Audubon County Republican. [volume] (Audubon, Audubon Co., Iowa) 1885-1894, 1886-05-06
The Farmers Friend.

The enterprising farmers of Viola
township have associated in an or.
ganization to be known rs the
Northeastern Farmers Mutual Fire
Insurance Company of Audubon
County, Iowa, which has been in
corporatcd under the insurance laws
of the state. The officers are: K,
&. Carpenter, President; J. Ii. Eel
Ter, Secretary; Z. Bickelhaupt,
Treasurer. Directors: X. &. Car
penter, J. Zeller, J. {. Bonwell, W.
b. Lyttle, Cyrus Sampson, J. A,
Overholtzer, ]. II. Zeller, d. w,
Hendricks, w. d. Wilson, X. T.,
Gilbert and p. Bickelhaupt, all rep
resentative men of the county, who
have been eminently successful in
individual undertakings and are well
qualified to carry the new organiza.
ton through the trials Of its first and
necessarily experimental year. The
officers will be elected annually. OF
course the prime object of the com.
pany is to reduce the cost of insur,
ance to farmers, and at the same
time to furnish sure indemnity,
There are no fat offices to be filled
and no necessary solicitors to absorb
twenty-five per cent of fancy
premium. The Secretary is also
General Agent, who will pass upon
all applications, inspect premises,
make adjustments, ETC., and he is the
only officer whose time will be oc.
cupied in the transaction of the
company's business beyond three oil
four days in the year. The Secre.
tary's salary is minimum, indeed we
believe it is placed at figure fol
which no capable man is justified in
rendering his services. This item
OF the company's expense should in
equity be increased, and we doubt
not it will be in good time. Until
the total amount of insurance shall
exceed $4,000 the company will
not take risk above 81 900, and
$4,000 is the maximum liability to
be assumed at any time; no risk to
exceed two-thirds the cash value OF
the property insured. Their bust.
ness will be confined to the limits OF
Audubon county and no policy will
be issued on property within the
limits of any incorporate town or
village plat. The entire plan seems
to be one that will admirably fulfill
the objects of the organization, at an
expense in slight advance of the
actual losses sustained. During the
past five years the policy holders
have received Tor loses sustained only
a little more than one-third OF
the amount paid out in premi-
ums, so that it will be seen that
nearly two thirds Of the amount paid
for insurance has gone to pay aristo-
cratic salaries and into the Golfers OF
the stock holders. A considerable
portion of the losses in the stock
companies have been in towns and
cities, and their exclusion from this
company, in addition to the absence
of large salaries, will reduce the cost
of insurance in the county company
at least one-third and possibly one
half. The advantages are cheap in
surancc with equitable adjustments,
and payment of loss within sixty
days from date of report. The adj
justing agent, the Secretary, has
equitable aims; his sympathies are
with the insured rather than with the
gold bags of foreign company.
The success of the company de-
ponds greatly upon its general adop-
ton. Its limited liability until the
amount insured shall exceed $780,
600 precludes the possibility of its
failure in any instance, but its gener-
al adoption by the farmers of the
county will insure its becoming
strong and the payment of losses by
moderate assessments. All who are
interested in the welfare of the COM
pany should give it hearty support,
and at the tame time ensure light
drafts on their own purse. Com
munlcations should be addressed &c
]. II. Zeller, Secretary, Viola Center
Iowa,