Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1859-11-10


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 a dividend of 10 Der
cent on their renewal Of policies of insurance which
they Will continue through the present year, and
They have bylaw which prevents the assuring
OF any risk, which, in any contingency involves
the loss of more than So, 500 of property Hence
there can be no apprehension of any future assess
ment. Inc tunds OF the Company loaned on
bonds and and other securities where they
can be made available at any time.
For the prevention OF fraud and protection
against over insurance, the Company pay three
J9nrhs OF the cash value Of building which is usu
the property destroyed-and Also the full cash VAL
ue OF all partial losses buildings and on all
personal property contained therein, within amount
OF the insurance. The Company have inserted in
their 'stereotyped policy a provision by which,
in any case of disagreement in relation to the loss
OF damage sustained by the insured, the questions
arising therein shall be submitted to three udicous
and disinterested persons arbirators selected in
the usual way by both parties or if either party
negccts to appoint it shall be the duty OF the Judge
of Probate qualified to act to make such appoint-
ment, Whose 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 is
not expensive. The financial affairs OF the Compa
ny have been managed with the most rigid econo-
my. The expenses have been mostly for renewal
OF policies and the compensation to agents. mot ex
ceeung 10 per cent? The incidental expenses of
rent postage. and other services have not exceed
I'd seventy dollars per annum. The history of the
Company exhibits the fact, that strength and emil
Ient responsibility are necessary to render Compa
ny prosperous, and give it the full confidence OF the
public. Under the Five Years System, the Compa-
ny barely existed with a cash surplus but under
the present System, and for the last ten years. it
has not expended 40 per cent of it's annual cash re-
ceipts, and has become one Of the strongest Compa-
MES in the State. Other mutual Companies charge
from to 10 per cent. on the property insured On
which they receive per cent. in cash. and the bal
ance in notes-presenting 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 to
add the cancelled and uncancellcd premiums char
ged ON the books of the Company with the cash re-
ceived-making an aggregate OF S170, $50 80 De-
Quoting the losses and expenses, 1881 ,12875) and
the balance, $780, 3l2 05. has been saved-thus ia
king example, a detached risk, at 40 cents Oh
SlO0, less than one-ffth of the premiums has been
matchmaking 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
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 cir
cumstances of our community, for such risks
be legitimately assumed by the Company.
In behalf of the Directors j. G. BEcKwITH, Prest.
OFFICERS THE COMPANY FOR 1859-60.-J.eG.
Beckwith, President; j. Whiting Secretary G C.
Woodruff, Treasurer Sheldon Osborn General Agent.
Directors-J. g. Beckwith, Jason Whiting, Seth
T. Beers, A. S. Lewis, Sheldon Osborn, Abijah Cat
lin, Charles Adams, Henry R. Colt, Philip S. Beebe.