The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1877-02-16
FIRE INSURANCE.
Cona1aittee's Report.


HE Committee appointed nj the iust
i annual meeting of the members of the
Mutual Fire Insurance Company in Hartford
county, held january 1st, 1877, to investigate
the affairs of the company and report thereon
TO an adjourned meeting to be held on the
ON 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 IFS
Secretary with as much care as the time they
were able TO give TO them would permit, and
that they found them to I've carefully, properly
and accurately kept by the Secretary.
Your committee further report thai though
the contribution" levied by the company in
The latter part of the past year has been
onerous TO many of its members and cspr.
cialIy because of the general scarcity OF
money, yet such contribution has been nee S.
snIy only on three occasions since tho ignn.
iZallon OF the company, now more than THU "
years ago and Nat the average prr year,
Including these three contributions, paid 10y
I, lie memb IS since the formation OF HE COM
pany, NJ he c, 81 OF insurance, has been IL
maj ly low, being IN fact III lr more Than
"ne-iUurth OF one per cent upon the value II
the properly insured We doubt if any OF
our fire insurance cumps nics- ocal or foreign
can make Il better, or indeed 50 good an
exhibit.
IL this connection it is proper 10 say that
the last contribution was repd red necess ~
by several unusually lur-e losses which oC-
CURED during the year 1876; that il is impor-
| tant it should be paid by the members III an
early day III order that 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 in arrears on sand
contribution after The LIST OF March next.
| This company is mutual, entirely mutual IN
| ils character. Each member has the SAINT
| interests and rights as every other member.
! All the members enter into un agreement
with each o her that III case one of their
number suffers loss by fire, all the others
| will Conllibul, t. make such loss good. There
aIe no dividends and no profits TO be divided
among them. All thai each member receives
| is Tie comfortable assulanCc-thu certainty
| hat II his property Is destroyed by fire, his
| Il How members will reimburse him to The
extent of thIee-tUurlhs It's value. In This
| aspect that is in Its mutual character, this
company Is essentially different from the
| usual joint stock companies. In Ihtm The
stockholders plctgea certain amount Of CAPT
tai To pay losses 10y fire, and change such
| rates for Insurance us upon reasonable culCu-
InlUns will yield them Il yldends or profits
| upon the capital 30 pledged. Their rates OF
| insurance are higher than the rates OF is
| company. II no unus ual 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 IN
sured-they frequently TAIL o pay he insured
tie losses sustained In this company the
annual rates of insurance are fixed ut The
lowest point which viii probably meet ordi
nary LOSSES, and if extraordinary losses hap
pen, II cont hutton is levied upon all alike,
just sufficient to pay such losses, and their
payment is always CERTAIN. The whole of
tAe property insured by the company is
| pledged 10 tue payment vi losses.
1t is this certainty OF payment of losses
whic. makes insurance III 1t mutual company
IKE ours desirable anu sat siaclory ANA the
TACT that all The officers of tins company live
| among lis, and are personally known to us,
II at It's accounts, books and affairs generally
are always open to ME lnspet ton al d cXaml-
| nation OF any member, MAT the money paid
| Tor Insurance. goes to make good the losses
| upon neishbUls and acqualnlunces, and that
wncnGNe we become dissatisfied with the
management the remedy is Ill our own hands
by change OF officers OF lhe company; these
iuttS, III the Judgment OF your commute &c,
ought To make lhls company uccel table t. ills
m,m DeIs, aud commend i strongly 10 the
people OF Hartford and Bu.timUIe COUNTS,
WHO may desire Bale and low Insurance.
In Conclusion your comm tee d, sure 10 rX-
press heir confidence in the general manage
nrnt by the present Board OF Dl ecl"rs ol
| HE affairs al The company, anu Their high
appreciation OF The labUrs, spUnsIbilltics
Ia thtuluess anu efficiency oi the Secretary, to
whom we are indebted Tor all desired assist
ance in our examination iu,o The uifalls Oi
| his ,,tIirp