R. O. Haubold

The Standard Policy and Its Provisions - Legal Points to Be Considered - Need for Including Certain Clauses - Structural Changes - Forms of Insurance - Average Clause. - Inclusion of Machinery

In order to be successful as a broker, the first step necessary is to realize that in becoming a broker and accepting an order to place a policy of insurance, you are assuming a confidential relationship to your client, and he looks to you to see that you are going to give him protection against possible loss by fire.

A fire insurance policy is a contract between your client and the company, the conditions of which have been prescribed by the Legislature of the State of New York, and it is as obligatory for the assured to live up to these conditions as it is for the company to pay the loss when it occurs.

In the vast majority of cases, the assured is unfamiliar with these conditions, and it is your duty to see that the contract is so worded that such contingencies as may arise in the business or occupation of the assured are provided for.