Page - 14
The Once and Future C&F - Captain Whiley’s Enterprise
market for a different kind of insurance company right now. And look at all the construction around here: the demand is only going to go up. Bush: What does it mean to be a different kind of insurance company? Whiley: To start, we are going to raise capital up front. Most of the other companies have capital commitments that they try to collect after they need it — which doesn’t always work out. We will have the money before we need it. But I think the real difference is going to be how we select the buildings that we insure. We will inspect each building to make sure it is up to our standards. We will avoid the really tall buildings — they seem like a bad idea. I also have a plan to spread the risk around the city — so that one fire can’t take down the whole company. That has been a sore point for others. Adee: That makes sense. Whiley: Finally, we plan to charge the appropriate amount for the risk. One common problem with insurance companies is that they do not cover their costs even without having a big fire. Our approach may be more expensive — but I believe people will pay for quality. We are building the North River Insurance Company for the long term.
Bush: Why call it “North River”? Whiley: Between my time on Governors Island and my place near Poughkeepsie, I have developed a lot of respect for the mighty North River. So are you in? Adee: How much are you putting up? Whiley: $5,000. Adee: I’ll do $500. How about you, George? Bush: I’ll go $250. Whiley: Done. Thank you. But no discounts on your insurance! Waitress: Can I get you gentlemen anything else? All: Coffee!
Made with FlippingBook Digital Proposal Creator