent fifteen years ago. The attitude of company executives is more friendly, and agents and brokers value the sales appeal of broad cover policies.

It may seem strange that fire underwriters do not write some of the coverages that have been developed in the inland marine market. The obstacle arises from the fact that fire underwriting, having developed upon a "named peril" basis, has not been generally accorded authority to write all perils.

On the other hand, the inland marine market was accustomed to underwriting "all risks" or any "named perils" desired by the insured. The underwriting authority conferred upon this market is for "all risks" insurance of any eligible property or of any property under certain circumstances.

The Nationwide Definition of Marine Insurance adopted in 1933 was a useful means of regularizing many important forms of inland marine insurance. Since then an important change involving a basic amendment of the definition was undertaken by all but one of the states, whereby the personal property floater became authorized and has become an important class of inland marine insurance.

During 'the war, the many needs of the Government for all risk insurance on movable properties in which it had a financial interest were handled by ruling as inland marine insurance under the framework of the Marine Definition. Similarly, the needs of many manufacturers for insurance covering processing performed away from their premises were handled by ruling as inland marine insurance under the Definition.

An important matter now pending before the Joint Committee for the Interpretation of the Definition is the question whether under proper circumstances "floor planned" merchandise on credit purchase by dealers may be insured under inland marine policies.

A contemplated development in the matter of underwriting in general is the...