J C -8
5-
e
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It
Front View of the Office, erected 1880.
A. HISTORY
OF THE
INSURANCE COMPANY
OF NORTH AMERICA
OF PHILADELPHIA:
THE OLDEST FIRE AND MARINE INSURANCE COMPANY IN AMERICA.
Began Business as an Association in 1792.
Incoeporated 1794.
PHILADELPHIA :
Press of Review Publishing and Printing Company.
1885
2076166
CONTENTS.
Page
I.
Organization, ^
II.
Early Marine Underwriting in Philadelphia, 14
III.
Early Fire Underwriting in Philadelphia, 28
lY.
Incorporation, 35
V.
Marine Business, 4T
YI.
Fire Business, 61
YII.
Life Business, '^2
YIII.
Finances, "^^
IX.
Office Locations, "^"^
X.
Lives of the Founders and the Presidents, 92
1. JOHN M. NESBITT. 4. CHARLES PETTIT. 7. JOHN C. SMITH.
2. EBENEZER hazard. 5. JOSEPH BALL. 8. ARTHUR G. COFFIN.
3. samuel blodget. g. john inskeep. 9. charles platt.
Appendix, 123
Index, ^^^
(3)
f3^
ILLUSTRATIONS.
Pagk
Front View of Office Building, Frontispiece.
Charles Platt, t
First Office of the Company (etching by Joseph Pennell\ ... 9
First Page of Minutes of the Board, 12
Early Marine Policy op Company, 1193, IT
Early Marine Policy of Brokers, 1795, 26
Early Fire Policy of Company, 1795, 32
Page op Original Bill Presented to Legislature, 35
A Page op Stock Subscriptions, 40
First Page op Marine Blotter, •. 47
Marine Policy of Company, 1795, 50
An Old Committee, 56
First Page op Fire Blotter, 62
Proposals for Fire Insurance, 64
Fire Policy of Company, 1809, 68
First Receipt for Rent op Office, 77
Front View of Office Building, 1879 (from pen sketch by J. Pennell), 90
Ebenezer Hazard (from miniature by Duvivier, 1796), 96
Charles Pettit (from portrait by Gilbert Stuart), 109
John Inskeep (from portrait by Rembrandt Peale), 116
John C. Smith (from miniature), 118
Arthur G. Coffin (from portrait by S. B. Waugh), 120
Grand Staircase, 123
Main Office, 13T
(5)
ff?.
-s.^^
c^
Seventh President, 1878.
PREFACE.
This history of the oldest joint-stock insurance company in the United
States, now venerable in its age, and national in its standing, was undertaken
on the request contained in the following letter of President Piatt:
Insurance Company of North America,
232 Walnut Street,
Philadelphia, April 19, 1881.
Dear Mr. Montgomery:
Our Board at their last meeting passed the following resolution :
That the officers be requested to cause the history of this Company to be
written, and you were mentioned in connection as the only person competent
to perform the service satisfactorily.
May I ask you if you will undertake the work in your leisure time?
Yours truly,
CHAS: PLATT.
Thos. H. Montgomery, Esq.
The connection happily held by the compiler with the Company during
the years 1879 and 1880, when in charge of an important section of its fire
branch, afforded him favorable opportunities of conning its early and later
records, and Mr. Piatt, sharing in the interest the review of these naturally
aroused, encouraged a more systematic search among its papers and files for
all those facts and incidents which would best illustrate the origin and growth
of the institution.
There is very much in its annals inducive to a study of those principles
of underwriting, which in a century have testified to such development in
this the youngest of nations. Accepting the practices and customs of our
parent country, we yet have had to apply and interpret them as the ex-
igencies of our growth under new conditions of trade and society have
(7)
8 PREFACE.
demanded, and both in marine and fire underwriting to adapt these tradi-
tions of our forefathers to present practice, as the material and mechanical
development of the countrj' required.
Tliere is, as well, ample store for illustration of the financial growth of the
country-, as in more than nine decades it has passed through all the ^•icissitudes
the people have endured in that time in the varjing fluctuations of the com-
mercial world; but it found its Policy of Insurance indemnifying it against the
hazards of financial failure in its own good credit and hearty pluck, and in its
faithful management by wise and discreet officers.
Tlie scope of this compilation, however. ^\'ill not permit the discussion and
elaboration of those important features which a perusal of the company's
records offers temptingly to view. And it may suffice for its friends and well-
wishers to find in these pages those saUent points of interest which testify to its
inception, its growth, and its present maturity : to find how well its foundations
were laid, how the superstructure has grown amid the sunshine and storms of
almost a centurj' ; and to learn somewhat of the chief actors in its concerns,
whase guicUng hands have in these busy years, one by one, brought it to its
present eminence and usefulness.
