The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1908-11-25
PRAISED Them
Insurance Commissioner Lauds
Mutual Fire Insurance Cos.
DOING A GOOD WORK

He Says These Companies Hav
Saved Hundreds Of Thousands o
Dollars to the State and will Final
" Furnish the Very Cheapest lu
surance to Our People.
Columbia, Nov. 10.--Insuranct
Commissioner McMaster yesterda:
made public that part Of his repor
to the Governor referring to ths
mutual fire insurance companies Of
the State, in which be says:
In the statistical part cf my repor'
will be found statements from
number Of mutual fire insurance con-
panies. The majority of the conDa-
pies have been chartered under me
Mutual Protective Association Act.
Some few, whose charters anteoateo
this Act, have their organization
under special Acts. The statements
Of these companies are remarkable
in way, and the lessons to be learn
ed rherefrom are most encouraging.
81 believe these companies sho"
the way to secure insurance at low
est possible cost, and point out the
means whereby all money IN ex-
cess of actual insurance cost may DE
kept at home, and in the pockefs
Of the people. Operated heretofore
without supervision, and without
that help and encouragement that
should come from intelligent exam
saation, the success Of these cenpa-
ases has been truly remarkable, ana
they tell story OF honesty and ira
ternity that entirely overshadows the
failures OF the few, which have been
engaged in similar work, chartered
under the same Act, but whose teio
OF operations extended over the
whole State.
.It is the rule and not the e1eev-
tto2 that where these companies
have eoaAne6 their operations to
the county in which organized, OF -
that county and one adjoining eoun-
ty they have proved successful. This
has been due to an appreciation =!
the policyholdere that they were la-
sure& as well as insured. IheE
have afforded protection at remark
ably low cost, and believe have
taught the true principles OF insur-
apee, i. e., simple indemnity against
loss, and not speculation Oh IRE
risks, Is nothing else could or would
have done. Such institutions must
ratse the moral tone Of the eommu-
mites in which they operate, aod
clearly they raise to the highest
stan dard the moral hazard, that
bape OF fire underwriters.
The statements Of these compa
nies are che more encouraging siuce
they show the cost Of insurance both
IN town and country.
eleven Of the companies have
confined their operations practically
to the country, four have their in
surance entirely in the City Of
Charleston. AS will be seen from
the statements, the cost OF Insurance
has varied practically from about 3t
cents per 500 to about so cents
per S1o0.
without. meaning to make any
iayidious comparisons, for there are
others which have done probably just
as good work, but because OF its
age, and the experiences through
which it has passed, the Carolina
Mutual Insurance Company, OF
Charleston, is deserving Of special
note. This company is now il its
ffty-eighth year. 1t stands today
with a clean record-all losses PAID
end $4,000 Of cash ano invest
rents to its credit. This company
nessed through the great fire OF
1851 in Charleston. It paid its
losses in full, and the loyalty Of its
members who, with almost one ac-
cord, met their heavy obligations
then has been fully repaid by the
savings the company has afforded
them since. I am informed thai
this is the Oldest mutual fire insur
ance company IN America today.
The Carolina Mutual and its fel
lows, the Fihernian Mutual, the
Cern.a1ia Mutual and the Merchants
Mutual, all of which confne them
selves 70 the City OF Charleston
have been the means Of saving,
l,siieve, without exaggeratio1, hun
6reds Of thousands Of dollars to tn
citizens of Charleston.
There are certain amendment:
which believe should be made I;
the Mutual Protective Association
ACT. The spirit Of mutually should
he emphasized by making more spe
cifc the annual meetings Of the pol!
cy-holders and the election Of d
rectors by the po1icy-hciders. re
ouiren enes for stated meeting o
the directors. who should be repre-
sentative Of the territory covered
and the number of whom should b
proportionate to the amount at rlsh
The terms Of the Act should b
extended to permit the organlzatlo
OF mutual companies insuring liz
stock, crops and probably health an
accident. casualty and liability.
The companies which have conhr
ed themselves practically to on
county. and the disbursements, i
Guiding losses and expenses for on
wear. and the amount Of insurane
carried by each are the followins
acknowledgements Mutual Fir
of Abbeville. amount, sl.o4l,s2
and total disbursements last yea
S9,66T14.
Anderson Mutual Fire, Of Ande
son. s226.522-
c.ro,ioa N,.,,c1 Insurance Cor