Litchfield enquirer., 1861-01-03


 of any kind against them.
 They have never made an assessment. and dur ing the past year, have made 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, 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 any time.
 For the prevention of fraud, and as a protec- tion against insurance, the Company pay Hrec jonrihs of the cash value of buildings, which is usually, (deducting the foundation,) the full value of the property dcstroyed-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" 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 mlttcd to three judicious and disiuterested per sons as arbitrators selected in the usual way by both parties; or if either party neglects to ap- point it shall be the duty of the Judge of Probate qnailhed to act, to make such appointment whose award in writing, after fair hearing, shall be tna. This has been found 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 Con- pany have been managed with the most rigid economy. The expenses have been mostly for re- newal of policies and the compensation to agents, l (hot exceeding 10 per ccnt.) 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 strenth and eminent responsibility are necessary to render 9 Company prosperous. and give it the full conti- donca 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 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-pressnt ing large amount in notes as capital. Our Com 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 rectly, the benefits which have resulted to the in s9fed OF the mutual principle. we have only to aao the cancelled and uncancelled premiums charged on the books of the Company with the 3 Casa osc - IrecelVeo-making an aggregate of $185-
 zoo. 70. Deducting the losses and expenses, tsS4- ssvsd ,a hma tne balance sl5l ,1o9.45 has been saveo-tnus taking as an example, a detached risk, at 40 cents on S100. less than one.tifth of
 the premiums has been used making the insu,- 5 ance cost less than cents on that sum for each P year.
 Q The Financial Summary of the operations and condition of the Company after 27 years of expe. d rience, are the best argument which can be ad F duced in favor of the system of Mutual Insurance l. and should satisfy the most inctedulous, that il is both profitable and reliable, when judicously t managed, and at the same time, sustains the emi nent responsibility of the Company its claims te u public confidence, and its adaptation to the cir cumstances of our community, for such risks a! 0 can be lcgitimately assumed by the Company. In behalf of the Directors.
 Il J. G. BECKWTTH, President > OFFICERS OF THE COMPANY FOR 1e6O-61: J. G
 Beckwith. President; J. Whiting, Secretary G
 c. Woodruff, Treasurer; Sheldon Osborn Gener
 al Agent.
 B Directors-J G. Beckwith, Jason Whiting, Setl
 P. Beers, A. S. Lewis, Sheldon Osborn. Abial
 Catlin, Cha's Adams, H. K. Colt, Philip s. Beebe 13