The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1905-01-27

=, and Regulations.
# For the better information of the pull
d lie we have submitted copies of the OF
and New Charters, Applications, Polcie
:. and other Regulations to several of tn
d leading attorneys of Bel Air, and hav
?. asked from them a statement of thei
J. views as to the wisdom and effect of tn
- changes.
s These gentlemen are not only larg
property owners themselves, but alsC
have in charge the property interests 0
many other people. Their opinions
S therefore, have the weight not only o
. lawyers competent to construe laws anc
!, contracts, but also that of business mer
r who want the best kind of Fire Insur
/ ance for themselves and for their clients
: Replies have been received from Messrs
; Harlan and Webster, Stevenson A. Viii
liams, Noble l.. Mitchell and John A,
! Robinson.
: Messrs Harlan and Webster say
That the substitution: of the Full Mu.
tual Premium for the old premium note
) carefully protects the interests of the pol.
icy-holder and makes the Company a
much more attractive one to persons
seeking insurance.
THAT the Company is offering insur-
ance to property owners at the lowest
rates compatible with sound business
principles.
THAT our form of policy contains an
eminently fair and just contract of insur-
ance, entirely free from the curious pro-
visions, printed in infnitesimal type,
which are contained in so many of the
Stock Company policies which the as
sured never understands until he meets
with loss and attempts to collect it,
when the astute agent shows him that
under the terms of the policy he has
valid claim for only portion of his loss,
or perhaps no valid claim at all.
That the Company is now in better
and stronger condition than it ever has
been, and that the policy holder is better
protected and more certain of getting
his money in the event of a loss than un-
der the policy of a Stock Company"
Mr. Stevenson A. Williams says
THAT the amendment of our Charter
is, in his judgment, very wise one.
AS to the lien, he says that under the
new Charter this is really RESTRICTED in
stead of ENLARGED.
| ., boS bean in5t,1oaH
in as to our ComI any having aban-
doned the premium note in considera-
ton of being given the right to take
mortgage on the members land is EN-.
| TIRELY ERRONEOUS.
That our new application and policy
form contract of insurance which is
easily understood and has fewer restric-
tons and tcchnicalities than are contain
ed in Stock Company policies.
That the improvements introduced
tend to make the Company stronger and
better than ever
That he has taken an active part in the
formation of new Mutual Fire 1nsur-
ance Company because he believes MORE
MUTUAL COMPANIES ARE NEEDED.
That the rates of Stock Companies
have become so high, the conditions and
restrictions of their policy so stringent,
and their settlements of losses so unfair
in many instances that WE MUST DEPEND
FOR THE PROTECTION OF FARM PROPERTY
UPON MUTUAL COMPANIES.
| That the improvements in our regula-
tions must materially aid the Company
in giving economical and safe insurance"
MIR. Noble L. Mitchell says
The new Charter meets my unquali-
fed approval.
mo lien is created on a members land
and buildings except to the extent of his
annual premium and assessments, which
cannot exceed twice the yearly cost of his
insurance.
II represent number of policies in
your Company and have no desire to
change one of them.
81 consider the Hartford Company,
working under its amended charter, bet
ter able than ever to protect the interests
of its members.
THE amendments recently adopted
put the Company fully abreast with the
best regulated Companies of the State
and entitle it to the fullest confidence of
the people of our community and State"
Mr. John A. Robinson says
THAT the adjustment of premium
notes is good move, because under the
old system in the event of excessive fire
losses the assured was liable for the
whole amount of this note.
That the impression existing in some
quarters, that the Mutual Premium con-
stitutes lien, similar to a mortgage or
Judgment, can only have arisen through
misrepresentation on the part of policy
holders or mistake on the part of
persons desiring to injure the home Com
pany.
The letters of these gentlemen in full
are as follows
VIM. H. Harlan. !. Edwin Webster.
HARLAN & WEBSTER,
ATTORNEYS AND CouxsELLoRs AT LAW.
Bel Air. Md, Jan. II, 1905.
| RICHARD DALLAM, ESQ,
PRESIDENT MUTUAL FIRE INSURANCE
COMPANY IN hartford COUNTY.
| Bel Air. Md.
| Dear Sir
Your letter of yesterday enclosing copies OF
the old and charters of your Company
| and other papers relative thereto is at hand.
We have carefully examined the changes
| made in the charter, rates and methods of
the Company, and in accordance with your
request state our views as to the wisdom OF
the changes made and the ability of the Com
pany to take care of the interests of its
| policy holders.
| The Company was incorporated more than
90 years ago, and since that time such great
changes had taken place in the insurance field
| that its methods had become in some par
ticulars Anticipated, so that it could with dit
| ficulty compete with other Mutual Insurance
Companies and with the Stock Companies.
For instance. the Company had no power
| to re-insure any risk it might take, and i'll en-
deayoring to place risks offered by its mSm-
| bers was oftentimcs compelled to carry line
on a single property far exceeding the limit
dictated by prudence.
This has been changed by the new Charter,
| and the Company now has full power to re-
insure any risk and to accept reinsurance
| from other Companies that its policy
| holders are completely protected while the
| Company is enabled to equalize its risks and
| so avoid excessive losses.
Again, many property owners objected to
| the premium note which under the Charter
was a lien the insured property and which
| was subject to assessment to its full amount
when and as often the Company's losses
| required.
This seemed to subject the policy holder to
too much risk in the event of heavy losses,
and the new Charter has substituted for the
note full mutual premium and limited the