BEST'S INSURANCE REPORTS—FIRE AND MARINE.

95

HARDW ARE UNDERWRITERS— Continued.

except legal and loss and adjustment expenses, State and   Liabilities: Losses in process of adjustment, $135; un-

Federal taxes and fees and the expenses of the Advisory earned premium deposits, $54,949.20; due attorney-in-fact

Committee.   for administration expense, $1,735.40; reinsurance, $13.46;

Each year one-half of the savings of subscribers is cred-   total liabilities, $56,S36.06; net cash surplus, $116,037.56;

ited to their individual surplus and reserve accounts until   total, $172,873.62.

such accounts amount to 125% of each annual premium   Cash Income, 1919.- Premium deposits written, gross,

deposit. Thereafter all savings are paid to subscribers in $152,646.82; less return premium deposits, $13,594.96; less

cash.   reinsurance, $1,416.93; net, $137,334.93; interest, etc., $4,-

- The liability of a subscriber or of the exchange may be 701.76; subscribers' surplus and reserve deposit, $3,867.82;
terminated by either giving the other the days' notice in subscribers' surplus and reserve deposits from savings,

writing.   $23,630.76; other cash income, $61.94; total cash income,

The assets of the exchange are in the custody of the $169,597.21.

Advisory Committee and the attorney-in-fact is bonded for   Cash Disbursements, 1919.— Losses paid, gross, $16.-

$25,000 for the faithful accounting of funds.   084.83; less reinsurance, $779.73; net losses, $15,305.10;

Reports to subscribers are made annually through printed paid to attorney-in-fact for administration expense, $21,-

matter and at the annual meeting of subscribers.   442.87; Advisory Committee expense, $613.80; legal ex-

It has never levied an assessment.   pence, $779.99; taxes, licenses and fees, $2,982.16; unused

The attorney-in-fact and the superintendent of insur- premium deposits refunded to subscribers, $55,371.86; sub
anee of any State where licensed are authorized to accept scribers' surplus and reserve refunded, $4;396.53; other ex-
service of process binding upon all the members in the event penses, $567.09; total cash disbursements, $101,459.42,

of a dispute arising concerning any claim against the ex-   Transactions Since Organization.—Premium deposits re-

change.   ceived, gross, $440,896.89; less return premium deposits,

The exchange is licensed in Ill., Ky., Mo., Minn., Ia.,   $43,324.68; less reinshrance, $21,969.55; net premium de-

Ohio. Pa. and Tex.   posits, $375.602.66; interest received on investments and

Advisory Committee.—This is selected by the members bank deposits. $9,463.63; other cash income, $161.80; sub-
at the regular annual meeting and for the current year is scribers' surplus and reserve deposit, $8,693.52; subscrib
as follows: C. R. Woodward, chairman. Carlinville, Ill.; ers' surplus and reserve deposit from savings, $58.255.67;
T. J. Matthews, vice-chairman, Mt. Vernon, Ill.; H. E. total cash income, $452,177.28. Losses and adjustment ex-

Gnadt, countersigning member and treasurer, Chicago, Ill.;   penses paid, gross, $79,142.13; less reinsurance, $9,827.28;

William Bittel, Peoria, Ill., and A. E. Marcotte, Kankakee, losses and adjustment expenses paid, net, $69.314.85; corn-

all of whom are in the retail hardware business in missions paid to attorney-in-fact for administration ex-

their own cities.   penses, $71.285,.63; other expenses paid, $9,161.33; total ex-

Its statement as of December 31, 1919, is as follows:   penses paid, $80.44h.96; returned in cash to members, as

Admitted cash assets: United States Liberty bonds, $135.-   savings, $131,594.15; total cash disbursements, $281,355.96.

554: interest due and accrued thereon, $777.12: cash in   Estimated saving effected for members from organiza-

banks and office, $22,784.12; premiums or deposits outstand- tion as compared with tariff rates, $131,594.15.

ing not over three months due, $10,717.35; other cash   In connection with this report, see important article in-

assets, $41; total cash assets, $172,873.62.   troducing this section.

ILLI\ I UNDERWRITERS, Hamilton Bldg., Carbondale, Ill.

History.— On March 15, 1919, the Illinois Automobile
Owners Fire Association. which wrote fire, windstorm, eol
lision and theft insurance on automobiles, and the Illinois
Automobile Owners Indemnity Association, which wrote
public liability and property damage insurance, were
merged under the title, Illinois Inter-Insurers Association.
Both of the above exchanges were organized in 1916. and
were under the same management. On March 15, 1920, it
changed to the present title.

The exchange is licensed in Illinois only,

Management.— The attorney-in-fact is the Illini Under-
writers Corporation, incorporated in Illinois. Charles E.
Hamilton, of Carbondale, Ill., is president. He is an at
torney at law, interested in water, light and ice plant
propositions in Southern Illinois, and has been actively
engaged in general insurance business for the last twelve
years. Dr.. M. Etherton, of Carbondale, Ill., is vice-presi
dent and has been connected with insurance concerns for
the last twenty years. Charles E. Feirich, of Carbondale,

Ill., is counsel for this exchange. He is also district at
torney for the Illinois Central Railroad. Thos. L. Cherry
is secretary.

Plan of Operation.—The exchange issues but one con-
tract, to which it attaches riders,— forms " A," "B" and
"C," Form "A" is a combination coverage, and includes
fire, windstorm, collision and theft, public liability and
property damage. Form "B " covers fire, windstorm, col
lision and theft. Form " C " covers public liability and
property damage.

Formerly, if a combination contract was applied for, there
was a membership fee of $12 collected, and in addition the
subscriber agreed to pay to the attorney-in-fact, six months
after the issuance of a policy, a per capita tax of $2 and a
like per capita tax semi-annually thereafter.

If only one coverage was applied for, the membership fee
was $6, and the subscriber agreed to pay, six months after
the issuance of a policy, a per capita of $1 and a like
tax semi-annually thereafter.

The power of attorney also called for an advance deposit