Tlie records and files of the Company, which have been singularly well pre-
served, afford a large amount of material, which in its detail, would both instruct
and entertain ; but it is trusted that enough is here produced to portray mth
sufficient distinctness, what has been attempted amidst the claims of many
duties, a Histor}- of the Insurance Company of Xorth America.
T. H. M.
Philadelphia, 1 June, 1885.
A HISTORY
Insurance Company of North America.
ORGANIZATION.
THE mSURA:N^CE COMPANY OF IS^ORTH
AMERICA had its origin in The Universal
Tontine, which was projected in the city of
Philadelphia early in the year 1792. Sundry citizens, to
whom were added some of Boston, planned the scheme of
a Tontine, a system which had many attractive and plausi-
ble features, " for the purpose of raising a fund upon lives,
to be applied to the charitable and other uses." The sub-
scription books were to ])e opened on the twentieth day of
March, 1792. It was founded upon the plan of The Boston
Tontine Association, a copy of whose Constitution, printed
in 1791, was submitted to the present subscribers, and yet
remains among the files of this Company. The Boston
failed of its original objects, and eventually took the form of
a State bank, The Union: a like project in New York came
to naught about the same time. Among the promoters in
(9)
10 A HISTORY OF THE
the Boston Association was Mr. Samuel Blodget, jr., a son-
in-law of the Rev. AVilliam Smith, D. D., the first Provost
of the Colle^^e and Academy of Philadelphia. A friend and
correspondent of his in Philadelphia, Mr. Ebenezer Hazard,
was kept informed of its progress, and when it failed of
success, it was by the latter's intervention that Mr. Blodget
concluded upon attempting the Fund in this city ; and it
was due to this instrumentality that some of the Boston
subscribers transferred their interests to the Philadelphia
scheme.
The subscriptions to The Universal Tontine, as it was
here called to avoid the appearance of only a local scope,
were opened on the day named. *' In order to pursue the
preliminary steps for establishing the Society," there were
"appointed five agents, to wit: John MaxAvell Xesbitt,
TValter Stewart, Jasper Moylan, Samuel Blodget, junior,
and John Dewhurst. Esquires, and one Secretary, to wit,
Ebenezer Hazard." In due time one hundred and eighty-
seven persons signed the Articles of Association, their
shares, however, numberinof in the aofo-resfate but eifrht
thousand four hundred, when the required limit was one
hundred thousand shares. At the close Mr. Blodofct sub-
scribed, in conformity to the third article of the Associa-
tion, to fifty thousand shares to transmit for sale to Boston,
no agent or other subscriber being allowed more than fifly
thousand shares, "in order to prevent the shares from being
monopolized by the citizens of any one State or District, to
give effect to the beneficent design of the Institution."
But no one locality seemed desirous to monopolize this
beneficence. Pursuant to the Articles of Association, a
INSURANCE COMPANY OF NORTH AMERICA. 11
general meeting of the subscribers was held at the State
House on Saturday, 3 IS^ovember, 1792, pursuant to a public
call, advertised in the papers from 15 September to the date
of meeting, " when the agents represented to them the state
of the subscriptions, and the improbability of success in
carrying the plan of the Tontine into effect ; that a similar
attempt had failed at Boston, and another at JS^ew York ;
that Tontines in general appeared to be in disrepute ; that
no subscriptions to The Universal Tontine had been re-
ceived for a considerable time ; that many who had sub-
scribed were dissatisfied, and were desirous that either the
Association should be dissolved or the Funds appropriated
to some other use ; and that the idea of a general Insurance
Company had been suggested, and appeared to meet with
public approbation." Upon this a committee was unani-
mously directed to be formed " to devise, digest, and report
such other use, or uses, as they shall deem eligible and
most beneficial to the Society for employing the Fund
raised," and Messrs. Nesbitt, Moylan, Stewart, Blodget,
with Alexander James Dallas, Matthew McConnell, and
Edward Fox were appointed such committee. This direc-
tion to the fund may fairly be laid to the a oice of Mr.
Nesbitt, who, in his extended experience as a policyholder,
and also as an underwriter himself, foresaw the great possi-
bilities of a large association engaging in the business of
underwriting the ventures of our citizens in the growing
commerce of the port ; and to him we shall see was com-
mitted the first presidency of this wise effort.
