Synopses & Reviews
Synopsis
Excerpt from Motor Insurance: The Treatment of Mechanical Road Transport Risks
British Motor Insurance practice commenced almost Simultaneously with the advent of the petrol Motor Vehicle, but long before that policies were issued in respect of Steam Road Locomotives; and it may be truly said that transport risks in connection with rail ways and steamboats were the foundation of Accident Insurance in the United Kingdom.
To-day, Motor Insurance is undertaken by every Office which accepts Accident risks, and the energy and enterprise shown by the Insurance Offices have done much towards the development Of the Motor Vehicle.
There are bound to be very great developments in the future. Roads are the arteries and transport is the life-blood Of every nation - new and improved roadways will give great scope for further progress in design and use Of the Motor Vehicle, and Offices will have to keep closely up to date if this business is to be handled efficiently.
Motor Insurance is now an absolute necessity for the general community and is no longer required by one class alone.
Prior to the Great War, most Of the Offices, in their determina tion to keep up with the times, had made arrangements to analyse very carefully and to classify the types and the variety of use, but the Great War practically destroyed all their efforts.
During the war, conditions were such as had never existed before and are not likely to exist again. On the one hand, the need Of transport for fighting purposes forced quicker develop ment in design and application; but, on the other hand, those Motor Vehicles which were carrying on at home were subject to rationing Of motor spirit, restriction Of use, reduced street lighting, loss Of experienced drivers, repair difficulties.
The after effects Of the war were still more disturbing to the business. An enormous increase in the cost of repairs and replace ments - a great increase in the cost Of Third Party claims - the extraordinary theft hazard and that immeasurable factor moral hazard following on the slump.
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