W. R. Crane

Minimum Rate and Specific Rate - How to Determine - Elements that Add to Cost - Importance of Schedule Computations - Credit for Fire Appliances - Rate Reduction a Specialty.

There are two general classes of insurance rates: known as minimum and specific. All dwellings containing not over two families, and all apartments and tenement houses with or without stores on the first floor, not over a specified height and area, and private stables are given uniform rates applying alike to all buildings of a class. These are known as "minimum" rates, and all the broker needs to know respecting them is that the risk in question is a one or two family dwelling, an apartment or tenement house, or store and apartment or tenement house, and see to it that the right rate for its class has been used. These rates are published in the handbook of the Exchange, which can be purchased for a small sum, or they can be secured from the company or agency offices. These classes just enumerated include nearly all the risks that are rated under these minimum or universal rates.