How Insurance Helped the U.S. Prosper: Colonial America and Benjamin Franklin : Dear Insurance Agent...
HomeAbout UsContact UsCommunity ConnectBLOG: Dear Insurance Agent

936.209.1858
EPAY

AGM Insurance Group

How Insurance Helped the U.S. Prosper: Colonial America and Benjamin Franklin

by A. Montalbano on 09/07/14

Benjamin Franklin, born 1706 in Boston, and the 8th of 17 children grew to become a successful writer, printer, revolutionary, inventor, statesman, genius, and fore-father of the Declaration of Independence. Owner and publisher of the Pennsylvania Gazette, and later, "Poor Richard's Almanack", Franklin's writing skills were acquired through self-study.

Along with countless projects, Franklin developed the colonial postal system believing everyone should have access to information. 
In 1730, Philadelphia suffered a disastrous fire.  Ben wrote in the Gazette, that if people had used fire fighting instruments, the fire would not have ravaged the city as it did.  Soon after he devised a plan which would bring fire equipment from London to Philadelphia.  However, it would be 140 years (1871) before Philadelphia would create its own fire department.
Through the Gazette, Franklin printed steps on fire prevention for all readers, especially homeowners, to follow.  Even further, he formed a society of active fire fighting volunteers, called The Union Fire Company.  Eight brigades were formed throughout the city, and in 1751, Franklin called on the brigades to form insurance articles.  The articles outlined a policy format of what was acceptable for coverage and what would be ineligible.  Subscribers established The Philadelphia Contributorship for the Insuring Of Houses from Loss of Fire.  A metal fire mark affixed to houses was the seal of the Philadelphia Contributorship which noted insured buildings and houses.
The first surveyor, Samuel Rhoads, was appointed the duty of building inspector.  His job was to determine the risk.
Meanwhile, those structures covered under the plan had a policy life of 7 years.  If no fire occurred during that period, the policyholder received a refundable portion.  Ineligible structures consisted of apothecary shops, breweries, and homes with trees too close blocking access for fighting fire.
The following year, a tally was conducted: of the first 143 policies written, no fires were reported.  Since the company was a mutual insurance company and the actual fire fighters were policyholders if less damage was created to the structure, his policy premium would be discounted.
Today, the Philadelphia Contributorship remains strong and rated A+ at A.M. Best.  (www.contributorship.com)

Comments (0)


Leave a comment


AGIS | PO BOX 448 | MAGNOLIA, TX 77353
Blog





Construction
Keeping it safe on the job site and whats trending in the builders world.






​01/24/17 
Gotta Love A Tool: 
5 Tips from an Equipment Thief 
​08/2014 Gotta Love A Tool:
History of Tools: 2 Great Empires
08/2014 Gotta Love A Tool: 
10 Important Tool Wonders
07/07/16
Outdoor Projects Heat Alert


Insurance

Secrets and tips of how to stay ahead.​

​04/07/19 Secrets Before You Buy A Home. Part 1
06/06/18 The Story of Your Insurance Matrix Life
05/20/18  10 Things You Should Never Keep From Your Agent
05/16/18 Agent vs Do-It-Yourself
03/01/18  How Your Website and/or Social Media Can Kill Your Chances of Business Insurance Coverage.
10/20/16Safety is Key When Prepping Home for the Holidays 
​10/06/16About Hurricanes and Storms For Texas Newcomers 
​08/02/16Vicious Dog List problematic coverage.
​07/01/16How Insurance Helped the U.S. Prosper: Colonial America and Benjamin Franklin
​01/07/16Steps to Take When Involved In An Auto Accident 
​12/28/1510 Things When Searching for An Apartment.
10/22/15Prepping Your Home for Fall Season Is Claims Deterrent 
09/2015  Personal Liability Affects Everyone.
08/2015  Does My Car Have Flood Coverage?
08/2015  High Risk Drivers...
04/2015 7 Car Shopping Strategies.(Progressive)
11/2014  Not-So-Bright Mishaps...
​10/2014 10 Dumb Ways to Increase Insurance.


​Business

Keeping abreast of trends and get inspired on making your mark in business. 

06/25/17  American Entrepreneural Spirit: Ideas to Independence  
02/15/17 
U.S. Open for Business 
01/25/17 
And the Self-Made Shall Inherit the Earth 
01/05/17 
Small Business the Fabric of American Society 
08/2015
Preventing Small Business Claims.
08/2015  
Myths and Facts: Business Liability...
09/2014  How the USA Prospered: Ships Sailed to the New World
08/2014 The Rise of Lloyds of London
08/2014 Why Every Size Business Needs General Liability
02/2014  What the Stars Insure.
Month of May 2019:  Safety on the site.
OSHA Guide to Recommended Practices.
Presenting what we know: The Building World, Insurance, Business.
Get the latest trends, secrets, tips and know the history to move us forward.