[Letter from H. L. Williams to I. H. Kempner, May 26, 1953] Page: 1 of 2
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INTER-OFFICE LETTER
FOR MR. I. H. Kempner DATE May 26, 1953
SUBJECT Park's Decision - Marine Insurance 2-52 2M 58996
WRITE ON BUT ONE SUBJECT TO BE USED BY ALL OFFICERSORDEPARTMENT
ON TIS SHEET HEADS FOR INTER-OFFICE CORRESPONDENCE
Mr. Blacklock of Home Insurance Company advises that their New York
office has worked the London market from every angle in an attempt
to get us insurance covering our liability under the "Safe Berth"
clause of the charter party at a reasonable premium. They are now
convinced the London underwriters will not issue additional policies
at the minimum premiums the New Orleans Refiners are now paying and
have reason to believe that when these policies come up for renewal,
the premium will be increased.
They are of the opinion that they would be in a better position to
work this coverage with London if we would give them a firm offer
on the basis of $1,0CO,000 limit of liability, $1,000 deductible,
premium of $3,000 (or less), based on 70 berthings which would amount
to approximately $43.00 per vessel. You will recall their original
quotation provided $500,000 limit of liability, $5,000 deductible,
premium of $2,100 based on 70 berthings amounting to $30.00 per
vessel. We could obtain an additional $500,000 limit of liability for
a flat premium of 400 which would increase the premium per vessel
to $36.00.
I told iMr. Blacklock we would discuss his proposal and would give
him a reply by the end of the week.
H. L.' illiams
cc: I. H. Kempner, Jr.
Geo. Andre
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Williams, Hugh L. [Letter from H. L. Williams to I. H. Kempner, May 26, 1953], letter, May 26, 1953; (https://texashistory.unt.edu/ark:/67531/metapth1092788/m1/1/: accessed July 7, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Rosenberg Library.