Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1856-03-08

( sl6.6lO 81
I or this sum SIS, 500 81 have been paid for losses
on dwellings, and the balance remained in tho
I Treasury Aug, ], 1870.
/ For the first eighteen years. property insured
was divided uto frslpe classes aud tho receipts
and expenditures in them ascertaned separately
for the purpose Of establishing such rates on DIFF
ferent 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 rs basis Of iusurance
in n mutual company.
AT the expiration Of the above time, the Dircc-
tors reduced the number OF classes TO six, and es-
tablished such rates Of insurance for each class as
would have enabled it to pay is own losses during
this period
But the losses on hazardous property have beeu
less, in proportions than on dwellings for the last
ten, as compared with the FIRST eighieea years.
The first class (dwellings) Is the bash Of the
Company, and the rates thereon have not been ma
iorially 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 ofthe Company to August !, 1865,
(twenty-eight years) has been S92.3si.I2i. All
losses aud expenses for the same time, S1l1 $780,
o. 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 a
fraction over one-fourth Of one per cent. per an
mum, on all kinds Of properiyi-on dwelling
houses, at one-sixth Of one per cent, and other
kinds Of property at three-hfihs Of one per cent,
on the property insured.
The property denominatei hazardous ALTHOUGH
for the las, ten years it has paid little than
its proportion, has been insured ut an average CT
less than onc-half wha, ii would have cost 10 in
sure the same IN sound Stock Offices. The pres
ont 10 In
until sufficient time has elapsed to demonstrate
with certainty that they are too high
During the last IS years. the number Of policies
in force have increased from | 100 to 90, l2S aud
the amount at risk from s., 7Ss,3aS to Sl7.54T,-
9J3, and the premium notes from S62l ,5o9 to
81 ,279,sli 81, thus indicating a very large and
successful business, and furnishing TO the people
Of this State the best evidence of the strength aud
stability Of this long and we'll established institu
ton
For few Year, previous to 1850, the business
Of the Company remained nearly stationary. This
was occasi0ned By foreign companies hoo'ling the
State with agents. who Travelled from house to
house, asserting that the Fcrmom .Nufqai was
charging farmers too hsh,-tha, they were as
sessed not only 70 pay their own losses but large
proportion Of the losses on factories and other hlz-
ardous property; that the Companies, for whom
they acted, insured nothing hut farm property,
and that the advance payment, 20 to so per cent
On lhc premium hNtte ANhiNh itfN were eitlul 10
take,) was all that would ever be required as
heir Companies had large amount Of funds On
hand.
When the farmers found that they had been
grossly deceived, and were called on to pay large
assessments, which, added to the heavy adraaes
payments, amounted to nearly double the sum
which IL cost their neighbors, who were insured in
the PermoRt Mutual, they began to surrender
their policies and returned 20 this Company tbs
accounts in part for ou largely increased and in
creasing business. 10 avoid the expense Of chan
ging their insurance from one Company to anoth-
er, those interested would find it for their advan-
tage, before making application for insurance, to
examine and select the Company best adapted to
furnish at the least expense what is proposed, A
SURE INDEMNITY rs CASE OF LOSS
BY order Of Directors,
DAN'L BALDWIN, PrssidsaL
CHAs DEWEY, Secretary.
j. 7 THuRsroS, Treasurer.
See annual report Of 1855. page 5, for properly
insured in each class
Insurance Office. Montpelier,
February Is, 1856. 8