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Boylston Theater1 motion picture theater
Insurance — Basis of Estimating Use and Occupancy Insurance. A motion picture theater was asked by an insurance company to renew its use and occupancy insurance for complete coverage on the basis of the average receipts less the expenses that ceased with suspension of operation. The treasurer of the theater, however, since he considered a loss in profits because of business interruption a part of the normal business risk in theatrical exhibition, believed it unnecessary to protect the theater from such loss by use and occupancy insurance. The policy was renewed, therefore, at a figure which did not provide against loss of net profits.
(1928)
The Boylston Theater, one of the larger theaters in Boston, with a seating capacity of approximately 2,000, was located within the shopping district of the city. The theater was built in 1924 as one of a chain of New England theaters controlled by a large motion picture producing and distributing company. Its program consisted of vaudeville, an organ solo, news events, a comedy, and a feature picture. Only first-run pictures were exhibited. In July, 1928, the theater operating corporation was advised by its insurance counsel that the existing use and occupancy insurance would expire within a short time.2 The insurance agency, Jordan, Read & Company1 of Boston, recommended that the existing insurance of $200,000 be replaced by new insurance with more adequate coverage. In addition to use and occupancy insurance theaters might also be protected from loss through the following special policies: damage to building and immovable contents by fire; damage to contents (including organ) from fire, except as originating and confined to projection booth; damage to contents of booth; liability to persons other than employees; workmen's compensation insurance; steam boiler insurance; electrical machinery insurance; refrigeration plant insurance;
1 Fictitious name.
2 For a description of a use and occupancy policy see Montgomery, R. H., Financial Handbook, p. 678.
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