Litchfield enquirer., 1861-03-14

The Company have no unpaid losses nor claims of any kind against them.
 They have never made assessment, and dur ing the past year, have made dividend of 10 pel cent. on their renewal of policies of insurance which they will continue through the present year, and probably for the future
 They have 8 by law which prevents the assur- ing of any risk, which, in any contingency, in | wolves the loss of more than s2, 300 of property Hence there can be no apprehension of any future assessment. The funds of the Company are l,an- ed on bonds and mortgages, and other securities where they can bc made available at al.y time For the prevention of fraud, and as d Lrvtec- | ton against over insurance, the Company pay M,teto" of the cash value of buildings, which is usually, (dcducting the founda,ion,} the full | value of the property destroyed-aud also the full cash value of all partial losses on buildings. and on all perSolal property contained therein, within amount of the insurance. Tie Company have inserted in their stcrcotyped policy pro vision, by which, ill any case of disagreement in relation to the loss damage sustained by the n- sured, the questions arising therein shall be sub mitted to three ntlicious and tlisintercstcd per- sons as arbitrators, selected in the usual way by both parties; or if either patty heglrcts to al- point, it shall be the duty of ths 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, and very satisfactory method of adjusting all claims of a doubtful character, avoids all litigation and is not expensive. The financial affairs of llle 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- penscs Of rent postage, and other services, have not exceeded seventy dollars per annum. The his tory of the Company exhibits the fact that strensth and eminent responsibility are necessary to render a Company prosperous and give it the full conti- Of Q In6a tenn, the Company barely existed with a 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 they receive per cent in cash, and the balance in notes--pres ent- 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 rcsponsl- 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 uncancelleda premiums charged on the books of the Company with the cash received-making an aggregate of $l95,- 236.76. Deductng the losses and expenses, 1884, l27 .S1 and the balance, sl51, 10945 has been saved-thus taking as an example, a detached risk, at 40 cents on s100, less than one-fiith of the premiums has been used making the insur- 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- rlence, are the bcst argument which can be ad- duccd m favor of the system of Mutual Insurance, and should satisfy the most incredulous, that it IS poth profitable and reliable, when iutliciously managed, ana at the same time, sustsins the em nent responsibility of the Company, it's claims to public confidence, and its adaptation to the cir cGmstanccs 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 l86O-61: J. G. Beckwith. President; J. Whiting, Secretary G. c: Woodruff, Treasurer; Sheldon Osborn, Gener- al Agent.
 D.rectors-J. c. Beckwith, Jason Whiting, Seth P. Beers, A. S. Lewis, Sheldon Osborn, Abijah catlin, Cha's Adams, H. R. Colt, Philip s. Beebe. l To ..ats--