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October 1929 seemed like an auspicious month to introduce a new insurance publication. Because publications often are assembled far in advance of printing date, little did the editors of this bouncing new baby know that that same month would deliver the beginning of the end of one of the great stock market eras, eventually leading to the Great Depression.

Stock market euphoria soon to collapse? Our business world about to be changed forever? Soon a new president would come into office with a mandate to plunge what had been largely a laissez-faire government deeply into the everyday running of nearly every part of the economy, including the takeover of numerous financial institutions and massive expansion of federal regulation. As Mark Twain so famously said, “The past may not repeat itself, but it sure does rhyme.” Agents of 1929, while somewhat puzzled by layout, formatting and some terminology (“use and occupancy” has long been replaced by “business interruption” or “business income”), would recognize nearly all of the standard coverages we have today. That first issue included discussions of fire, tornado, auto liability, use and occupancy, burglary, surety, druggist liability, glass, truckers' transportation coverage, bank and fidelity bonds. Author and agent Clarence T. Hubbard, in his 1930 book “Where Fire Insurance Leaves Off,” stressed that good agents should never sell just fire coverage, but offer earthquake insurance, tornado, boiler insurance, aviation insurance, rental value, casualty insurance, sprinkler leakage, allied fire insurance, automobile insurance, and explosion policies. Although unmentioned by Hubbard, workers' compensation insurance in much the same form as we have today also was well on its way to universal acceptance by various states. Forms were far from standardized, with carriers all offering their own, sometimes subtle variations. Agents and insureds hated this, since at the time of claim both were surprised to find, for example, the policy they thought included coverage for “mysterious disappearance” in fact was a nearly identical burglary and theft form, sold by the same carrier, which omitted that provision.