The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1877-02-09
FIRE INSURANCE.
ona1aittee'5 Report.

TJNHE Comm tee appointed AT the last ,
L annual meeting Of the members of the
Mutual Fire Insurance Company in Hartford |
county, held january LIST, 1877, to investigate |
the affairs of the company and report thereon
to an adjourned meeting to be held on the
9th OF February next ensuing, beg leave TO
submit the following report
That they have examined the books and
accounts Of the company in the office of its
Secretary with us much care as the time they
were able 10 give TO them would permit, and
that they found them to I've carefully, properly
and accurately kept by the Secretary.
our commit tee further report that though
the contribution" levied by the company in
! the lutter part of the past year has been
onerous TO many of its members, and espe-
| cially b. cause of the general scarcity of
money, yet such contribution has been neces-
sary only on three occasions since the argun-
izaiion OF the company, now more than thirty
| years ago, and that the average per year,
including these three contributions, paid by
| the memb is since the formation of The com
| puny, us the cost of insurance, has been re
MAJ kably low, being in fact lit lie more than
Onc-fourlh of one percent. upon the value of
the properly insured. We doubt if any of
| our fire insurance cumpe nies-!ocal or foreign
! -can make Il better, or indeed 50 good an
exhibit.
In this connection it is proper 20 say that
the last contribution was rendered ncccss. ny
by several unusually large losses which oc-
Cured during the year 1876 that it is impor-
tant it should be paid by the members nj an
early day in order lhul the company may
promptly met its liabilities therefor, and
your committee would recommend that the
Board Of Directors be requested to collect by
legal proceedings all sums III arrears on said
~ n an ut 81 hn lsI Vt
This company is mutual, entirely mutual, in
its character. Each member has the same
interests and rights as every other member.
All the members enter into IN agreement
with each other That in case one of their
number suffers Il loss by fire, all the Others
will contribute h make such loss good. There
are no dividends ana no profits TO be divided
among them. All that each member receives
is the comfortable assurance-thc certainty
that If his property is destroyed by fire, his
Il How members will reimburse him to The
t extent of lhree-iOuuhs It's value. In his
respect, that is, i'll its mutual character, this
: company is essentially different from the
usual joint stock Companies. In lhem the
stockholders pledgea certain amount of CAPT
tai To pay losses by fire, and charge such
rates for Insurance rs upon reasonable calcu-
, lullUns will yield them vidends or profits
upon the capital 20 pledged. Their rates oI
lnsuI ance are higher Than the rates OF t. il
company. If no unusual losses occur they
make money out OF the insured. Ii very
heavy losses occur-not an uncommon thing
when city Or town property is largely III.
sured-thcy frequently tail TO puy lhe insured
tie losses sustained In this company the
annual rates of insurance are fixed at the
lowest point which Will probably meet ordi
nary losses, and if extraordinary losses hap.
1,,Nsit, a,
just sufficient 70 pay such losses, and theil
payment is always CERTAIN. The whole OF
the property insured by the company is
pledged TO the payment Of lussrs.
1t is this certainty OF payment of losses
which makes insurance in Il mutual company
, like ours desirable and sat siuClory and the
iUct that all the officers of this company live
among us, and are personally known TO us
2 that its accounts, books and affairs generally
, are always open to The inspection aud eXami
nation of amy member, that the money paC
) for insurance goes TO make good the losses
upon neighhUrs and acquainlances, and that
whenever we become dissatisfied with the
management the remedy is i'll our own hand:
by Il change of officers Of the company; these
facts, in the judgment of your committee
ought To make this company acceptable to its
members, and commend il strongly 10 Til,
people of Hartford and Baltimore counties
who may desire safe and low insurance.
l In conclusion our committee desire to CX
press their COntidenC e III the general manage
ment by the present Board of Directors o
the affairs Of the company and their hgl
appreciation of the labors, responsibilities
fathtulness and efficiency OF the Secretary, t
whom we are indebted Tor all desired assist
, ance in our examination into the affairs o
, his office
, CHEYNEY HOSKINS,
I HENRY ID. FARNANDlS,
EDWIN II. WEBSTER,
Committee
: On motion OF Hon. John II. Price TIT
above report was unanimously adopted aut
ordered 10 be published in the HdrGold aut
fowsontOwn papers Il the usual terms.
STEVENSON ARCHER, Pres't
}. N. STREET., SEC'Y. tcb9-3t