Triangle Suit Compromised
The Triangle Waist Company case against the Royal Insurance Company of Liverpool, under a $5,000 policy involved in the fire in March, 1911, has been dismissed from the New York City Supreme Court, the matter having been previously compromised out of court. It was learned that the settlement was made on the basis of 86 per cent., or $4,300, to be paid by the Royal under its $5,000 policy. All policies carried by the waist company had been disputed owing to the impossibility of arriving at an agreement with the assured as to the sound value of the stock at the time of the fire. The total insurance carried was $174,750, and proof of loss submitted by the assured showed a book statement of value of $203,583. The sound value, however, was later fixed at $134,075, and the insurance companies settled at a reduction of 2½ per cent, from the face value of the policies. The Royal, however, secured a reduction of 14 per cent. It will be recalled that 147 lives were lost in the Triangle Waist Company fire.