Virginia Argus. [volume] (Richmond, Va.) 1796-1816, 1806-12-16
w. F. asst,
COM NUM- ALTON.


COM N U MI TIoN.
IHAYE the satisfaction to announce to
the public at large, and the Members OF
that philanthrop!c Society, in particular,
that the Mutual Insurance goes on very
well; in spite of al the misfortunes it has
met with--oi fires unparalleled in the L.
States--of prejudices, and the intrigues
Carried on against i'll believe that malice
suggested the sale of the warrant at aucti-
on, perhaps some shavcrs may have con-
trived it; our Cashier General told me,
that he had offered from his own money,
four hundred dollars, until the half quota
came III from the country. The town1unts
are now very well, and increase daily by
the half quota additional premiums, and
new assurances. Since the Norfolk fire we.
have had to pay but for few houses in the
towns. AS by the extraordinary great los
ses by fire, sustained ut Norfolk, in Fcbiu-
airy 1906, the funds, then on hand, were en-
tucly absorbed, and the several fires, which
nave since the separation happened in the
country, toak away all the funds belonging
to the country Insurance, which has made
the cat of.vo thirds OF quota, on those
whose buildings are situated in the country
necessary TO replenish the funds agreeable
TO the charter.
Mucii has been said concerning the QUO
fas. cannot sec the great hardship,
By some complained of-the institution wa.
organised in 1895; then person WHO in
slred brick h, use covered with wood,
paid or entering 80 cents per hundred do,-
lars, and in 1879, quota of $50 cents,
which is only three per cent. for eleven
years assurances. Notwithstanding the G.
normous losses by fire sustained by the So
Ciety, when it would have cost abroad ele-
ven and perhaps more per cent. l have
ii from the mouth OF gentleman, whose
house is on the Capitol Square, isolated
from others, but one, built o. brick and CO.
vered with tile, that nc pays one guinea per
cent. per annuln in the Phoenix Insurance
Company: when in the Mutual Insurance,
he would have had to pay only, about two
and one hal per cent. during that period.
Houses which are contiguous to- Humber
OF others pay more, and so they ought In
the original plan, which l had laid down,
the additional premiums for additional
hazard of contiguity of other buildings,
wharves, &c. were higher, but | was ever
ruled, and they were lowered-at the deco
Mai revision j proposed the augmentation
for additional hazard again, and it was with
some amendments adopted. Now, | think
that the premiums arc put as they ought TO
be, that is, they are equalised as nigh as
the multiplicity OF the various cases will
permit from this it proceeds tat those
whose buildings arc more hazardously stu
ated, on account OF contiguity to other build
ings, wharves, sc. have to pay additional
premiums. If gentlemen will examine in
to the nature of this Insurance, am con-
hdent that they viii find, that it is founded
upon just and true principles, and that the
transactions of the business are carried on
accordingly; there may be defects in the
laws and resolutions the people have il in
their power to amend them, so as the ma
Jority may think best. 1t is devouty to be
wished, that every citizen would lend his
assisting hand to make it as general as pos
sibe, as we have, | believe, upwards of four
hundred thousand buildings in this state.
and the houses might average 400 dollars,
then annually losses must happen TO the
amount OF 10000 dollars, or leo buildings
must burn before each houses share would
be ten cents per aiInuIn of course, il the
Insurance was general, one premium would
be more than Sufficient, to pay the losses
and expenses; this shows the great utility
chat every eHeruOn should be used to bring
1t to that desirable end of a general Insur-
ance, as contemplated by the original plan,
laid down by me. Hitherto, the Society
has met with the most extraordinary low
scs by fire; we must hope that they win
happen again; it is very improbable that
the Society can lose as much at a time a.
gain, as on the South side Of the Main
street at Norfolk, where the two great fires
happened, which made the quotas ncccssa-
ny; very few buildings are now insured
here, and in other parts, where they have
TO pay large additional premiums, several
have Withdrawn. Of those, whose houses
do not come under the high additional pre-
miums, few have withdrawn, SO that the
Mutual lnsurance, stands now OH a much
safer footing.
The two thirds of a quota, or two thirds
OF the premium paid On entering, for the
country, and the half quota and additional
premiums iof The towns, serve TO form funds
20 pay Tor future Losses; So that after the
payment thereof, It may be long while
bptpt.a ti.rt- ~.