AGY-1089 | Treasury Fire Insurance Board

Full description

In 1891 the Colonial Treasurer established the Treasury Guarantee Fund. Previously officers of the public service had to take out fidelity guarantee policies of insurance with private offices. The Treasury Guarantee Fund protected Government Departments against the misappropriation of public moneys. This Fund was followed in 1903 by the establishment of a system of fire insurance for certain Government owned properties. (1) In 1911 the Treasury Fire Insurance Board was established under the Special Deposits Act, Act No. 5 1911 (2) to insure government buildings against loss or damage by fire. The members of the Board were the - * Under Secretary of the Treasury (as Chairman) * Government Architect * Valuer-General * Manager of the Resumed Properties Department The Workmen's Compensation Act, 1916, (Act No. 71, 1916) allowed the Treasury Fire Insurance Board to provide a range of insurance (excepting life insurance) to all government departments and statutory bodies. The initial insurance categories were - fire, marine, fidelity guarantee, burglary, boiler explosions, workmen's compensation, motor vehicle, plate glass, and public risk. (3) In 1919 a Special Public Liability Insurance Scheme was introduced for Schools of the Arts, Hospitals, Benevolent Societies, and Agricultural Associations while Death and Sickness benefits were also provided for "those engaged in combating the pneumonic influenza outbreak". (4) By 1920 the scheme included certain insurance business for government contractors and public officers. On 19 February 1924 Cabinet reconstituted the Treasury Fire Insurance Board which would now provide all classes of insurance (except life insurance) to all government departments. The Treasury Fire Insurance Board now included the - * Director of Finance (Chairperson) * Valuer General * An Insurance Manager * Departmental Engineer, Chief Inspector of Scaffolding and Lifts and Inspector of Factories and Shops, Department of Labour and Industry * Secretary to the Treasury (ex officio member) (5) The Board ceased to function on 30 June 1926, upon which date its business and assets were absorbed by and vested in the Government Insurance Office of New South Wales.