Litchfield enquirer., 1860-12-06

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 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, ill any contingency, in wolves the loss of more than S2, 5O0 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 available at al.y time
 For the prevention of fraud, and as protec- tion against over insurance, the Company pay three fourths of the cash value of buildings, winch
 is usually, (deducting the foundation,j the fuli 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 insurance. TEe Company have inserted in their stereotyped policy" d pro vision, by which, ill any case of disagreement in relation to the loss or damage sustained by the in sured, the questions arising therein shall be sub- mtted to three judcious and disinterested per sons arbitrators, selected in the usual way by both parties; or if either party neglects to a;,- point, it shall Do the duty of the Judge of Probate qualified to act, to make such appointment, whose award in writing, after fair hearing, shall be final. This has been found a just, prompt, and very satisfactory method of adjusting all claims ot doubtful character, avoids all litigation, and is not expensive. The financial affairs of the Com 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. Hue his- tory of the Company exhibits the fact that stren and eminent responsibility are necessary to render a Company prosperous, and give it the full conti- depcs 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 ill the state. Other mu- tual Companies charge from 5 to 10 per cent. on the property insured, on which they receive 5 per cent. in cash, and the balance in notcs-present- ing a large amount in notes as capital Our Con- pany have contcnted 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 recty, 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 tho Company with the cash recelved-making an aggregate of Sl85.- 236.76. Deducting the losses and expenses. IS34' ! l27 .31,) and the balance, sl5l, lO9 45 has been l saved-thus taking as an example, a detached risk, at 40 cents on $1O0, less than one.fifth of the premiums has been used making the insu:. 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- dnced in favor of the system of Mutual Insurance, and should satisfy the most incredulous, that it | is both profitable and reliable, when jndiciously managed, and at the same time, sustains the emf 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 lcgitimately assumed by the Company. In behalf of the Directors,
 J. G. BECKWITH, President. OFFICERS OF THE COMPANY FOR 1o60-61: J. G. Beckwith President; J. Whiting, Secretary G. c. Woodruff, Treasurer; Sheldon Osborn, Gener- al Agent.
 Directors-J. G. Beckwith, Jason Whiting, Seth F. Beers, A. S. Lewis, Sheldon Osborn. Abijah Catlin, Cha's Adams, H. R. Colt, Philip s. Beebe.
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