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