Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-02-18
For the Keaaejec journal;
NEW FIRE ASSURANCE SYSTEM
WArERvILLE Feb. lG, ~
To the People Of Maine.

To the People Of Maine
The Insurance Commissioner report shows
that the State of Maine pays annually to Fire
Insurance Companies mostly foreign, doing
business in the State, about 81 900, 900, and
receives back for losses by fire less than one
half Of the amount paid out.
The insurance statistics of the town OF
Wateryille give between $4,000 ard $4,000 pre-
miums, including long policies, on $500
risks. Our losses have not averaged for the
last ten or twenty years $1,000 per year
Agents commission, exceed annually our
average loss by fire. Our premiums for one
year exceed all our known losses for ten
years. Our annual premiums are more than
double our losses by fire after deducting the
amount paid to all cur town officials for doing
our town business. The addition of our town
insurance business would rot increase Our
town expenses one half, probably not one
quarter.
And yet in view OF State and town facts a
majority Of the Committee on Mercantile
Affairs and Insurance have voted leave to
withdraw on petition for a lew Fire lnsur-
ance System. This system asked for the
privilege Of paving town insurance premiums
into the State Treasury for an insurance fund
with the view of absorbing the State debt
converted into bonds for that purpose; thus
keeping at home the money now paid abroad
for interest On cur debt ard also retaining the
premiums now paid to foreign Fire Insurance
Companies: the State debt holding the same
relation to town Fire Insurance Companies
that the United States debt does to our Ma
tonal Bank circulation. Facts and figures
prove that this plan in twelve to fifteen years.
at the present rates of insurance, would ac-
cumulate principal the interest of which
would more than pay for all the present in
surance of the State without the addition Of
another dollar.
The Insurance Committee did not permit to
this important subject that consideration given
by the legislature TO a single town cheese
mandatory, or the scalp Of Il wolf. Perhaps
some of them may have looked at it through
fire insurance glasses, for hive of foreign
Company Insurance Agents happened to
swarm at the precise time OF the hearing.
1t is to be hoped that minority report will
yet bring this subject up for legislative action
If not, then it is respectfully suggested to the
people to provide, in their town warrants
calling their next annual meetings, for in-
structiDg their selectmen to take the Insur-
ance statistics Of the town at the time of TAX
ing the inventory. The amount insured. the
rate per cent, time, beginning of risks and, if
convenient, an estimate Of the buildings not
insured would also be desirable. This will
give the people an opportunity, if they are in
favor Of an insurance system that will shortly
relieve them of the whole or large part of
their present heavy insurance taxes, to fur
nish representatives, with special reference
to thi. subject, the necessary fscts to act up
on.
Prompt action is of vital importance to the
State. If the investigation does not lead to
the adoption Of anything like the above men
toned plan, it might to some other which
would to an equal or greater extent relieve
US from the present heavy drain upon our re-
sources T. &. KiMBALL.