Litchfield enquirer., 1859-07-21


 been sustained, as economical and reliable sys tenn, will appear from the following statement o the operations of the Company during the 26 years of its existence:
 The following statement exhibits the amount re- c;ived in cash for premiums, the amount charged the company books, reserved guarantee fund and basis for assessment, if necessary and also the amount of property insured-which we have arran- ged into periods of five years. while our policies were thus extended; and three years for the subse- quent period, the last being the present term of of insurance:
 | C,sh Reed. Chg'd Prem's Amt for Insu 1888 to 1888, $3 7O452 $14,76I.yO $814.958 1888 .' 1s4s, 46s4.91 1s,66s.52 967 s6s 1s43 |" ls4s 4O9s.e3 1547O 61 74s,s20 1848 i" 1851, 3,l09.91 6,230 O6 6OO.956 l 1851 " 1854, 9.9l3.30 1986261 1.8l5.2l7 | 1854 !" 1857, II. .339 59 28679.19 2,520, 952 1857 " 1859, 9959.35 18,016.7O 1,64l ,222
 s4s,seO51 s12l 69o59 s9,104,4ss Of the amount of Cash received for Premiums,
 s4s. .s6o.2 There has been paid for losses and ex- penses to this tiMe, $31, f28. 75 For Dividend of 10 per cent paid on last year renewals, 347.1 .-.. ss1, ,475.s7
 leaves sl7,ss4.44 Amount received for interest on loans last year 1,O42.19 Due from Agents and Cash deposited, s.25s ss Cash Funds, ssl, ,ss4. ss s121, ,69O.75 Of the amount charged on the books,
 there has been cancelled, 95,54os4 Balance, $2e15s71 Which, with the Cash funds, 2l,684 96 And money loaned as above,
 Makes an available Capital of s47 7.s4467 For Receipts and Expenditures for the year 1858 59,
 dend, s4.s91 os
 for interest on loans last year, l,042. .19 s5,4ss25 Deduct Losses an Expenses. 2.72s.03 B.lance resulting to Funl, s2,7lo22 Of the Property insured, s9,1O4, ,4SS There has been surrcndered mostly by
 expiration of policy, 6,569, ,164 Remaining still insured, s2,5s5, ,s24 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. their renewal of policies of insurance, ,wh>h they will continue through the present 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 s2, 500 of property. Hence there be no apprehension of any future assess ment. Tho funds 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 as protection against over insurance, the Company pay aree- ouths of the cash value of buildings, which is usu ally, (deducting the foundation) the full value of 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 stereotypcd policy provision. by which, in any of disagreement in relation to the loss or damage sustained by the insured, the questions arising therein shall be submitted to three judicious and dsnterested persons arbitrators, selected Tn 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, 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, (nOt 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 and eni- nent responsibility 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 cash surplus; but under has not expended 40 per cent of its annual cash re- cepts, and has become one of the strongest Compa- nies 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 uncancelled premiums char ged on the books of the Company with the cash re- ceived- making aR aggregate of $150, $50. 80. De ducting the losses and expenses, (ssl 12S,75) and the balance. $1s9. e.05 has been saved-thus ta- king as an example, detached risk, at 40 cents on $1OO, less than one-ffth of the premiums has been used-making the insurance cost less than 8 cent l on that sum for each year.
 The Financial Summary of the operations .,,d r,,,,l;t;on If the Comranv after twenty-six