Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1859-11-18
The Great Falls NJ utu:ll Fire InSsar
0ncc COMPANY.
A. TEACHER

The following is taken from the Grea. Fall.
Advertiser Of Nov. 1859, and contains much O:
in,eres, to those who wish their property in.
ssred -
The insurance Commissioners, in their repor, to
the New Hampshire Legislature, June session,
1859, make the following general remarks
The Commissioners are unanimously of the
opiaon that the adoption of the advance pa vnen,
system, already in successful operation some
OF the companies in this State, would be for the
interest Of all concerned. The expense Of making
assesmen,s, iosses from bad debts, the per cent,
allowed a. ents for collecting, and interest Of
None, will amount on an average 10 from Thirty
to thirty five per cent Of the sum assessed This
loss has TO b. made up by the paving members and
it will readily be seen that i; is clearly for the
advantage of those Who insure in good faith to
pay such per cent. at the time o. taking the poll
cy, as will cover all expenses Of managing the
Affairs OF the company, and the probable losses by
ire Nothing goes SO far to inEpire conLtene
in the mana cement of a company as being clear
from debt, with fund, small though it be, to pa
LOSSES promptly as they occur The advance
system has been found satisfactory to those Offer
ing the better class Of risks, while the poorer class
which usually seek low rates of advance are of No
advantage to any company. Those companies that
have made the smallest number of assessments
have the deepest hold upon the confidence of the
people Where the advance system has been
adopted and strictly adhered to, 1t has worked to
entire satisfaction. and We are of opinion that
the time is not very far distant when all mutual
companies will be driven into it,
In October, 1858, the Great Falls Mutual Fire
Insurance Company adopted the following rates
OF cash premiums -
Firsf Farmer Liass -from one TO stco Der cent.
on the insured amount.
Second or Village Class -from one to Jouy per
cent. on the insured amount.
An additional deposit note IS taken 10 meet the
requirements Of the charter.
The following is their classification -
"rhe Fya Class shall consist Of DIV cling houses,
barns, out-buildings connected or belonging to the
same, and their contents not Endangered by other
baidngs; and shall be insured for the term Of srr
years. The Second Class shall consist Of dwelling
houses barnes, out-buiidings connected or belong
ing thereto, and their contents, in towns ana vii
la ses; and shall be insured for the term Of s,r
years" None but the best risk Of those kinds Of
property are taken al any -aie Of premiums and
each agent and member is earnestly requested to
notify the office at once, whenever they may know
Of any risk insured in the Office where there is
anything Objectionable in the risk itself, location
or in the character and habits Of either the owner
or occupant, that they NAV at once cancel the
policy as provided by Art. 10, by the bylaws
In fixing upon the rate Of premiums they have
eDdeavored TO avoid either too high or too low
rate, and in dealing with the members the officers
pledge themselves to use their best endeavors to
maintain the high reputation which TIE com any
has already attained Cor promp. and honorable
dealing, and also by such careful selection of
risk and customers endeavor to max it the ehea-
pest, as well rs the only S,r,esiy Mutual Ctm-
pany."
The officers of the Company are Hon. Ichabod
g. Jordan. John A. Burleigh, Dr.J. c. Hanson,
D. q. Rollins, Ezra Hartman, NJ cajah c. Bureigh
and :. ID. Whitehouse Directors.
Hon Ichabod &. Jordan. President.
Henry \. Hayes, Secretary and Treasurer.
By reference to our advertising columns it will
be seen that ]. B. osgoOd is agen. f0r this CON-
pany here.