Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1856-02-21
$lG,6lO,87

OF this sum SIS ,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 t,oelue classes: and the re-
ceipts and expenditures in them ascertained
separately, for the purpose Of establishing such
rates on different 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 unre-
HGbie as basis of insurance in a mutual com
pany.
At the expiration of the above time, the Di-
rectors 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, an 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 te 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 1884,
42l. All losses and expenses for the same time,
SLY ,65O,52. The average amount at risk has
been nine and one-quarter millions Of dollars.
The result is that this Company have insured
for the people of Vermont the above sum at an
average cost of q fraction over one-fourth of one
per cent. per annum, on all kinds of property {;
ON dwelling houses, at onesixth Of one per cent.
and other kinds of property at three-6fths of one
per cent on the amount insured.
The property denominaed hazardous -althoug h
for the last ten years it has paid 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 Of
fees The present rates on hazardous property
will be adhered to until sufficient time has elapsed
to demonstrate with certainty that they are too
high.
| During the last S 10 years, the number Of
| policies in force have increased from III 100 to
90, 1913 and the amount at risk from $0,738, 1893, =
90 to $l7,547 1893 90, and the premium notes
from 1921 $3.50 90 to $l,279,si4 81, thus indi
eating very large and successful business, and
furnishing tn the people of this State the best
evidence of the stregnth and stability of this
long and well established institution.
| For a few years previous to 1850, the business
of the Company remained nearly stationary
This was occasioned by foreign compenies food
ing the State with agents, who travelled from
house to house, asserting that the Vermont Mu
tual was charging farmers too much that the.
were assessed not only to pay their own losse
but large proportion of the losses on factories
and other hazardous property; that the Com
panies, for whom they acted, insured nothing bu
farm property, and that the advance payment
90 to 40 per cent on the premium notes (whic
they were careful to take,) was all that woul
ever be required, as their Companions had larg
amount of funds on hand.
When the farmers found that they had bee
grossly deceived, and were called on to pay arg
assessments, which, added to The heavy oduant
payments, amounted to nearly double the sun
which it cost their neighbors who were insure
in the Vermont Mutual, they began to surrende
their policies and return to this Company. Thu
accounts in part for our largely increased and in
creasng business. To avoid the expense
changing their insurance from one Company /
another, those interested would find it for the
: advantage, before maxim, application for ms,
q rance, to examine and select the Company be-
adapted to furnish at the least expense what
= proposed, A SAFE INSURANCE IN CASE OF LOSS.
= By order of Directors,
f. DAN'L BALDWIN, President.
CHAs. DEWEY, Secretary.
/ 1T. THURsToN, Treasurer.
insurance Office, Montpelier,
Feb, 18th, 1856.
see annual report of 1855 page for property insured