board of fire underwriters

board of fire underwriters
A board composed exclusively of fire insurers; that is, of persons engaged in the business of insuring others, on property, against loss by fire. Prior to any legislation on the subject, associations called boards of underwriters (either fire or marine) existed in various cities. These were voluntary associations, composed exclusively of those engaged in that particular line of business. Their general object was to consult and co-operate in matters affecting their business and they often established salvage corps at their own expense. These associations were the forerunners of incorporated associations or boards formed under statutory authority and clothed with power to exercise these and similar functions. Childs, ex rel. Smith v Firemen's Ins. Co. 66 Minn 393, 69 NW 141. See underwriters' association.

Ballentine's law dictionary. . 1998.

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