Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1894-06-15
Insurance in Vermont.

A Year of Disastrous Business. but the
Vermont Companies Make n Good
NEUTRALITY-SUSPICIOUS. Companies.
In compliance with the laws of the
state the insurance commissioners, Chaun-
cey w. Brownell of Burlington and Henry
f. Field of Rutland, have prepared re-
port of the insurance business of the
state, which they submit to the governor.
The year has been one of the most unfa-
vorable i'm the history of insurance bust
ness, many companies reporting enormous
losses instead of surplus as i'm former
years.
The result has been general curtailing
of business, and greater care in assuming
risks on the part of companies licensed to
do business here, and large amount of
business done by companies who have not
been admitted to the state. These COM
panies not only conceal their business from
the officials, but avoid contributing their
share to the revenue of the state. The
practice is a triple injustice, affecting the
state, the assured, and the resident agents
who carefully observe the law and decline
business which they cannot place in com
panies duly complying with our statutes
The incentive to patrOnize these cOmpa-
MES is the cheap rates offered, but the
practice is attended with great danger to
the insurer, and commissioners caution
people against the companies in very en-
phatic manner. Once instance was brought
to their attention where the policies issued
were those of wildcat organizations in dis
tant states, and as soon as the policies be-
came claim they were found to be worth
less.
Many new organizations of questionable
nature have sprung into existence, prOmi-
nent among them being the LloYds, who
seek to do business under some phase of
individual rights, assuming the functions
of a corporation but disclaiming corporate
or even partnership responsibilities and re-
fusing to submit to state supervision and
control. None of these companies have
been admitted into this state, but they are
noticed SO that the public may be caution
ed against them, and to bring the matter
! before the coming legislature.
There are now four fire companies or
gained and doing business under Vermont
charters, viz: The New En- Gland of Rut-
land, the Rutland of Rutland, the Union
Mutual and the Vermont Mutual of Mont
pelier. The life companies are but two, as
heretofore, the National of Montpelier and
the Vermont of Burlington.
The aggregate of fire losses paid by Yer
mont companies for lS92-1S03 shows an in
crease of nearly $1,000 over those OF
lS9l-1S92 part of this amount, however,
being represented by the experience of the
Rutland Insurance company, new organ
ization which began business in March
1895
The following fire companies of other
states and countries have withdrawn from
the state during the year, viz: The Frank.
lin of Philadelphia, the London and Ian
cashire of Liverpool Eng, the Providence
Washington of Providence, K. l., and the
Queen of America of New York.
In the statement of the Union Mutua
fire Insurance company of Montpelier the
following significant facts are submitted;
I'm this years list of losses we hav,
given the cause of the fires as they hav,
been reported, and from this data it ap
pears that "A of them, amounting tC
S5S1G72, were caused by defective chin
neys, stoves and pipe; nine, amounting t
S323439, from unknown causes, undoubt
elly from the same cause as the foregoing
II, amounting to Sll4j.54, were caused b,
lamps, lanterns, matches, etc; four
amounting to Sl3O.71, from miscellaneou
causes: II from lightning, amounting Il
$3.50. 81; three from incendiarism, amount
ing to S2436,93; l., amounting to S30lS.
20 from causes originating outside the as
sured's premises.
"We would impress upon your mind
the fact that over 81 per cent of all thes
losses are from causes within the contro
of the assured, and ask you again to thor
oughly inspect your stoves, stove pipes AM
chimneys frequently. If all will attend t
this matter they will save much propert
from destruction, and reduce the cost O
, their insurance more than one-half.'