Litchfield enquirer., 1861-07-04

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 ut 10 per cent on their renewal sot 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, whi, h, in any contingency, in wolves the loss of more than S2, 600 of prolerty. 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 bc made available at ary time.
 For the prevention of fraud. and as prutec- tion against over insurance, the Company pi., three toMrths of the cash value of buildings, which is usually, Nleducting the foundation,) the full value of the property dcstroycd- and also, the full cash value of all partial losses Oh buildings and on all personal property contained th.r, Ill., within amount of the insurance. He Company have inserted ill their " "stcreutypcd policy apro vision, by which. ill any case of disagreement is relation to the loss damage sustained by the in surcti, the questions arising therein shali be sub mittcd to three ju,liriou. and disinterestcd cr- sons as arbitratuis, selected in the usual Way ty both parties; or if either party hc.ltcts to a; point, it shall be the duty of tl Ju,gc 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, al.d very satisfactory method of,djusting all claims of 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 expcnscs have been mostly for re- newal of policies and the compensation to agents, (not exceeding 10 per cent) The incidental ex- peuses 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 ssary to render a Company prosperous. and give it the full conti- dence of the public. Under the Five Years sys tam ha ,noN bar ralv fn,l o plus but under the present system and for tie last ten years, it has not expended 40 per cent o it's annual cash receipts, and has become one of the strongest Companies in the state. Other mu- tua Companies charge from to 10 per cent. on the property insured, which tl ev receive per cent. in cash. and the balance in notes-rpres 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 insured resi,.nsl- 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 surcd on the mutual principle. We have only to add the cancelled and uncancellcd premiums charged on the books of the Company with the cash notwithstanding an aggregate of SlS5,- 23676. Deducting the losses and expenses, tS34, 127 .51, J and the balance, $l51, ,lO945 has been Saved-thus taking as an example, detached risk, at 40 cents $l00 less than one-f fifth of the premiums has been used making the i1lsui ance cost less than s 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 be ad- duced in favor of the system of Mutual Insurance, and should satisfy the most incredulous, that it is both profitable and reliable, when judiciously managed, and at the same time, sustains the emi 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 or THE COMPANY FOR 136O-61: J. G. 1 Beckwith. President; J. Whiting, Secretary; G. l c; Woodruff, Treasurer; Sheldon Osborn, Gener- al Agent.
 Directors-J. G. Beckwith, Jason Whiting, Seth | P. Beers, A. s. Lewis Sheldon Osborn. Abilai, i Catlin, Chas Adams, H. R, Colt, Philip s. Beebe. |