People's Pilot, Volume 6, Number 35, Rensselaer, Jasper County, 18 February 1897 — Farmers’ Mutual Insurance. [ARTICLE]

Farmers’ Mutual Insurance.

From Wolcott Enterprise. Editor Enterprise:—Some of your people have been writing inquiries in regard to the Farmers’ Mutual Insurance Association that we have organized iiflder a law passed by the General Assembly of the State of Indiana and in force Sept. 19th, 1881, legalizing such insurance associations, under which 10,000 more farmers can form themselves into incorporated companies for the purpose of mutually insuring their property against loss or damage by fire or lightning. Our company starts out with about fifty members. The business of the company is transacted by a board of six directors, one of whom acts as president of the Board and Association, and one acts as secretary and another is treasurer. There is one adjuster and as many solicitors as the board may choose. All applications for membership are made through the solicitor, the applicant paying the solicitor $1 for making the survey, and ten cents on each hundred dollars insured, as premium, which amount goes into the treasury and can be paid out on any debt of the company. Policies are issued for from one to five years. Buildings are taken at two-thirds value, as also horses, mules and cattle.

Other personal property is taken at one-half its value. When a loss or damage is sustained by any of the members, after it is adjusted, the secretary levies a per cent, on the whole amount of property insured in the company, sufficient to pay said loss or damage and each member is assessed their pro rata share on the amoun-they have insured; then there will be nothing more to pay untill another loss occurs, unless there would be small assessments to pay running expenses. We insure nothing but farm property, and have one annual meeting of the members at which time the officers of the company make their report of the business transacted during the year, and to elect officers for the ensuing year. We do business in Benton, Jasper and White counties, and would .be glad to have farmers of White county join the company. thereby getting cheap and reliable insurance. and what they pay out for insurence will go to help their unfortunate neighbor, instead of going to swell the coffers of some wealthy corporation, and our money will be kept at home. We will have a solicitor at work in the western part of White county in a few days. All inquiries will be answered by the president or secretary. J. H. Bieeke, G. G. Breese, President. Secretary,