The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1877-01-05

In pursuance of the duty imposed u,.on
the Executive Committee of The Mutual Fire
Insurance Company in Hartford County, they
have carefully examined the books and nc
counts as kept by the Secretary and Treas
urcr thereof, and are gratlied TO have il in
their power to report that they were found
to he correct and the an eXed st ttement,
compiled theretrom, is true exhibit Ct the
condition OF the company Oh the 30th De-
cemher, 1876.
While the company, as it will appear from
this statement, has suffered severely from
losses by fire, there compelling helevying
OF 4 contribution of eight per cent. upon It's
premium notes, still for those who have been
members of the company for any length of
tlme the cost OF insurance has been extreme
ly moderate, being but little over six per
cent. per annum on premium note given at
a very low insurance
1t must be remembered that our company
was the pioneer association in the Stat for
mutual protection against loss by fire, and for
years continued the low rates of insurance
with which it started, and which has never
materially increased them, while the compap-
les that succeeded it fixed their rates from
the beginning at double and quadruplc upon
certain species of property what ours were,
and by that means created q large fund for
advantage in this system of taxing member
by high rates of insurance for the purpose of
creating large surplus in advance for the
payment of losses Which may occur, over one
of low rates, calling for corresponding pre-
MUM note, the interest upon which will sui
ice tor the payment of current expenses and
the liquidation of moderate losses al d in the
event OF heavy losses being sustained, then
as provision Tor their payment to levy Il
con Ilbution upon the members in proportion
tu the amount of their premium notes. This
has been the policy of our company since its
establishment, over thiitv years ago, and We
would not advise change
Experience has clearly demonstrated that
the true policy of an insurance company i,
10 take small risks, especially on personal
property OF Il certain character, such as the
| contents of stores and manufacturing estub-
lshments of all kinds. Far b tier have five
risks OF 81 600 each, of this description, than
one risk of IS 900.
The Executive Committee would therefore
recommend change in the Bylaws, SO thai
no insurance shall begranted, nor contracted
By this company, on personal property con-
| tanned in store houses or manufat turing es-
| adjustments OF all kinds for an amount ex-
ceeding $4,000, allowing the parties thus in
sured tue privilege of insuring in other com.
| panies for I'M add tional amuurt the consent
of this company being first had and obtain.
ed.
There appears to be an impression prevail.
| ing among many Of the members of the com.
| pany That il would I've advisable TO reassess
the property insured by it. This is a mat el
which calls for serious consideration, as
While ii is probable ih;t in some instances
| property assessed in 1861, the period of the
iast general assessment ct the company, and
since, may have delerioWtrd in value, still
| judging from our own observation and what
we have learned from sources entitled Il,
credit, the greet bulk OF the property insured
by the company in previous years has beel
kept in cool repair by the owners of The
same; therefore, The committee cannot recon-
mend general re-assessment Of the proper,
Insured, as The benefits resulting lherefron
would not, in their opinion, be commensu
rave with the trouble and expense. But they
would urge upon the Directors to prompt!,
report to the Secretary of the company any
properly IN their respective districts which
may have deterioratcd in value or have heel
originally insured too high, so as the proper
steps may he taken to reduce the amount iol
which it was insured, or cancel the policy
For the purpose of equulizng the amounts
paid by members. the Executive Commite,
| would also recommend that Il resolution b,
prepared by the company directing the Di
rectors TO rc-assess all property insured b,
this company AT less rates than are now lev
led, and the Secretary for the purpose of fl.
cillatlng their action shall furnish the Direc
tors with list of all such property situated
in their respective districts, the Secretary /,
furnish the new policy required under this re
assessment, to the patty SO re-insured fire.
Of charg..
JOIN CARROLL WALSH,
JOHN s. ALLAN,
THOMAS GORSUCH, of Chas.
G. NJ. JESSOP.
Executive Committee.