Litchfield enquirer. [volume] (Litchfield, Conn.) 1829-current, 1860-06-28

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 paid dividend IF 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 So, 500 of property
Hence there can be no apprehension Of any flu
ture assessment. The funds of the Company 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 protection
against over insurance, the Company pay three
ourts OF the cash value of buildings, which is usu
ally (deducting the foundation the full value Of
the property dcstroyed-and also, the full cash
personal rtytcontainedth therein, withnamoun
OF the insurance. The Company have inserted in
their stereotyped policy provision, by which,
in any case of disagreement in relation to the loss
or damage sustained by the insured, the questions
arising therein shall besubmitted to three udicous
and disinterested persons arbitrators selected
the usual way by both parties or if either party
neglects to appoint shall be the dutyof the Judge
of Probate qualified to act, to make such appoint
ment, whose award in writing. aftera fair hearing,
shall be final. This has been found Just prompt.
and very satisfactory method adjusting ali claims
of doubtful character, avoids all litigation. and
is not expensive. The tinancialaffairs 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 mot
exceeding 10pcrcent.) The incidental expenses of
rent, postage and other services have not exceed
| I'd seventy dollars per annum. The history of the
Company exhibits the fact, that strength and emf
nent responsibility are necessary to render Com
pany prosperous and give it the full confidence of
! the public Under the Five Years system the Com
pany barely existed with cash surplus but under
the present system, and for the last ten years. it
not expended 40 per cent of its annual cash re
ceipts, and has become of the strongest Comma
MES 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 amountin 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-making an
aggregate of S170, $50 80. Deducting the losses
and expenses, 1881 ,l28,75,) and the balance,
sls9, 1922. 05 has been saved-thus taking as an
example, detached risk, at 40 cents on 500,
less than one-fifth of the premiums has been
Matchmaking the insurance cost less than 8
cents on that sum for each year.
The Financial Summary of the operations
and condition of the Company, after twenty-six
years OF experience, are the best arguments which
can be adduced in 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,
| ton to the circumstances of our community. for
such risks as can be legitimately assumed by the
| Company.
In behalf of the Directors
]. G. BEcKw1rH, Pres't,
| OFFICERS OF THE COMPANY FOR 1851 O-J, G.
Beckwith, President; J. Whiting, Secretary; q.
c. Woodruff, Treasurer Sheldon Osborn, General
| Agent.
r. Beers, A. S. Lewis. Sheldon Osborn, Abiiah
Catlin. Cha's Adams, H. R. Colt, Philip S. Beebe.