Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1804-07-25
Mutual Insurance.

| N1utudI insurance.
| NJ uer has been faid concerning the Quota
called for--hcavy complaints have been
made by Sonie--thcn lee us examine how far thew
are well founded. The preGient and directors
are bound TO comply with the law OF the na,e.
which tiPulates :hat to raife fund the members
OF thc foeiety fhail agree upon certsn premiums
to be paid which sbdt( be fept ~, 70 that the in
teref thereof, may in the opinion OF the preiden.
and directors, be iuficicnt 20 pay the annual loes
and exPenies then che premiums are the critic
rion Cund) to go by-thcy are conGdered that on
an average OF years they will yield ,ntercn to pay
Tor the ea!ual lciles AVID expenfes--but when cx.
traoFdinary ioIfes happen (Which has been the
Gale now 10 that the lofie, excesd the irsereR.
rePartitou fha be made, for each to p1y his ,no.
q TO rePleniIh the funds-No,s al the lolIes which
have taken place, AFFORD all the funds paid iu, ND
to the 23d OF February laa, it becomes the dnty
OF the prehdent aud directors call for full
quota IN other words, for the members TO paw
the amount of the premiums, aud tax which they
paid on entering which will repleniih the funds
Tor future iniurancc and make them Gronyer than
ever The tax on the policy is paid for the ute
OF the Society (Sad not TO any AGENT il ouch,
therefore tie be called an additional premium and
IS included in the quota. The delay OF the paw
n,ent TO the fudercr,, was occaiioned by an nm
ioreiecn accident the board thought, and with
great reaion, as the beit iscuriey was offered, to
obtain lean o! the bank of the United Stat-s,
but which was not granted, alledging "the rage
Of eitabiiihing new bank aud expectation Of fpe.
Gle, they hrve come 10 determination not Z, liz.
count Tor any except their particular cuaomsr,.
Now as the time, of the payment of the quota
70 nigh at hand the fufferers will foon be maid
'hoie who nave produced the proper documents
have been pa twenty five per cent. OF their
cis,np and all those who will produce the fame
will be paid the fame amount, and by the Goth of
next month the whole will ne paid.
AS for the principles of the institution it is al
lowed (and who can ny ii y that they are the
best OF any institution existing then where lies
the evil! The most extraordinary losses by fire.
which have been known. almost in any country
are the cause, and have befs the Mutual Insur
ance OF Virginia then aga,est whom do the NAL
contents murmur against providence is it pos.
sibe ! where is their religion Sure they ouyht
not against me for am certain tina, have done
the best IN my power, for the good OF the institu
tion-the great losses " HIGH have been sustained
by 1t would, II al the houses in this state had been
Affected IN the same ratio, be at the rate Of up.
wards OF six thousand buildings per annun in this
state THIS shews that the calamyics which the
establishments have been visited with are nost
extraordinary, and winch we must hope for the
good OF the human race, and particularly for the
good cifiZens or Virginia, will not happen again :
at least not 70 concentrate in so small focus-it
IS not likely that so great hres should befal again
I small communiry-wh;ch however if enlarged
Us the original plan contemplated, 10 make the
insurance general may easily bear such unheard
| oil Losses agan-and even il they were ten times
as much AS we have, in my opinion upwards
ofiour hundred thou5and houses in this state /:
then ii Il loss of one million of dollars was n,
! take place which would be enormous indeed, still
each houses share would only be 5wo dollars &
an half, and as in oil human probability such
loss may not happen once in fifty years. thriosses
would on an average be about 20 600 5cllare a
year x tile annual repartition would only be cis.
per each house. Then why complain! instead
! OF looking for the means OF making 1t general
which no doubtcan be eft6led by having proper
agents in each COUNTY and town, then let US ioin
| hand IN hand, TO eistt this desirable end ola &C.
neral insurance, which will be a. soon as the s,s-
TEN is properly underslood az least will by lie
grees: So that insurance companies, to enrich or
I ruin, few individuals, will on due examination
be out OF the question: because il is well known,
| that no association Of spectators, will form a
company, 10 succour unfortunate people: But
they will alw2ys rate their premiums so as TO nav
for the losses and expenses, and yield profits be.
| sides-which profits those who insure IN the Mu.
tual Insurance can reap themselves. Now let US
come 10 the comparison The Mutral Insurance
| IS founded upon phian,hropy-;he people regu.
late their Affairs. and pay only TIE necessary ex-
penses and casual losses-if there is any thiry
wrong in the laws management, they can put
I 1t right when on the othe. hand, wi h an insvr.
ance company, they must trust TO few indivi.
duals, and abide by their good or bad forums to
be paid or not.
The annual premiums paid abroad are one per
cent. and upwards then the hundreds part of The
property must burn every year before orr quotas
will come up to that, which would be a. tie rate
Of 1000 houses in this state per annum This
shews that no man who examines the two sys.
TENS will insure in Az insurance company
There has been so much Glamour sbout the quo.
tas--the Mutual Insurance on buildings was or
( gained in 1895 then a man who insured fror,
the begnuing brick house, standing apart from
others paid nine shiliEgs on entering. and IN 79o
nine shfliugs more which makes it ? pr ct. for
which he has been insured for years o. At the
rate Of two shillngs third pr ct. per annum
when abroad it would have cost him nine pr Ct :
then yc cryers out for insurance abroad look no
I 1t You can and blush. II IS 20 be observed tha,
the qucta now to be paid. stands Cor future insn-
rance and may be enough for many Years 70 come
----perhap9 forever: which il vii. If the propcr
mode is applied % make il more general.