January 10, 1912, The New-York Daily Tribune, Equitable Allowed $4,000,000 Policies to Expire.
HAD NO FIRE INSURANCE
There was little surprise among well informed men in the insurance district yesterday over the fact that the great loss would in no way impair the financial standing of any of the fire companies, or, for that matter, keep any of the underwriters awake nights. Secretary Clough, of the loss committee of the New York Board of Fire Underwriters, said the insured loss was trrifling. He thought it would only be a few thousand dollars, as against the millions wiped out by the flames.
It was explained by Alfred Worman, a broker, of No. 42 Pine Street, that the Equitable Society had decided only a year ago to do away with the fire insurance which it had carried for many years upon the big building.
David J. Burtis, president of the Empire City Fire Insurance Company, said that the few thousand dollars' insurance by individual tenants, was so small as compared to the general loss as to make any hazarding of a guess at its total appear to be ridiculous. He was unable to comprehend the policy which had prevented the Lawyers' Club from insuring its splendid library, paintings and other property. Mr. Burtis believed the loss to the Lawyers' Club to be over $500,000.