HomeMy WebLinkAboutOrdinances Book 10, Page 111, No Resolution NumberPage 111
A RESOLUTION PROTESTING THE INCREASE OF FIRE INSURANCE RATES
AS TENTATIVELY ESTABLISHED BY THE KENTUCKY ACTUARIAL BUREAU, AND
. REQUESTING RECONSIDERATION BY THE KENTUCKY ACTUARIAL BUREAU OF THE
QUESTION AS TO THE RATES TO BE CHARGED BY FIRE INSURANCE COL?PANIES
FOR POLICIES UPON PROPERTIES IN THE CITY OF PADUCAH
THAT, WHEREAS, the Board of Commissioners of the City of
Paducah, Kentucky has been advised that the Kentucky Actuarial Bureau
is about to place upon properties within said city, a dire insurance
rating of the sixth class instead of retaining the fourth class
rating which has been charged for a number of years; and,
I
WHEREAS, Ray R. Wilkins, Chief of the Fire Department of the,
City of Paducah. having filed with this board an itemized statement
showing the amount of fire insurance loss within the city of Paducah
for the years 1924 to 1938, both inclusive, and it appearing from
said report that the total loss caused by fire in the cit of Paducah
for the year 1938 amounted to only $49,839.25, as will be shown by
said report, the total property loss for 1937 amounted to $174,688.
70, the total property loss for the year 1936 amounted to $204,264.7
and the total 'property loss for the year 1935 amounted to
$105,670.54; and.
l'HEREAS, it is shown by said records that the insurance
companies represented by said rating bureau should realize a
reasonable profit by charging the same rates which have been in ef-
fect in previous years, and the Board of Commissioners feeling that
the records and fire loss experience of property owners in Paducah,
Kentucky do not justify the action about to be taken by the Kentucky
Actuarial Bureau;
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COL4LIISSION-
ERS OF THE CITY OF PADUCAH, KENTUCKY:
SECTION 1.
That the Board of Commissioners of the City of Paducah,
Kentucky hereby protest against the increase of the insurance rates
upon properties within the City of Paducah, Kentucky, by changing
the charges from a rating of the fourth class to a rating of the
sixth class, and requesting that the Kentucky Actuarial Bureau re-
consider the ouestion as to the rates to be charged by fire insurance
companies for policies upon properties located within the City of
Paducah.
. SECTION 2.
This resolution shall be in full for e and effect from
and after its adoption.
Passed by the Board of Tia.
r pro em
Commissioners July 24,1939
Re,orded by Rudy Stewart, --
City Clerk, July 25, 1939 S• B. Pu111am,Commissioner