Litchfield enquirer., 1860-03-15

ThesConpany have no unpaid losses nor claims of any kind against them.
 They have never made an assessment and dur ing the past year. have paid dividend Of 10 per cent. on their renewal of policies of insurance, whNh they will continue through the preaeLt year, and probably for Il c luiuie.
 They have bylaw which prevents the assur- ing of any risk, which, in any contingency, in- wolves the loss of more than g., 800 of property. Hence there can be no apprehension of any fu- ture assessment. The fui,us of the G mpany are loaned on bonds and mortgages, and other secu-
 rites where they can be made available at any
 time.
 For the prevention of fraud, and as a protection against over insurance, the Company pay fkT0- /ourths Of the cash value of buildings which is usu ally, (deducting the foundation the full ymlue of the property destroyed-and also, the full cash value of all partial losses on buildings and on all personal propertycontainedt therein wit hin amount of the insurance. The Company have inserted in their = stereotyped policy a provision by which, in any case of disagreement in relation to th. loss or damage sustained by the insured, the questions arising therein shall besubmited to three malicious and persons as arbitrators selected i1 the usual way by both parties or if either party neglects to appoint shall be the duty of the jsdre 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 ali clan1 of doubtful character, avoids all liti9atiun and is not expensive. The financial affairs of the Com pany have been managed with the most rigid econO. my. The expenses have been mostly for renewal of policies and the compensation to agents met exceeding l0percent) 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 rui- nent responsibility are necessary to render Com- pany prosperous. and give it the full confidence of hepublic. Under the Five Years systt m the Com. pany 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 Csmpa- nies in the State. Other mutual Companies charge from 5 to 10 per cent. on the property insured on which they receive per cent. in cash and the bal- ance in notes-presenting a 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 esti- mate, therefore. correctly, the benefits which have resulted to the insured on the mutual prin- ciple, we have only to add the cancelled and un- cancelled premiums charged on the books of the Company with the cash received-makiDg an Aggregate of $170,55 80. Deducting the iovsen and expenses, ts3l, ,128.75,) and the balance. sl39 9322.O .O5. has been saved-thus taking ss mn example, detached risk, at 70 cents or S1O(l less than one-fiftn of the premiums has been used making the insurance cost less than e cents on that sum for each year.
 The Financial Summary of the operations and condition of the Company, after twenty -six years oi experiences: are the best arguments which can De adduced Tn favor Of the system of Mutual Insurance and should satisfy the most incredu. lous that it is both profitable and reliable, when judiciously managed, and at the same time, sus. aims the eminent responsibility of the Company, its claims to public confidence, and its adapta. tion to the circumstances of our community for such risks as can be legtimately assumed by the Company.
 In behalf of the Directors,
 1. J. G. BEcKwIrH, Pres't.
 OFFICERS or THE COMPANY TOR 1859-6O.-J. c. Beck with, President; J. Whiting. Secretary; c. O. Woodruff, Treasurer Sheldon Osborn, General Agent
 Direcsors-J. G. Beckwith. Jason Whiting. Seth r. Beers, A. s. Lewis. Sheldon Osborn, Abijah Catlin, Cha's Adams, H. R. Colt, Philip s. Beebs.