Some Distinctive Features of Steam Boiler Underwriting, and their Bearing upon the Formulation of Premium Rates

It is nearly one hundred and fifty years since that great mechanical genius, James Watt, discovered and made practical application of the principles and power of expanding steam for the rotation of a shaft. His simple, crude steam boiler was the forerunner of the great steam power plants that have made possible our present vast manufacturing industries. To what extent the place of steam in the great world of industry is to be supplanted by modern power producers, such as all kinds of internal combustion engines, and electrical energy produced by water power, is open to conjecture. That electricity, which has already made its advent felt in the field of steam boiler underwriting, will ultimately become a very large factor, is probable. As yet, it has not produced any serious effect, and I refer to it here because the use of electricity for power purposes is constantly increasing--a fact that is presumably potent with many possibilities for the future of steam boiler underwriting.