Marine Cargo Insurance. Parcel Post Insurance.

    This form of insurance covers goods against loss or damage from any cause, except as otherwise stated, while in transit by parcel post or registered mail from the time the property passes into the custody of the Post Office Department for transmission until arrival at the stipulated address. Many unsatisfactory features are connected with this form of insurance, among the principal of which are the difficulty of obtaining the proper proofs of loss, since it is usually impossible to ascertain the vessel on which the shipment was made, and the frequent impossibility of determining the cause of loss, such as fire, marine perils, or theft. As a rule the policy does not insure money or securities, or merchandise sent on approval.

    Merchandise easily susceptible to deterioration is protected only against fire, theft, pilferage and non-arrival. Exemption against loss also exists: (1) Where goods are inaccurately or insufficiently addressed, improperly or insecurely wrapped or packed, or on which the postage is not fully prepaid ; (2) where the packages bear descriptive labels on the outside which tend to describe the nature of the contents; or (3) where the loss is caused by reason of war, riots, strikes, etc. The premium per package is graded according to a schedule of values, and it is usually warranted by the insured, "that each package shipped by Government Parcel Post, valued at $100 or less, will be insured with the Government for at least 50 per cent of the actual value, and that each package valued in excess of $100 will be insured with the Government for not less than $50."

     Registered Mail Insurance Securities, Currency and Builion. Very valuable articles, such as currency and securities, are usually sent by registered mail, and under these conditions shipments are much more susceptible to careful supervision and tracing. Registered mail policies covering such articles cf value contain provisions especially safeguarding the underwriter. It is usually stipulated that shipments of currency, stocks, bonds, or other evidences of value shall not exceed a stated value in each registered package and that " the packing and sealing of the package containing the property insured hereunder shall be witnessed by two adults, one of whom shall have charge of same until deposited and registered at the Post Office." Sometimes it is provided that a notary public shall count the contents, seal the package, and certify to the facts.

     Lost securities, like stocks and bonds, are usually reissued on the condition that the owner furnish a perpetual corporate bond, which will indemnify the party reissuing the same in the event of the reappearance of the lost security in the hands of an innocent holder, the cost of such a bond being assumed by the loser. Insurance on currency, on the contrary, is much more hazardous, since there is no replacement in case of loss. Bullion and currency shipments are also often made on bills of lading, and at times such shipments assume very large proportions. The hazard involved, however, is limited practically to total loss only, since such shipments are insured from bank to bank and are surrounded with every known safeguard.