Litchfield enquirer., 1860-12-20

The Company have no unpaid losses nor claims of any kind against them.
 They have never made an assessment, and dur ing the past veal, have made a dividend of 10 per cent. on their renewal of policies of insurance, which they will continue through the present year, and probably for the future
 They have bylaw which prevents the assur- ing of any risk, which, in any contingency, in wolves the loss of more than S2, 800 ot prop, rty Hence there can be no apprehension of any future assessment. The funds of the Company are loan ed on bonds and mortgages, and other securities where they can be made avail liable at ally time.
 For the prevention of fraud, and as protec- tion against over insurance, the Company pay three fourths of the cash value of buildings, which
 is usually, (deducting the foundaton) the full value of the property destroyed-and also, the full cash value ot all partial losses buildings, and on all personal property contained therein, within amount of the insurance. TEe Company have inserted in their stereotyped policy" pro vision, by which, ill any case of disagreement in relation to the loss damage sustained by the in sured, the questions arising therein shall be sub mitted to three judicious and disinterested per sons as arbitrators, selected in the usual way by both parties or if either party neglects to ap- point, it shall be the duty of the Judge of Probate qualified to act, to make such appointment, whose l award in writing, after fair hearing, shall be final. This has been found a just prompt, and very satisfactory method of adjusting all claims of
 
 not expensive. The financial affairs of he Com- pany have been managed with the most rigid economy. The expenses have been mostly for re- ncwal of policies and the compensation to agents (not exceeding 10 per ccnt) The incidental ex- penses of rent, postage and other services, have not exceeded seventy dollars per annum. The his tory of the Company exhibits the fact that stren tn and eminent responsibility necessary to render Company prosperous, and give it the full conti- dence of the public. Under the Five Years sys- l tenn, the Company barely existed with a cash sur. plus but under the present system and for the last ten years, it has not expended 40 per cent. of 1 its annual cash receipts, and has become one of the strongest Companies in the state. Other mu- l tual Companies charge from ) to 10 per cent. on the property insured on which they receive 5 per cent. in cash and the balance in notes--pres ent | ing a large amount in notes capital. Our Con- pany have contented themselves with charging only the amount usually charged by Stock Com panies, and have not made the ins:ired responsl- | ble for more than they would have paid in cash in annual insurance. To estimate, therefore, cor rcctly the benefits which have resulted to the in sured on the mutual principle. we have only to add the cancelled and uncancclled premiums charged on the books of the Company with the cash notwithstanding an aggregate of SlS5- 236. 76. Deducting the losses and expenses, ($34- 127.31, and the balance, Sl51 1O9.45 has been 1 saved-thus taking as an example, detached 1 risk, at 40 cents S100, less than one-fifth of Il
 ance cost less than cents on that sum for each year.
 The Financial Summary of the operations and
 condition of the Company. after 27 years of expe-
 rience, are the best argument which can be ad-
 duced in favor of the system of Mutual Insurance,
 and should satisfy the most incrcdulous, that it
 is both profitable and reliable, when judciousy managed, and at the same time, sustans the eni
 nent responsibility of the Company, its claims t.
 public confidence, and its adaptation to the cir | m Of ity Cor as r can be lcgitimately assumed by the Company. In behalf of the Directors,
 J. G. BECKWITH, President. OFFICERS OF THE COMPANY FOR 1860-61: J. G h Beckwith, President; J. Whiting, Secretary G ?. c. Woodruff, Treasurer; Sheldon Osbpfn, Gener
 al Agent
 t Directors-J. G. Beckwith, Jason Whiting, Setl f P. Beers, A. S. Lewis, Sheldon Osborn. Abijal :, Catin, Cha's Adams, H. R. Coit Philip s. Beebe