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MINUTES OF THE MEETINGS OF THE BOARD OF MANAGERS MUTUAL FIRE INSURANCE COMPANY OF CHESTER COUNTY PENNSYLVANIA SEPT. 1846 - OCT. 1849
1849ref. 70885Chester Co. PA 1849. Stitched sheets 30 cm. 36 pp. in ink first and last pages detached some chipping around edges a tender copy. Old staining to gutters extending into the text occasionally obscuring some words on the first few leaves else in a clear clerical hand. Manuscript notes a record of the meetings of the Board of Managers for this Fire Insurance Company from Sept. 23 1846 to Oct. 15 1849. A close look at the inner workings of a small local fire insurance company. The first entry called a meeting of the Board of Managers at the house of Jacob E. Parke Downington and recorded the names of the members including Morris Cope Solomon Lukens Davis Hoopes Morris Whitson Jno. Templeton Charles Downing Joseph M. Thompson Joseph Hickman Bernard also spelled Baynard Way William P. Townsend and David Wilson. This is followed by a long list of 21 names and locations of the persons appointed receivers for the coming year. The Treasurer Joseph M. Thompson gave "instructions to receivers" for collecting payment of dues for depositing those fees in a secure banking institution and for accurate reporting of the payments to the company. For their efforts they were to deduct a one percent commission on their collections. The notes also record officers' salaries and the payments to committee members appointed to fix premiums of one dollar a day plus 5 cents a mile for travel. Over the course of the other meeting notes mention is made of the claims of several of the insured for payments for fire damage to dwellings barns and businesses. In January 1847 Rebecca W. Lukens received $25 "to be distributed among the persons who were usefully active in extinguishing the fire in the rolling Mill of said R.W. Lukens sometime ago." Louis Bachman of North Coventry Township Wm. McCullough of Cecil Co. and Jacob Emery of Salisbury Township all recovered claims for partial damage to their dwellings in these years. One case related to the loss of Hayes Clark's Cotton Factory was disputed because he had not paid the initial interest due on his policy before a conflagration took the entire operation on Doe Run. Details of the dispute resurface in several meetings. The company eventually paid his claim. The meeting notes also established premium amounts for various structures rating buildings as first second third and fourth class; differentiating between costs to insure stone or brick barns and those built of wood; and accounting for variations in types of businesses insured including cabinet makers smith shops taverns and book sellers. An end of the year financial accounting for 1847 reported 2194 perpetual policies issued and advance amounts of money thereon as $3788.64. In 1848 premiums were adjusted for property situated within 200 yards of any railroad on which locomotives ran. A long list of increases in premium rates for affected dwellings and businesses followed. In January 1849 a resolution was passed to make alterations to one of the company's fire proof safes to make it capable of holding copies of their insurance policies. John Smith Futhey in his book "History of Chester County Pennsylvania with Genealogical and Biographical Sketches" Phila. PA: 1881 p.391 describes the history of this fire insurance company. Chartered by the Pennsylvania Legislature on April 21 1840 it was organized that May with Joseph M. Thompson as President Enoch Harlan as secretary and Amos Fredd as treasurer. It began issuing policies of five years duration members being assessed to meet losses occuring each insurer being a member. At the end of the five years the company proving successful perpetual policies began to be issued substituting for the "first or five-year ones. To furnish insurance at the lowest possible cost has been the aim of the company and its success in that direction is perhaps without a parallel in the history of fire insurance." In an article in The Jeffersonian newspaper of Jan. 25 1848 the "Report of the Board of Managers of the Mutual Fire Insurance Company of Chester Co." appears with details of the company's finances. The company "went into operation" in 1840 and had since paid out over $26000 for losses by fire. It also stated that if things continued as they had been going they estimated they would soon be able to reduce the annual payment due from members from 6% "to such less percentage as may be deemed sufficient. unknown
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