Washtenaw Mutual Ins. Co.

The Directora of the Washtenaw Mutual Fire Insurame Company are callcd upon so freqiiently to explain the object of issuing new polices to every member of the company that they havo thought it expedient to publish some explanations of the moveraont. At ft special meeting held in Feb. 1871, called for the purpos of revising its charter, the attorney for the company, Judgo Beakes, iiiforaied the niembers that it would bo necessary in order to bring tho old policios under the amended charter, to alter them so that they should conform. This it was not possible to do, owing to the form and state in whicb they vero. Now the question is asked, why araend the ch.irter at all? Why tamper with that which is sacred to the memory of one who lies sleeping in Webster churchyard. To members who are conscious that the losses for the past two years have averaged over $8000, (oight thousand per year), it cannot but bo appareiit that some effort should be made to lessen tho risk whieh the company has been cariying. This risk is not dangerous on account of tho large aniount of capital stock the company has represented, but froni the over-insuranco which in many instances exists. This statement is clearly proved by the fact that in the list of Iobsus this over-insured property figures so largely. In cxamining the records of the company we fiad in the Seeretary's report, made by Munnis Kenny at its annual meeting heldin 1862, these words: " The plan of insuring ourselves was an experiment; no one pretended that it was perfect, but we are convincod that the principie is correct, and that the necded reforms may bc easily applied." These words acquire more signiticance, when we observe that on the 27th of January in the year following, a special meeting was held, called expressly to reviso the charter of the company. Munnis Kenny was present at that meeting and favored tho revisión as the records show. On Feb. 3rd of the same year the board instructed its Secretary, in entoring iusurance, to carry out the valuation of all property insured opposite each line in the schcdule. What better proof can we bring that tho board is not establishiag a dangerous precedent. Tliat new policios are to be generally taken is now established beyond a doubt. Already (500) fivo hundred new policios have been issued, and in the office of tho conipany are applications for over a thousand, and new applications are coming in every day. The board takes pleasure in knowlcdging that tho readiness with whioh new policies have been taken is owing largely to the earnest and persistent efforts of the township coimnittee in the different towns, espocially in those of Dexter, Lodi, Lyndon, Superior, Salem and Webster. We are frcquently interrogatod concerning the formation of a company in the townships of Frcedom, Bridgewater, Manchester, and Sharon We aro conscious that such a company has been organizad. That the Washtenaw Mutual Firo Insurance Company will suffer scrious loss in capital stock we do not believe. Although tho company has been in existenco nearly three months yet the amount of Insurance which has been cancelod froin these townships will not equal the increase of a single month in the Washtenaw Mutual. That this new company is destined to succeed is cstablished be3'ond a doubt by a single section in its charter which provides that no Secretary for its company shall resido within villago or city limits, tlms precluding the possibility of corruption creeping into the management of its business. For explanation we add that one of our township eommittco holds the responsible positiou of director in this company although he refuses to insure in it. One thing more and we have done. The question is frequently put to us, lias the company settled Hiller's loss? We answer yes. Conceming the justice of the settlement we have little to say. Had the award by the Arbitrator been upon the evidonce presentcd we would say nothing. It is enough to add that Miller was allowed for a barn which had been built ten years ($100) one hundred dollars more than the board through rosponsi'nle contractors offorcd to repliice it ncw. On hay two dollars per ton more than the market price of the same quality of hay, and on stacks of straw which were not mentioned in the policy neither in tho agreemtnt, and for which tho company have never beforo allowed a claim.