Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1896-07-14
FARM INSURANCE.
SECRETARY McKEEN EXPLAINS THt
TOWN AND GRANGE INSURANCE
IN MAINE.

The query Of w. \. II. In the New
England Farmer relative TO the insuring
of farm buildings, reminds me that II
may be- possible that few general ideas
regarding the Mutual Insurance COM
panies Of Maine might be OF interest and
value TO your readers.
The same trouble which he mentions
| has been felt by our farmers, and In fact,
in late years II has been impossible to
insure farm buildings In certain localities
In any first class old company. This
difficulty gave rise first 10 town insur-
ance companies, organized under our
general law. until now there are In the
state some l3 OF these companies. Their
object is to give their members insurance
on farm buildings, and other buildings
not too near those adjoining, at actual
cost. OF all these companies, as FAR as
know, there has been
NO MIsMANAGEMENr OR MISTAKES
which have entailed any loss upon the
members. On the contrary, the bust
ness has been done in such manner
that entire confidence has prevailed
among the very large number Of people
insured. The Fryeburg Mutual company,
in which my farm buildings are Insured,
was Incorporated In 1866. IL Is now
carrying S203, 20 In risks, and its total
gross cash expenditures for the year
1895 were but sG3l.i5 This sum In
cludes the amount paid for losses which
was but $3.50.
The assets OF these mutual companies
consist OF the premium notes OF the
policy holders, which are graded accord
ing to the risk OF each. In the company
above mentioned the amount of these
notes Is Sll ,9ii 80. There WAS but one
assessment To cover losses by fire In ls05
and none in 1894. Taking the entire
period since the company has been doing
business "a a criterion from which To
indge Of It's values 10 its policy holders,
We find that while every loss has been
paid In full, the expense has been con-
siderably below one half that which
would have been incurred In any ot the
old line stock companies. have no
doubt but that many of the other mutual
companies have equally as good records.
There are In Maine, In addition TO the
companies already mentioned, the Maine
Mutual company, which does general
as well as local business, and two
Patrons Mutual Insurance companies.
These companies are known a. the OK
ford County Patrons OF Husbandry
Mutual fire insurance company aud the
Patrons Androscoggin Mutual fire in-
surance company.
THEY INSURE ONLY BUILDINGS OF
MEMBERS
OF the order who are in good standing in
their respective oranges, but are not
limited as 10 territory.
These grange insurance companies
were incorporated in 1875 and 1917, and
have now si,263, i0i in risks, with
s20i ,j5l.jj In premium notes, subject
to assessment. The work OF these COM
panies has been very acceptable, and
very many OF the Patrons OF Maine have
availed themselves Of the privileges they
offer. In fact, they afford bright ea-
amples of what may be done by mutual
cooperation among the members OF the
order.
| believe that ". y. II. and his farmer
neighbors can do no better than TO insure
In some company similar To those We
have in Maine, as they practically solve
the Insurance problem. | should have
said that they are all subject TO the gen
eral insurance laws OF our state, make
annual returns 10 the insurance CON-
missioner, and thus come fully under
his supervision.
Augusta. Me. B. WALKER MCkEEN,
Secretary Maine Board Of Agriculture.