Litchfield enquirer., 1861-01-17

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 Der 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, whi-h, in any contingency in. wolves the loss of more than S2,500 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 a1y time.
 For the prevention of fraud. and as d protec- tion against over insurance, the Company pay Nrec fourths of the cash value of buildings which is usually, (deducting the foundaion,) 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 insurance. Tie Company have inserted in their stcreotyped policy a 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 mitted to three judcious and dsinterested per sons as arbitratols, selected in the usual way by both parties; or if either party neglects to aiI- point, 1t shall be the duty of the Jutge of Probate qualified to act, to make such appointment, whose award in Writing, after a fttir hearing, shall be final. This has been found a just, prompt, and very satisfactory method of adjusting 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 econdmy. 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 strenath and eminent responsibility are necessary to render Company prosperous and give it the full conii- dence of the public. Under the Five Years sys tenn, the Company barely existed with a cash sur. plus; but under the present system, and for tine last ten years, it has not expended 40 Der cent o its 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 tLev receive 5 per cent in cash, and the balance in notes-prese sent ing large amount in notes as capital. Our Con- pany have contented themselves with charging only the amount usually charged by Stock Com panies, and have not made the insared respunsl- 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 received--making aggregate of S1e5,- 236.16. Deducting the losses and expenses, tS34 - l27.ol J and the balance, $151, 1O9.45 has been saved-thus taking as an example, a detached risk, at 40 cents on S100, less than one-titth of
  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- 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 iegltimately assumed by the Company. In behalf of the Directors,
 J. G. BECKWITH President
 OFFICERS OF THE COMPANY FOR 1S6O-61: J. G. Beckwith. President J. Whiting, Secretary; G. c. Woodruff, Treasurer; Sheldon Osborn, Gener- al Agent
 Duectors-J G. Beckwith, Jason Whiting, Seth P. Beers, A. S. Lewis, Sheldon Osborn. Abiah Catlin, Cha's Adams, H. R. Colt, Philip S. Beebe. 13