The Rutland herald. [volume] (Rutland, Vt.) 1850-1852, 1851-11-06
FARMERS MUTUAL FIRE ms. co
MONTPELIER, vr.

MONTPELIER, vr. ..
Our attention has been directed TO
the snbjec, Of Fire Insurance Ivy ex-
aiming the First Annual Report Of
the Directors Of the Farmers Mutual
Fire Insurance Company, made up to
tho Is: Of AssYt last. and the princi-
pies upon which its affairs are conduct
ell by IT, efficient officers and Board
Of Directors The report is very full
and plain, ard clearly demonstrate, the
principles on which the company is
based, which appear TO be eminen,ly
just and equitable to al, insured.
by, Charter the property i: divil-
I'd into two separate and distinct classes.
each clsss being liable for its own losses
and expenses, and not each for the 9th.
err; while the expenses, not incident to
either class, aro borne by each in pre-
portion to the amount insured.
The Farmers Class has been il,
operation less than Is months, having
issued $3.50 Policies, insurine property
to the amount Of s2.470,07G,OO. Pre-.
MUM notes sj4, 353,5S. Cash premium,
collected in advance and interest on
same, sl0,7G9,99. After dsduc,ing
tho whole amount Of losses, expenses
and abasemonts, amounting to $685..
10. il leaves cash capital on hand Of
S6lsl,26. The losses during the whole
period amount to only sI,773,53.
In this class, policies are issued for
Eve years, and nothing but dwelling
houses, barns and ous.buildings. AMI
personal property in Ike buildings, nre
insured. .asu ..h ..
Upon this description Of property, the
losses are comparatively light. and the
amount necessary to meet losses and
expenses may be more nearly calculated
upon than the more hazardous classes
Of property. Tho assessments would
also be tri0ius, and would, in grea,
measure, be consumed in Collecting
For this rea on, the Directors have
adopted the plan Of taking adranc- pay
tc meet the losses during good portion
Of the five years--and thus avoid the
incalcula5le trouble, expense and losses
incurred by companies that depend upon
yearly assessments. The amount re-
CURED in advance, however, is shown by
this report to be but about ONE HALF
what il has cost to insure the same
amount The last five years in the other
State company.
The advantages of having money on
hand to meet losses as soon As ascer.
tained, have been found to b. very
GEOGRAPHICALLY in replacing farm
property at certain seasons Of the year
Certificates to this effect from severa
who have sustained losses, and also
highly commencing the honorable course
Of the Directors in settling the same
are appended to the Report.
The Merchants and Mechanics elias.
has been in successful operation since
the 18th of Feb. last, and up to the Isl
of August, had issued 52l Policies, in
surfing property to the @nount Of sl47
l62,0O-prcminm notes, s6O,763,62,-
cash premiums and assessments order.
ed, s2,973.3S Total amount Of losses
expenses and attachments deducted
leaves a balance Of $500, 40 in Treas.
urer's hands. The Losses in this elias.
have been sl922,75.
| In tins esass, policies arc issued also
for five years, and all descriptions Of
property, not Of any extra hszardou,
character, are insured, at rate cores
ponding with their respective risks.
The property insured in this class, is
Of such a character. as to render the
losse, more valuable. Therefore the
Directors have adopted the practice Of
taking bu, a small amount in advances
| (only about one-half The amount taken
by all other Companies in the State.
depending mainly upon assessments to
meet the losses. The rate, adopted for
| premium no.cs is one-fJurh less than
in the other State company--so that an
assessment, OF per cent, in this CON-
pany requires the insured to pay no
more money than one Of 3 per cent in
| the other .. -,.i
In this class, property is insured fss
three .fourihs its cash Value instead o
( ~