Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1915-09-03


The Board of Directors of the Shen-
andoah Farmers Home Mutual
Fire Insurance Company. referred to !
the fact that it had about completed
the reassessment of all the property
insured in the Company. There had
been a growing demand for some
years for a re-assessment of the
none having been made in
the 36 years existence of thes Com
pany. and the Board thought it was
wise to have every piece of prop
erty insured in the Company in
spected and re-appraised. The re-
suits accomplished fully justified
the expense incurred. which was
considerable as it necessitateda new
set of books, new applications and
policies and large expenditure in
postage, in addition to the pay of
the appraisers. The re-assessment
shows that there are now 1864 men,
bers. Of this number. 1858 have
been re-assessed and new policies
issued, and 100 who for various reas.
ons have not been re-assessed, but
who are insured under their OLD
policies until new policies are issued
or they receive notice, five days
that their policy will be cancelled
The total amount of insurance i:
now $2,432, practically two
millions and a half, probably thu
largest mutual fire insurance com
pany in Virginia. This large amour
of insurance is classified as follows
First Class $1,Oo7,l2t
lSecond class 974.8C.
Third class 2o3,74,
more than 8 classes 49,
Amount not re-assessed 5000,
| Total $2,432, so.
What has been gained by the re
assessment ?
| (a) It has called the attention Il
the members that insurance at loy
rates can only be secured by goo'
risks. and a large number of mem
, bers have property complied wit
the requirements of the company
This is manifest from the larg
amount of first and second elias
property and the very small amour
lof the third class
i CD Under the amendment t
the constitution made at our 35t
annual meeting, a new and NOR
Equitable classification of propert
has been made which has great
increased the revenues of the com
: pany. This is shown by the fac
that although the assessment thi
year is smaller than last year, tn
company enters on the new yea
, with a surplus. only a few hundre
dollars less, Notwithstanding tn
> unusual expense of the re-assessmer
! and with fire losses as great-ove
$1,000.
The President announced thu
doubtless mistakes had been mad
in Redistribution of property, bu
all mistakes would be corrected o
complaint and the erroneous as
sessment refunded.
| (c) Undesirable property ha
been cut out where the insured ha
refused to comply with the regula
tons of the company-or, tn
lamount of insurance has been great
lily reduced and rate increased.
| The Committee on Credential
being unable to agree as to tn
validity of unsigned proxies, thu
Injecting ordered, that hereafter, al
proxies must be signed by the par
tiles giving them, and that they mus
be sent out by the Secretary L:
Idays prior to the annual meeting
The Board of Directors were
directed to have printed a revised
edition of the Constitution and By
Laws, including list of members,
post office address, and amount OF
insurance.
The old officers were unanimously
reelected with the addition of Mr..
c. E. Cougill, of Middletown, Va,
to the Board of Directors.