Litchfield enquirer., 1859-08-11

SS~~PesNJ NNAA>0 of it's existence
 The following statement exhibits the amount re- ceived in cash tor premiums, the amount charged on 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:
 cash Recd. CAgdPrems. Amltor hasu 1888 to 1888. S3, ,7O452 $l4,76I.yO SSl4,958 1858 1843.. 4,634.9l 18,669.52 967 ,S63 1s43 l" 1s4s.. 4,OyS.o3 15,47O.6l 74s,32O lS48 !" lo5l.. 5, lOY.9l 6,Z3O.O6 6U0 956 1851 '' lSo4.. 9,9l3.3O 19,Sd261 1,sl5,2l7 1Sj4 |" 1857. IA, ,339 59 2S,679.l9 252U 952 1857 " lS59.. 9,Yo9.35 1o,Ol6.7O 164l,222
 s4s, ,s6O.21 s12l ,69o5e s9,lO4,4ss Of the amount of Cash received for
 Premiums. ........................ s4s, ,86021 There has been paid for
 losses and expenses to
 this time. ...,,,...,.... $31, ,128.75
 For Dividend of 10 per cent
 paid on years renewals. 347.12-$31 ,475.87 Which deducted from the Cash receipts
 leaves. sl7 ,3s4.34 est on loans last year.. S1,042l9
 Due from Agents and Cash
 deposited .............. 3,25S 3S- s4,3oo. 52 Cash Funds s2l ,6S4 se Of the amount charged on the books, s121 ,eso 5s
 there has been cancelled. ........... 95, 530. 88
 Balance. <. s2e, l5o. Fl Which, with the Cash funds. ........ 2l 684 36 And money loaned as above, Makes an available Capital of. ........ s47, ,s4467 RECEIPTS AND EXPENDITURES FOR THE YEAR 1858 59 R,ceived for nremiun,s deductinp diyi.
 dend $4 ,39l O6 Received for interest on loans last year l,O42 IS
 s5,4as.25 Deduct Losses and Expenses ..... 2,723.O3
 Balance resulting to Fund. ....... s2.7l0.22 Of the Property insured. $9, ,lO4, ,4SS There has been surrendered, mostly by expiration of policy. $6, 569, 164 Remaining still insured. ............s s2, ,5s5, 1924 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 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 $2, 800 of property Hence there can be no apprehension of any future assess ment.a The 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 a protection against over insurance, the Company pay three l ourths of the cash value of buildings which is usu ally, ededucting the foundation )the full value of the property destroyed-and also the full cash val ue of all partial losses on buildings, and on all personal property contained therein within amount Of the insurance. The Company have inserted in | their " "stereotyped policy provision by which, l in any case of disagreement nrelation to the loss or damage sustained by the insured the questions arising therein shall be submitted to three judcious and disinterested persons arbitrators selected in the usual way by both parties or if either party | negects to appoint shall be the duty of the Judge of Probate qualified to act, to make such appoint Ment, whOne award in writing. after fair hearing shall be final. This has been found just, prompt aud very satisfactory method of adjusting all claims of d0ubtful character, avoids all litigation, and s l not expensive. The financial affairs of the Compa- ny have been managed with the most rigid econo- | my. The expenses have been mostly tor renewal l Uf 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 emi- 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 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 of the strongest COmpa- nies in the State. Other mutual Companies charge from 5to 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 them selves 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 behetts which have resulted to the insured on the mutual principle, we have only to afld the cancelled and uncancelled nren;nro cha. red on the books of the Company with the cash re- ceived-making an aggregate ot Sl7O, ,55O 80. De- ducting the losses and expenses, 1881 l2875) and the balance. $l39, ,S12. .05 has been saved-thus ta king as an example, detached risk at 40 cents on $lUO less than One-fftn of the premiums has been matchmaking the insurance cost less than 8 cents on that sum tor each year.
 The Financial Summary of the operations and coalition of the Company, after twenty-six yean oi experience, are the best arguments which can De adduced in favor of the System of Mutual Insurance and should satisfy the most incredulous that 1t b 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 as can bs legitimately assumed by the Company.
 In nbehalf of the Directors, J. G. BRcKwrrH, Pres't
 OrslcERs or THE COMPANY FOR l859-6O-J G. 1eckvith} President; J. Whiting, Secretary G. C. Woodfu4, Treasurer; Sheldon Osborn, General Agent
 g6H16s--J. c. Beckwith, Jason Whiting Seth .. b11n A. E. Lcwis, Sheldon Osborn Abiiah Cat. Dn, sies Adams, Henry R. Colt Philip s. Beebe