Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1871-02-16
CaEC4L .AH.
OFFICE VI ADIsoS MUTUAL INSURANCE. Co. |
... NJ ADtsos, Wis, Jan. 81, 1871.
= NgD3Jers Of Che Hldison Hilt}tQl IlSl6ya3lt

OFFICE NJ ApIsoS Mutual INSURANCE. Co. L
MADtsos, Wis, Jan. 81, 1871.
To tile NomJers IF Che Kedfson N1taat Insurance
Co..
In consequence Of extraordinary losses
paid during the past year, amounting to
over Sl37 10000, the Board of Directors
levied an assessment on the 10Th list, Of
twenty-five per cent upon premium
notes, payable in the future, as the EX-
ecutive Committee may direct After
this assessment shall be paid, the cost of
insurance in this company will not be
greater than in other companies insurng
against both fire and lightning The
company owes nothing that is over due
except small amount of disputed claims,
and the adjustment and payment of its
honest losses will be continued promptly
and regularly hereafter as heretofore.
The losses of the pastyear were greatly
increased by the long drouth last spring
and summer Of about three months,
through the southern portion oftbe State,
where our risks are most Numerous,
followed afterwards by the most terrible
series ofthunder storms ever experienced
! in the State. The losses by Lightning
were one hundred and sixy,two IN
| number, iaclnding scme of the finest fam
buildings in the State.
This is the third assessment that this
company has made since ito organization
| twenty wears ago, the last, one having
been made in 1888, thirteen years ago
During this period Of thirteen years we
have furnished reliable insurance at the
lowest possible rates, and paid nearly
six hundred thousand dollars to the
people for losses, and have only used 9th.
erwise what mony was necessary to carry
| on the business economically.
A man pays US on isolated property
I one per cent, for years This for $1,000
| for l2I years would be $500; add the
assessment $500 and the total charge is
5000. Stock companies and others
charge, al{ cash dooa, $3.50 for same
amount and time at their present rates,
and So 90 at the rates they charged be-
! fore thi, company commenced business,
! and they do non furnish so much protec-
ton, their policies are not SO liberal, nor
| is their security any greater. a glance
will show the immense sum that we have
saved the people on their cash premiums
| to say nothing of the an.oSnt paid back
to them in losses
! We are not alone in having lost on the
past'vear's business for the basness Of
! ire insurance in the State has been done
at large aggregate loss, and it is even
doubtful If any company has made clear
! profit,
In view Of the facts, the Directors
believed this to be the just and proper
o.. urse to pursue, and made the assess
mers 50 as TO protect their members
arainst Iture danger from losses, in the
worst event, and trust that they will be
sustained by Tie intelligence and sense
Of Justice Of their members throughout
the State. This statement IS made that
the people may know the facts and not
BE- imposed upon by any misrepresenta
tons Of Interested parties employed by
other companies, and wishing to obtain
our business by fair means or tonl.
Proper notice will be given of the time
when the assessment will become due in
all eases aud the assessment takes effect
only upon such policies rs we're in force
on the l3,h dav of January; those ex-
nirel or cancelled before that date and
those commencing afterwards are exemnt.
,. NoRTuINGToN, Srerstarg