Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1856-03-06
SIG.GIO s.


OF this sum $t5,692 81 have been paid
for losses on dwellings, and the balance
remained il the Treasury Aug. l, 1875.
For the first eigAteeR years, property
insured was divided into ttgel,e 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 basis Of insurance il. a
mutual company.
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 viii always becharged
sufficient to pay their own losses.
The whole amount Of property insured
from the commencement Of the Company
to August l, 1865, twenty eight years.
has been SCI, 384,421. All losses and
expenses for the same time, S7I7, $50 J2.
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 tie
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
fifths Of ono per cent. on the amount in
sured.
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
win be adhered to until sufficient time has
elapsed TO demonstrate with certainty
that they are too high.
During the last ID years, the num-
Der Of policies in force have increased
from IL $50 to 20,12S and the amount al
risk from $8,738,398 90 to SI7.547.993-
90, and the premium notes from SG2I.-
/ $50 90 10 S1,279,814 81, thus indicating
a very large and successful business, and
furnishing to the people of this State the
I best evidence Of the strength and siabil
lily of this long and well established in.
stiution.
For i few years previous 70 1850, tht
business Of the Company remained nearly
+, stationary. This was occasioned by fol-
eign companies flooding the State wilI
agents, who travelled from house TO house
asserting that the Vermont lIistuaI va
charging farmers too high that ther
were assessed not only to pay their owl
losses but large proportion Of the Iosse
: oniactories and other hazardous property
that the companies, Tor whom they acted
i insured nothing but fara property, an,
! that the advance payment, 20 10 40 pc
cent. ca the premium notes (Which the
were careful to take.) was al that ,go..
ever be required, as their. Companies La,
large amount Of funds on Laad.
When the farmers found that they la
= been grossly deceived, and we're called o.
to pay large assessments, which. adde
to heavy adraace payments, amounted Z
nearly double The SUM which il cost thei
: neighboFs, who we're insured in the Ver
mont Ha,ual, they began to surrendc
their policies and returned 10 this CON
pany. This accounts in part FOR on
largely increased and increasing busine5.
: To avoid the expense Of changing thei
L insurance from one Company 70 another
= those interested would iud It for thei
advantage, before making application 70
insurance, TO examine and selecs III
ls Company best adapted 10 furnish III I'll
e least expense what is proposed. A SUR
!. INDEMNITY N CAST OF Loss.
by order Of Directors,
DAN'L BALDWIN, PfeSt.
CHAs. DEWEY, Secretary.
j. I. THURsToS, Treesilrer.