Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1859-10-27

| Inc company have no unpaid losses nor claims OF
| any kind against them.
! They have never made an assessment, and during
| the past year, have paid dividend Of 10 per
cent ON their renewal OF policies Of insurance whxh
they will continue through the present year, and
probably for the future.
| They have a bylaw which prevents the assuring
of any rink, which, in any contingency, involves
| the loss of more than 81 500 of property. Hence
there can be apprehension of any future assess.
ment. The funds Of the Company are loaned ON
bonds and and other securities where they
can he made available at any time.
For the prevention OF fraud, and rs protection
| against over insurance. the Company pay three
Iourhs OF the cash value of buildings which Is usu
ally, tdeducting the foundation the full value Of
the property destroyed-and ALSO the full cash VAL
| ue Of all partial losses on buildings, and on al
personal property contained therein within amount
| of the insurance. The Company have inserted In
their ''stereotypcd policy" provision, by which,
in any case OF disagreement in relation to the loss
or damage sustained by the insured the questions
arising therein shall BIZ submitted to three judicOus
and disnterested persons arbitrators selected in
the usual way by both parties or if either party
negects to appoint, it shall be the duty of the Judge
of Probate qualified to act, to make such appoint
ment, wlose award in writing. after fair hearing
shall be final. This has been found Just, prompt,
and very satisfactory method of adjusting all claims
Of doubtful character, avoids all litigation and IA
not expensive. The financial affairs OF the Compa-
ny have been managed with the most rigid como
my. Tile expenses have been mostly for renewal
OF policies and the compensation to agents. mot ex-
ceeding 10 per cent? The incidental expenses Of
rent, postage and other services, have not exceed
ed seventy dollars per annum. The history of the
Company exhibits the fact that strength aud emf
nent responsibility are necessary to render Compa-
prosperous, and give it the full confidence Of the
public. Under the Five Years System, the Compn-
ny barely existed with cash surplus but under
the present System, and for the last ten years. 1t
has not expended 40 per cent. of Its annual cash
ceipts, and has become one Of the strongest Compa
mics in the State. Other mutual Companies change
from to 10 per cent on the property insured, On
which they receive per cent in cash, and the bai
ance in notes-presenting large amount in notes
as capital Our Company have contented Themselves
Stock Companies, and have not made the insu,ei
responsible for more than they would have pai,i in
cash, in annual Insurance. 10 estimate, therefore.
correctly, the benefits which have resulted to tho
insured on the mutual principle, we have only t0
add the cancelled and uncancelled premiums chay.
ged on the books of the Company with the cash No.
ceived-making an aggregate Of $170, 5000. De-
Quoting the losses and expenses, 1881 ,128,75) and
the balance, S13y, EOS, has been saved-thus ta-
king as an example, detached risk, at 40 cents
500, less than one-tfth of the premiums has BEEN
used making the insurance cost less than 8 cents
on that sum for each year.
The Financial Summary of the operations
and condition of the Company, after twenty-six
can be adduced in favor of the System Of Mutual
and should satisfy the most incredulous
that it is both profitable and reliable, when Judi.
ciously managed, and at the same time, sustains the
eminent responsibility of the Company, its claims
to public confidence and its adaptation TO the cir
Of our community, for such risks as can
be legitimately assumed by the Company.
In behalf of the Directors ]. G. BEcKwrH, Pres't.
OFEIcERs OF THE OoMrANx ron 1859 co.. @.
Beck with, President; j. Whiting, Secretary @. G.
Woodruff, Treasurer; Sheldon Osborn General Agent
Drectors-J. g. Beckwith Jason Whiting, Seth
!. Beers, A. g. Lewis. Sheldon Osborn, Abiiah Cst-
in, Charles Adams, Henry R. Colt Philip s. Besbs.