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About The news-review. (Roseburg, Or.) 1948-1994 | View Entire Issue (May 24, 1949)
Check Of Fire Insurance Policy's Fine Print Likely To Burn You Up By JAMES THRASHER Fire Insurance companies warn that they are tightening up on loss settlements. This makes it important lor property owners to get out their policies, read the line type, and discover how bad a beating they will take in case ol lire. Myron L. Matthe.vs, vice-president of the Dow Service, warns that "probably few" policyhold ers understand the terms of the contract between them and the company. The great rise in prop erty values, and the companies' warning that they are going to begin enforcing what are known as "co-insurance" clauses, makes it high time to see if you are one of the vast majority that does not know where it stands. Policies differ, but the typical coinsurance clause is an "807c" provision. If yours is that, and vou can't quite figure out the lawyers' fine print, it probably means about this: "We won't pay more than our share ol the actual fire loss, no matter how much insurance you have paid us for." If you have paid lor $15,000 worth ol insur ance on a $12,000 house, with an 80 clause, you cold collect only $9600 il the house burned to the ground. How It Works "We (the company) and you (the owner) are splitting the risk. II your insurance is lor as much as 8090 ol the property's actual value, and it is completely de stroyed, we will pay 80'e ol its value, and you must stand the rest ol the loss as co-insurer. II the house is not . completely de stroyed, we will pay the lull value ol your loss up to the lace amount ol the policy. "But il the policy is lor less than 807c ol the present value ol the property, and it is less than completely destroyed, we will pay only our share ol the actual loss." It works like this. Your house has a present value ol $10,000 after depreciation. You should have it in.-ured lor $8000. II the house is completely destroyed, the company pays $8000. And il lire does $SO0O damage, you still col lect the lull $8000 lor which you have been paying. But suppose the $10,000 house you bought before the war is now worlh $20,000 after depreciation. You have raised your insurance coverage only to $12,000. You are insured lor only 607c of the hous e's real value lor only 757 ol what the 807c co insurance clause" says you ought to be carrying. Meaning Confused If the house burns to the ground, you can collect the lull $12,000 lor which you paid. May bu vou leel you can stand the $4000 loss you needn't have tak en, on top of the $4000 loss you couldn't avoid as co-insurer. But most fires do not complete ly destroy buildings. They dam a'ge them, more or less. Suppose your house sustains $8000 worth bl damage. II vou were insured lor $16,000 which is 807c ol the house's value you could collect the lull $8000 loss. Because you a. under-insured, you can collect only 757c ol your actual loss, though you have paid lor hall SPECIAL LN DRY ATHING and Dimension Lumber Special lew prices to quantity purchasei. Why use green lumber when kiln dry costs no more? DENN-GERRETSEN CO. 402 W. Oak Phone 128 V ADDITION PLANNED Canyonville'i combined grade and high school building, pictured here, erected in 1934, provides educational facilities for present enrollment of 229 students. Superintendent Omar Monger heads a staff of 12 teachers. Under construction is a new school unit adjacent to the present building. Scheduled for completion in time for the fall term, the unit will house four elementary grades. Next year's budget calls for employment of 14 teachers, including the superintend ent. (Picture by Paul Jenkins. I again enough insurance to cover the whole business, the phil osophy behind this type ol policy. Much less do we condone the contusing legal verbiage that conceals the actual meaning ol the 807c clause Irom the average property owner. But like it or not, that is the most common type ol lire in surance policy. Probably a majori ty ol property owners are even more dangerously under-insured because ol the real estate boom and this type of contract, than they realize. II the companies now are going to enlorce such pro visions more rigidly, it is the part of wisdom to lind out what would happen to your biggest invest ment If lire should strike. Layzell