The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1863-05-23
To she Public.

County Mutual Fire Lasurace Company, held on
the 9Th of May. 1868, the following facts were eli
cited, and the Secretary instructed to embody
them in communication to the public.
This company has been in existence eight years,
Eve Of them the most disastrous to business pur.
suits ever experienced BY this commnsity. Iss
business has been confined chiefly to this imme.
diate vicinity, TO special effort having been made
to extend it, on account of the financial difficulties
of the times.
the amour, of nearly
100000,
the premium notes which constituting the
capital Of tn. Company. . basis of assessments for
losses and expenses, amounting to over
eSO,OOO,
secured by lien on the property insured, worth
over
s3.OOO.OOO.
The am~un! Of nlonsy. however, actually collected
from the members during this period Of eight
years, to meet al The Lo.ses AMI E1psnses Of the
Company, was only . little over elO 600, which
constitutes the entire sum paid J the msn.Iers for
the insuranee of this large amount of property
duriug the whole eight years, being about 81, $50
per anuum about one-si xih Of one per cent.
The average rate that the class Of property In
sursd by this Company would have paid to reli-
rble stock Companies, will exceed one per cent.
II will thus be seen that the members Of this
Company have actually been saved Sc of
the amount Of money that it would have
cost them in other companies, while the security
afforded by the Company has at all times been
ample aud available.
This result has been produced by the fact that
the heavy espcsses usually incurred in establish
ing other sor:paaes, and the large salaries often
paid to officers, have been avoided bv us and by
the fac. that have refused all ecfrG MzarIous
risk, the Intention being to furnish 20 the mem
bers s.ft insurnnc. at the lowest possible cost.
This state of facts, the Directors believe cons,i-
tutes a record tina; no other compsny v can show
aud ought to commend the institution to the hear
~ supper; and patronage Of the entire commu.
nitv.
The citis.,s Of O:tiuI pay every yea, for insu-
rance not less than 100000. This for eight
years voule amount $l6O,OOO. The amount
paid back to them BY the Insurance Cos. will Tot
exceed $1,000. leaving si55.OOO actually
paid out for insurance. Now i; Is ev 1en, that
nearly the whole Of this large sum- at least.
fl40 0C0 Of II, might have been saved 10 this
munity alone. had the insurance been effected
with the Ia sale County Hutuai while a, the
time the security would have been amp;e 5 in al,
well managed Mutual Companies the basis of Sc.
curity is increased in exac, proportion to the
liabilities
The amount allowed above. say so, 900. would
surplus OF OoOo 10 $4,000 for future con,in,
gcncies
Are the people of Ottawa and la Sale county SO
regardless Of their own interest as 10 allow TIN.
waste OF money to go on' They would not adopt
such course on any other subject, but the fact is
this subject Of Insurance the lcas, understood Of
any matter e0ccfing the interests of business. men,
Blu, few men know anything about the respons-
bili,y of the Companies that they insure H. or
what should be fair consideration for the risk
assumed. The consequence Is, this community
are paving rates Of insurance that are based upon
otha. more exposed and less protected localities.
as is evident from the large amount paid for iusu
rance ard The small amount last.
The remedy for this unnecessary evil is to effect
your insurance ia Corrany which, by your be-
coming Itrn-5ers, will he under your own observa-
ton and control, and which YOU thus Know to
&c Naie anu "'ye PT"VUttoh oi tue H4ohey mat
YOU are ANNUALLY paying .or insurance will be
saved.
The losses of the Company have thus far been
promptly paid. to the entire satisfaction Of the ~
sured; and the names Of the Directors. comprising
some Of the oLics. and most succes,fui business
men Of this community, is 4 sufficient guarantee
that such will be the hereafter.
JOHN V. A. HOES, P-tst.
WIN. II. TRUE, .Secry.