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RALPH H. BLANCHARD, EDITOR

WORKMEN'S

COMPENSATION INSURANCE McGRAW-HILL INSURANCE SERIES

RALPH H. BLANCHARD, CONSULTING EDITOR

Maclean

LIFE INSURANCE

Michelbacker and Nial-
WORKMEN'S COMPENSATION INSURANCE
INCLUDING EMPLOYERS' LIABILITY INSURANCE

Other volumes in preparation

COMPENSATION INSURANCE

INCLUDING

EMPLOYERS' LIABILITY INSURANCE

BY

ustas

redere

G. F. MICHELBACHER
Secretary-Treasurer National Bureau of Casualty and

Surety Underwriters

AND

THOMAS M. NIAL
Assistant Secretary National Bureau of Casualty and

Surety Underwriters

FIRST EDITION

McGRAW-HILL BOOK COMPANY, INC. .
NEW YORK: 370 SEVENTH AVENUE
LONDON: 6 & 8 BOUVERIE ST., E. C. 4

COPYRIGHT, 1925, BY THE
McGraw-Hill Book COMPANY, Inc.

PRINTED IN THE UNITED STATES OF AMERICA

THE MAPLE PRESS COMPANY, YORK, PA.

Wahr
4 -20 - 25
1 1752

PREFACE

The principle of workmen's compensation was, in 1911, at the time of the passage of the first effective state law, a subject of controversy-today, it is an accepted part of the social system. Workmen's compensation insurance was, in 1911, an experiment -today, it is one of the largest and most highly developed lines of casualty insurance.

The problem of industrial injuries and their prevention, the history and defects of the employers' liability system, the development of workmen's compensation in Europe and in the United States, the nature and scope of present compensation laws; all of these form a background, knowledge of which is absolutely essential to an understanding of the problems and practices of workmen's compensation insurance as a business. These subjects are treated in Parts I and II of this book. Part III is devoted to an exposition of the principles and practices of the business of workmen's compensation insurance and employers' liability insurance. While this section is primarily concerned with these lines of insurance, several subjects, such as the organization of companies, classes of carriers, state regulation, agency, and reinsurance, involve a discussion of principles and practices common to most lines of casualty insurance.

This text is the outgrowth of the authors' experience with the National Bureau of Casualty and Surety Underwriters and with courses of lectures given at Columbia University. It is hoped that it will prove useful to employees of casualty insurance carriers, to insurance agents, to students, and to others interested in the workmen's compensation problem.

The authors desire to express their appreciation of the assistance of officials of casualty insurance organizations. They are particularly indebted, for information and for valuable criticisms and suggestions, to Mr. Jesse S. Phillips, Mr. F. J. O'Neill, Mr. Eugene F. Hord, Mr. Walter S. Paine, and Mr. John L. Thomp

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