The Barre daily times. (Barre, Vt.) 1897-1959, 1916-01-06
On Manufacturers Associa-
tion's Request for a Mutu-
al Insurance G rter
WILL PROF. sly
F SGRANTED
Hearing - Application for
Charter Before Insurance
Commissioners To-day


Vermonts insurance commissioners
Secretary OF State Guy w. Bailey of
Essex Junction and State Treasurer w.
F. Scott of Brandon, held a hearing in
manufacturers hall this forenoon on the
petition of the Granite Manufacturers
association for charter under which it
may operate a mutual, cooperative fire
insuring company. Directors of the as
ISOLATION were present and as no one
appeared to challenge the petitioners. the
hearing was a short lived affair. Secre-
tary Bailey called the meeting to order
at 10 o'clock and an hour later the hear
| ing was adjourned, the commissioners
taking with them mass of data gath
cred and arranged by the manufacturers.
Decision on the associations request
for charter was reserved, although it is
expected that tangible outcome of the
hearing will be known within week.
Unoflicially there is feeling that the
charter viii be granted forthwith, as
there was no opposition manifested and
the commissioners felt called upon to
MANY OilAN q lew AiAttlIOGdilbHH. ttIit-
tary Bailey presided at the hearing and
the case for the manufacturers was pre-
sented by Alexander Duncan and II. p.
Hinman, president and secretary, re-
spectiyely, of the association.
The movement for a charter under
which cooperative insurance company
may do business had its inception in the
desire on the part of many manufactur-
ers in Barre to relieve themselves OF
what are described as the exorbitant
rates fixed by private fire insurance com
panies. For some time, it is said manu-
facturers in Barre, large and small have
chafed under rates that were nearly pro-
hibitive. To-day it was represented that
the fire losses in the Barre City granite
belt have been at a minimum in the last
10 and Is years, although the rates have
increased all out of proportion to the
claims adjusted In short, and the man.
ufacturers joined the issue squarely to-
day, the association feels that its MEM
bers are paying rates for other towns.
where the fire risk is greater. That the
association is intent on the promotion of
the cooperative company idea is evil
denced by the fact that several manu-
faeturers, in anticipation of mutual
company formation. have cancelled some
of their policies carried with private
None of the large fire insurance com
panies carrying risks in the Barre gran
ite belt were represented at the hearing
to-day, although the proceedings were
open to the public.
Below is given summary of the data
presented the commissioners by the as
sociation to-day. Fire losses in the gran
tie belt in Barre City in the years 1910.
oil, 1912, 1913 and 1914 aggregated only
sl0,1l050. while the premiums paid
we're $S90S7 As, the balance in favor OF
he insurance companies being S7S.076.a5.
Somewhat different are the proportions
between losses and premiums in the fig
Tres for Montpelier and other nearby
owns. In Montpelier, for instance, the
,remiums paid in the same period were
26.559.70, while the losses by fire were
1885 ,Sg5. For the same period in East
BARRE, the fire losses were $4,000 and the
paid were S24790l. a balance
4 favor of the losses of $552Og9 In
,orthfeld in l9lO-l9l4 the losses were
SO ,S25. and the premiums were Sl2.-
Z A+Nf. hdttiDuiy granite pants SUI
cred fire losses aggregating $22,435 in
bat period and in that time the policy
remiums We're s5.05l.9l, a balance in
avor of the losses of Sl7,3s309 In
Vest Berlin, there were no losses. but
ne sum of $2,l66 was paid in as pre-
liums.
Williamstown plants were visited by
res that entailed aggregate losses of
$4,000 in lol0-l9l4, but the premiums
ere only S3795s0.
Subioined to the foregoing data was
le following data: "It is estimated that
le premiums paid on stoneshed property
Barre City for the years 1900 1909,
elusive, amount to about SSS927.47,
hereby making total of premiums for
e years l000-l9l4 inclusive of SIS
1872 The total losses during the pc
Cd were Sls,207, thus leaving net re-
ipts to the insurance companies of
,out $3.50 .S07.92
Corresponding figures for the rest Of
e central Vermont granite district are
% .039.52 for the l900-l909 premiums.
aking total premiums for lo00-lnl4 Of
out Sl02. l64.0l. The total losses were
out S25l .446, leaving a net loss to the
surance companies Of about sl49. PSI %.
"For the whole Barre district the
owe figures show net gain 10 the i'm
rance companies of about Sl0.5259a
r the l5-year period from l000-lal4