The Board of Trade and War Damage
Page 19
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ACTING through the Insurance and Companies Department, the Board of Trade is responsible for three wardamage insurance schemes:—(a) The commodities scheme, covering traders' stocks. (b) The business scheme for plant and machinery and business equipment generally, as well as a special one to cover farmers' equipment, livestock, crops and goods on
the farm. (c) The private chattels scheme, concerning fUrniture, clothing and other effects belonging to private persons.
The Board of Trade is not responsible for insurance against damage to buildings, houses, or other fixed property, or for marine insurances, which fall under the War Damage Commission and the M. of W.T. respectively.
Insurance under (a) and (h) is compulsory , where stocks or business equipment, as the case may be, exceed :21,000 in value. (In the case of foodstuffs, .200.) Insurance under (c) is voluntary. For farmers special arrange
ments apply. There is no free cover under (a) and (b).
To deal efficiently with claims the United Kingdom is divided into 35 insurance districts, four in the London area. With the co-operation of the companies and Lloyds there is appointed iii each district outside London a committee consisting of the branch managers of certain of the leading companies, who are responsible for 'dealing with claims under the commodities and business schemes in these districts. In London the arrangement is different. Insurance officials have been seconded by leading companies to each of the four districts, and the work of co-ordination is carried out by a committee of management. Private chattels claims are dealt with by the district valuers of the Inland Revenue.
To assist small traders, particularly in salvaging stocks, the trader is encouraging mutual aid associations to act in co-operation with the district insurance committees.