Insurance Co. Opens Sutherlin Office R. P. Layzell Insurance Co. ol Roseburg opened its new olfice last Saturday in the old theater Ki,lli nn 1? Pantrol A ira In OUUiei IIII, Uliutri mc luaiiagc- ment of Frances Todd. Todd is Irom Oakland and has had three years ol experience with the Layzell Insurance lirm as a representative in Oakland. Layzell has been in Roseburg the past three years. Before that, he was located in Eugene and was manager ol the Smith and Crakes Agency. Opening the olfices in Sutherlin is to provide better service lor the Sutherlin and Oakland areas. RADAR SCIENTIST DIES PALO ALTO, Calif., May 24. ( Dr. William W. Hansen, bril liant young scientist who pioneer ed the development ol radar, died Monday. The professor ol physics at Stanlord University, died just be- i lore his 40th birthday. He had been ill lor months. Death was at tributed to chronic bronchitis aft- i er an attack ol pneumonia. Silver Dollar Of 1804 May Bring Fortune SEATTLE, May 23. (JP) A sil ver dollar apparently coined in 1804, lound in the effects of Wil bur E. Brooks, 54, may be one of the valuable coins in the country, Atty. Kenneth A. MacDonald, acting lor his estate, said today. "There is also the possibility it may be the only one ol its kind, In which case it would be worth thousands of dollars," MacDonald commented. He said it was lound in a draw er in Brooks' apartment. Brooks died ol a heart attack recently while driving near Cle Elum. His grandlather in Colorado had given it to him. The coin was val ued by the Chase National Bank in New York in 1939 at $2,500 and has probably increased in value since, MacDonald added. Not Candidate For Senate, Gov. Warren Says SACRAMENTO, Calif., May 24. .P "1 will not be under any circumstances a candidate lor the United States Senate in 1950." This was Republican Governor Earl Warren's response Friday to word Irom San Diego that a state wide move is underway to draft him lor the U. S. Senate race next year. Announcement ol the movement was credited to Jack Hanna, chairman ol the San Diego County Republican Committee. DEMANDS HEARING COEUR d'ALENE, Idaho, May 24. (.Tl Mrs. Martha A. Stansill, 59, charged with manslaughter in connection with the tatal shoot ing ol her husband Friday, de manded a preliminary heal ing at her arraignment Monday in Pro bate Court. Judge M. G. Whitney set May 25 as the date lor the hearing and lixed bond at $1500. R. D. BRIDGES Savings Representative Equitable Savings and Loan Ass'n. Phone 442 Oakland, Ore. Tuej., May 24, 1949 The Newt-Review, Roseburg, Ore. 9 Drug Stores End Cut-Rate Battle LOS ANGELES, May 24. (JP) The battle ol the cut-rale drug stores is over and normalcy has set in in Westchester, a Los An geles suburb. Truce was called between Thrif ty and Whelan the competing stores last Thursday, John Bin der, Thrifty assistant manager, said Monday. The penny breakfast Is gone. It's back to 50 cents at both es tablishments. The penny soda. Is now 24 cents plus one cent state tax. "We just got together and de elded we both were losing too much by keeping up the war," said Binder. For a while during the war a customer could sit down and or der the 89-cent blue plate special and by eating slowly watch the price drop to 10 cents. Now it's the same old 89 cents. Plus 10 cents tip. One cent change, mister. Italy's Labor Junking Communist Control ROME, May 24. (.T) Italy's Communist . dominated General Confederation of Labor is losing its grip on non-Communist work ers. The Italian Republican Party conducted a referendum among its members which showed that more than 98 per cent want the party to break off Irom the Con- j federation. j The national directorate of the i party, acting on the referendum, j announced the separation today, i J. N. Boor Outboard Motors 924 Gdn. Vally. Rd. Ph. 530-J-l Authorized Johnson Service & Sales Boats and Trailerj 24 HOUR WRECKER SERVICE PHONE 352 a L"w ws rea ma t-a ma g-a r. k.;ht GLASS GLASS GLASS All Kinds Be sure to get on estimate from COEN SUPPLY COMPANY Floed A Mill Sts. Phone 121 )ECOflflTION)jlY STAY AT HOME THIS WEEKEND . . . CATCH UP ON YOUR "HOME-WORK" There's a double holiday ahead and it is your chance to catch up on all the odd jobs you have been meaning to do all spring. Highways will be crowded . . . so why not stay home. 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