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Captive.com counts the advantages of self-insurance: "The alternative to trading dollars with commercial insurers in the working layers of risk, direct access to the reinsurance markets, coverage tailored to your specific needs, accumulation of investment income to help reduce net loss costs, improved cash flow, incentive for loss control, greater control over claims, underwriting and retention funding flexibility, and reduced cost of operation."
I had the same feeling about such an agreement for unconditional neutrality as Caprivi had when he was asked to renew the Reinsurance Treaty which Bismarck made with Russia at Skiernevice in 1884, and under which, notwithstanding that Germany might come to owe a duty to Austria to support her as her military Ally, he bound Germany to observe neutrality in case Russia were attacked by her.
The companies met the situation with every courtesy and finally after several months' exertion all of the reinsurance was located, with the exception of about $18,000.
Minute after minute slipped away, while the ladies, with imperfect skill, discussed the subject of reinsurance or praised their anonymous friend. Leonard grew annoyed perhaps rightly. He made vague remarks about not being one of those who minded their affairs being talked over by others, but they did not take the hint. Men might have shown more tact.
Italy acceded to the Alliance in 1882. The engagement is defensive. Each of the three parties is to come to the assistance of the others if attacked by a third party. The treaty of Germany with Austria was supplemented in 1884 by a treaty with Russia, known as the "Reinsurance Treaty," whereby Germany bound herself not to join Austria in an attack upon Russia.
They discussed the subject of fire insurance from top to bottom; the amount of premium a company could safely accept in comparison to its resources, lines in conflagration districts, reinsurance treaties, relations with various unions, boards, and conferences, and underwriting in its relation to finance.
Smith found very little time to consider the two questions which most interested him of which one was the next probable move of O'Connor and the other the securing of a new reinsurance contract. To be sure this latter task was officially assumed by Mr. Wintermuth, but Smith felt reasonably certain that ultimately he himself would have to find the treaty.
Private and non-profit hospital and medical insurance plans are already in the field, soundly based on the experience and initiative of the people in their various communities. A limited Government reinsurance service would permit the private and non-profit insurance companies to offer broader protection to more of the many families which want and should have it.
There was a difference of opinion as to German policy regarding Russia. Friendship with that country had been the policy of both Emperor William I and Bismarck, and the latter had effected a reinsurance treaty with Russia, stipulating for Russian neutrality in case of a war between Germany and France, notwithstanding the subsistence of the Triple Alliance between Germany, Austria, and Italy.
It is not the mutiny, irksome as it is and helpless as it makes him; it is the presence of the murderer of his old-time and admired skipper, Captain Somers. The mate grins at the mutiny, calls it a snap, speaks gleefully of how his wages are running up, and regrets that he is not ashore, where he would be able to take a hand in gambling on the reinsurance.
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