Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1856-02-28
S16.6IO 81

p. j.. rs SI0,biU. .
Of this sum S15,692 81 have been paid
for losses on dwellings, and the balance
remained in the Treasury Aug. l, 1855.
For the first eighteen years, property
insured was divided into taUelUe classes !;
and the receipts and expenditures in
them ascertained separately, for the pur-
pose of establishing such rates on differ
ent kinds of property as would pay the
losses. Before this, the Directors had no
guide for rates except the rates of stock
companies, which were soon found to be
unreliable as a basis of insurance in a
mutual company.
F. At the expiration of the above time,
the Directors reduced the number of
classes to six, and established such rates
Of insurance for each class as would have
enabled it to pay its own losses during
this period.
But the losses on hazardous property
have been less, In proportion, than on
dwellings for the last ten, as compared
with the first eighteen years,
The first class (dwellings) is the basis
of the Company, and the rates thereon
have not been materially altered since
the commencement of the Company,
while other classes will always be charged
sufficient to pay their own losses.
The whole amount of property insured
from the commencement of the Company
to August l, 1855, (twenty eight years.
has been $62,384,421. Ali losses and
expenses for the same time, $717, $50 80.
The average amount at risk has been
nine and one quarter millions of dollars.
The result is that this Company have in
sured for the people of Vermont the
above sum at an average cost of frac.
ton over one-fourth of one per cent. per
annum, on all kinds of property; on
dwelling houses, at one-sixth of one per
cent, and other kinds of property at three
ffths of one per cent. on the amount in
sured. -.-.... ..=.- a.a..s
The property denominated. hazardous,
although for the last ten years it has
paid a little more than its proportion
has been insured at an average of less
than one-half what it would have cost to
insure the same in sound Stock Offices
The present rates on hazardous property
will be adhered to until sufficient time has
elapsed to demonstrate with certainty
that they are too high. A-a #ae
During the last 5 1-2 years, the mum.
Der of policies in force have increased
from II, 790 to 20,12S and the amount al
risk from $8,738,398 90 to ST., 547, 1898
90, and the premium notes from $621,.
589 90 to $1,279,S14 81, thus indicating
a very large and successful business, and
furnishing to the people of this State the
best evidence of the strength and stabil
ity of this long and well established in
stitution.
For a few years previous to 1850, the
business of the Company remained nearly
stationary. This was occasioned by for
eign companies flooding the State will
agents, who travelled from house to house
asserting that the Vermont Mutual wa
charging farmers too high ;-that they
We're assessed not only to pay their OWL
losses but large proportion of the lossei
on factories and other hazardous property
that the companies, for whom they acted
insured nothing but farm property, ant
that the advance payment, 20 to 40 pc
cent. on the premium notes (Which the,
were careful to take, was all that woult
ever be required, as their Companies haC
large amount of funds on hand.
When the farmers found that they ha,
been grossly deceived, and were called OIL
to pay large assessments, which, addet
to heavy adra'ace payments, amounted t.
nearly double the sum which it cost thei
neighbors, who were insured in the Fer
mont Mutual, they began to surrende
their policies and returned to this Com
) pany. 1HaS accounts in part for GU
largely increased and increasing business
To avoid the expense of changing thei
insurance from one Company to another
those interested would find it for thei
advantage, before making application 70
insurance, to examine and select tn
Company best adapted to furnish at th
least expense what is proposed, A SUR
INDEMNITY IN CASE OF LOSS.
By order of Directors,
DAN'L BALDWIN, Prest.
CHAs. DEWEY, Secretary.
j. T. THURsToN, Treasurer.