The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1877-01-13
Meas Advertisements.
any length of timc the cost Of Insurance. has B

any length of time the cost of insurance has been
extremely moderate, being but little over six per
cent. per annum on a premium note given at avery
low rate of insurance
1t must be remembered that our company was
the pioneer association in the State for mutual pro-
lection against loss by fire, and for years contin-
ued the low rates of insurance with which it start
ed, and which has never materially increased
them; while those companies that succeeded it
fixed their rates from the beginning at double and
quadruple upon certain species of property what
ours were and by that means created large fund
for the payment of losses. But no adj
vantage in this system of taxing members by high
rates of insurance for the purpose of creating
large surplus in advance for the payment of losses
which may occur, one of low rates, calling for
corresponding premium note, the interest upon
which note suffice for the payment of current
penses and the liquidation of moderate losses, and
in the event Of heavy losses being sustained, then
as premium for their payment, to levy a contri-
button upon the members in proportion to the
amount of their premium notes. This has been
the policy of our company since its establishment
over thirty years ago, and we would not a advise
a change.
Experience has clearly demonstrated that the
true policy of an insurance company is to take
small risks, especially on personal property of a
certain character, such the contents of stores
and manufacturing establishments of all kinds.
Far better have five risks of 81 900 each of this
| description than one risk of $4,000.
The Executive Committee would therefore re-
commend change in the Bylaws so that no in
surance shall be granted nor contracted by this
company on personal property contained in store
houses or manufacturing establishments of all
kinds for an amount exceeding $4,000, allowing
the parties thus insured the privilege of insuring
| in other companies for an additional amount, the
consent of this company being first had and OBJ
| tanned.
There appears to be an impression prevail
| ing among many of the members of the compa-
ny that it would be advisable to re-assess
the property insured by it. This is a matter
which calls for serious consideration as while is
probable that in some instances property assessed
in 1861 the period of the last general assessment
of the company, and since may have deteriorated
in value; still, judging from our own observation
and what we have learned from sources entitled tC
credit the great bulk Ofthe property insured year;
| before has been kept in good repair by the owner;
| of the same. Therefore the Committee can not re-
| commend a general re-assessment of the property
insured as the benefits resulting therefrom would
| not in their opinion be commensurate with tn,
| trouble end expense. But they would urge upo1
the Directors to promptly report to the Secretary
of the company any property in their respective
districts which may have deteriorated in value O.
| have been originally insured too high, so as thu
proper steps may be taken to reduce the amour
for which it was insured or cancel the policy.
For the purpose of equalizing the amounts paic
by members, the Executive Committee would ais
recommend that resolution be passed by tn
company directing the Directors to re-assess al
property insured by this company at less rate
than levied, and the Secretary, for tn
purpose of facilitating their action shall furnis
the Directors with list of all such property stu
ated in their respective districts, the Secretary
furnish the new policy required under this re-as
sessment to the party so reinsured free of charge