Litchfield enquirer., 1859-09-29

The 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 whh
they will continue through the prescLt year. and
probably for the future.
They have bylaw which prevents the assuring
of any risk, which, in any contingency, involves
the LOSS OF more than $500 Of property. Hence
there can he no apprehension of any future
ment The funus OF the Company are loaned on
bonds and mortgages and other securities where they
| can be made available at any time.
| For the prevention of fraud, and rs protection
against over insurance, the Company pay three
Iorts OF the cash value Of buildings, which 10 usu
ally, deductng the foundation,) the full value Of
the property dcstroyed-and Also the full cash val
lie OF all partial losses on buildings, and on all
personal property contained therein, within amount
Of the insurance. The Company have inserted In
| their . stercotyped policy provision by which,
i'll any case OF disagreement in relation to the loss
or damage sustained by the insured the questions
arising therein shall be submitted to three judcjOu0
and disinercsted persons arbrators, 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, whoSc 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 ID
not expensive The financial affairs OF the COinpa-
ny have been managed with the most rigid ecVn0-
my The expenses have been mostly for renewal
of policies and the compensation to agents, mot ex
cce,ling 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 and emf
nent responsibility are necessary to render C0mpar
ny prosperous, and give it the full confidence Of the
pubic. Under the Five Years System, the COmpa-
ny barely existed with cash surplus but under
the present SYSTEM and for the last ten years, it
has not expended 40 per cent of its annual cash re-
cepts, and has become one of the strongest COmpa-
mics in the State. Other mutual Companies charge
from to 10 per cent. the property insured ON
which they receive per cent. in cash, and the BAL
ance In notes-prcsenting q large amount In notes
as capital. Our Company have cOntented Themselves
with charging only the amount usually charged by
Stock Companies, and have not made the insured
responsible for more than they would have paid in
cash, in annual insurance. To estimate, therefore,
correctly, the benefits which have resulted TO the
insured on the mutual principle, we have only 10
add the cancelled and uneancelled premiums char.
ged on the books of the Company with the cash re-
ceived-making an aggregate OF S170, 550.SO. De.
Quoting the losses and expenses, 1881 75) and
the balance, $685. 322 05. has been sayed-thus Ia
king an example, detached risk, at 40 cents on
500, less than one-tfth Of the premiums has been
matchmaking the insurance cost less than cents
on that sum Tor each year.
The Financial Summary of the operations
and condition Of the Company, after twenty-six
years OF experience, are the best arguments which
can be adduced in favor of the System Of Mutual
Insurance. 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 cis-
cumstances of our community, for such risks IS TN
be legitimately assumed by the Company.
In behalf of the Directors, j. G. BEcKwITH, Prst.
OFFICERS OF THE COMPANY FOE 1859-60-J.@G.
President; j. Whiting, Secretary; d G.
Woodruff, Treasurer; Sheldon Osborn Ageht.
Directors-J. G. Beckwith, Jason Whiting, Ssth
T. Beers, A. S. Lewis. Sheldon Osborn, Abijah Oat-
lin, Charles Adams, Henry r. Colt Philip s. BeeDe.
CIRCULATING EID1ARX.
vHvHE subscriber has concluded to LOAN BOOKS
IL from certain portions of his stock upon the or
linary terms. Books loaned MUST NOT be s0IEED or
duTILATED, as extra charges will be made Tor the
anne according to damage done.