Litchfield enquirer., 1860-07-26

The Company have no unpaid losses nor claims of any kind against them.
 They have never made an assessment, and dur ing the past year, have made 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 of property. 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 available at any time. For the prevention of fraud. and as protec- tion against over insurance, the Company nay three Jourths of the cash value of buildings, which is usually, (deducting the foundation,) the full value of the property destroyed-and also, the full cash value of all partial losses on buildings, and on all personal property contained therein, within amount of the ihsui ance Tie Company have inserted in their stereotyped policy' pro. vision, by which, in any case of disagreement in relation to the loss or damage sustained by the in sured, the questions arising therein shall be sub mittcd to three judicious and disnterested per- sons as arbitrators. selected in tie 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 award in writing after a fair hearing, shall be final. This has been found just, prompt, and very satisfactory method of adjusting all claims of UouDttui CllaTdCtef, aVOlus all llLSatlOn and Is not expensive. The financial affairs of the Con- pany have been managed with the most rigid economy. The expenses have been mostly for re- newal of policies and the compensation to agents (not exceeding 10 per cent) 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 strength and eminent responsibility arc necessary to render Company prosperous and give it the full conf- dcnce of the public. Under the Five Years sys- tenn, the Company barely existed with cash sur. plus but under the present system, and for the last ten years. it has not expended 40 per cent of it's annual cash receipts, and has become one of the strongest Companies in the state. Other mu- tual Companies charge from to 10 per cent. on the property insured, on which tLcy receive 5per cent. in cash, and the balance in notes-present- ing large amount in notes as capital. Our Com pany have contented themselves with charging only the amount usually charged by Stock Com panies, and have not made the insured responsl- ble for more than they would have paid in cash. in annual insurance. To estimate, therefore, cor rectly, the benefits which have resulted to the in sured on the mutual principle. we have only to add the cancelled and uncancelled premiums charged on the books of the Company with the cash notwithstanding an aggregate of $185,- 23676. Deducting the losses and expenses, 1884, 12 .3l J and the balance, S151, ,l09.45 has been saved-thus taking as an example, a detached risk, at 40 cents on $100, less than oneffth of the premiums has been used making the insur- ance cost less than 8 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 incredu1ous, that it is both profitable and reliable, when judiciously managed, and at the same time, sustans theemi nent responsibility of the Company, its claims to public confidence, and its adaptation to the cir cumstances of our community, for such risks as can be iegitimately assumed by the Company.
 In behalf of the Directors,
 J. G. BECKWITH, President. OFFICERS OF THE COMPANY FOR 1860-61: J. c. Beckwith. President; J. Whiting, Secretary; G. c. Woodruff, Treasurer; Sheldon Osborn, Gener- al Agent.
 Directors-J. G. Beckwith Jason Whiting, Seth P. Beers, A. S. Lewis, Sheldon Osborn. Abijah Catlin, Cha's Adams, H. R. Colt, Philip s. Beebe.
 13