To the adjourned meeting, held at the same place on 12
November, this committee reported "that in their opinion
12 A HISTORY OF THE
it will be for the interest of the concerned to change The
Universal Tontine into a general Insnrance Company, and
submitted a plan for that purpose to the consideration of
the meeting," and this plan being read, it was unanimously
resolved, " That The Universal Tontine Association be and
it is hereby changed from its oiiginal objects and converted
into a society to be called The Insuran^ce Company op
North America," and the Plan was referred for considera-
tion in detail to an adjourned meeting, which was held at
the same place on Monday, 19 I*^ovember, when it was
unanimously adopted.
The subscriptions to this came in good number, and by
1 December the minimum number of forty thousand shares
were taken, when, agreeable to Article VII. of the Plan,
the Secretary called a meeting for the 10th, at the same
place, for the election of fifteen directors. Mr. Hazard
received these subscriptions at his new house, wdiich he
had recently built at No. 145 (now 415) Arch street, where
also, probably, the Tontine subscriptions had been received
by him. At this meeting General Walter Stewart was
appointed Chairman, and Messrs. Hazard, Francis Ingi-a-
ham and Fox, Tellers, who reported the election of the
following Directors: —
Samuel Blodget, Jr., Jasper Moylan,
Joseph Ball, Charles Pettit,
Magnus Miller, Thomas L. Moore,
Michael Prager, John Ross,
John M. Nesbitt, Walter Stewart,
Matthew McConnell, William Cramond,
'^i^-uA^y^.yty
TA
•^l>Aj/ ^>
t^^UZ^ t'^^^^-i. i^-r/-iy> t^ i-^ ^O'^'T't,
^
First page of Minutes of the Boakd, written by Mr. Hazard.
INSURANCE COMPANY OF NORTH AMERICA. 13
Joh:n^ Leamy, JoHi^f Barcla^y,
John Swan wick,
who are named in this order according to the number of
their votes respectively.
Thus was formed and brought into existence THE
INSURANCE COMPANY OF NORTH AMERICA,
in the same room where was transacted, sixteen years
before, that memorable scene which forever names it
Independence Hall ; and the Directors at once took
steps to form their plans under the eighth of their Articles
of Association, "To make such Insurances upon Vessels
and Merchandize at Sea, or going to Sea, or upon the life
or lives of any person or persons, or upon any goods, wares,
merchandize, or other property gone or going by land or
water ; and at such Rates of Insurance or Premium as
they shall deem advisable."
14 A HISTORY OF THE
n.
EARLY MARINE UXDERWRITING IX PHILADELPHIA.
THIS first attem]3t to establish a corporate associa-
tion for effecting marine assurances in Philadelphia
merits some notice of the conduct of that business
in the earUer years of the cit^^'s history. Resort "was had
by the early shippers to the private underwriters of Great
Britain, and early mention of London underwriting for
American interests is found in the Penn and Logan Corres-
pondence, though William Penn's scruples as to insuring
his property often prevailed. James Logan writes him in
1701 : "" ^N'otwithstanding thy tenderness about insurance,
I hope there is some made." — i. 80. But Penn's tenderness
seemed to prevail only when a promising risk was de-
spatched. He writes Logan, 6 September, 1702: "I shall
be glad if this dull sailer [Cantico] gets as safely as the
Hopewell. I am tender as to insurance, and did nothing in
it for the Hopewell. "^ — i. 133. He seems to have been
tender, also, as to the credit of the underwriters, doubtless
deeming but little dependence would be placed upon a
business which might not have the sanction of Heaven.
He writes 10 February, 1705, to Logan : '' J. Askew
ensured £100 upon thy letter, but the ensurer broke, and
the twenty guineas lost. This done upon the former inti-
mations. Ensurers fail much." — i. 353.
INSURANCE COMPANY OF NORTH AMERICA. 15
In 1721 Mr. John Copson opens an office or agency for
the procuring of home insurances from local capitalists, and
in the A.merican Weekly Mercury of 25 May, 1721, he adver-
tises his plan as follows : —
"Assurances from Lojfes happening at Sea, ^ ., being found to be very
much for the Ease and Benefit of the Merchants and Traders in general ;
and whereas the Merchants of this City of Philadelphia and other Parts
have heen obliged to send to London for such AJfurance, which has not only
been tedious and troublefome, but even i/ery precarious. For remedying of
which. An Office of Publick Infurance on Veffels, Goods and Merchan-
dizes, will, on Monday next, be Opened, and Books kept by John Copfon of
this city, at his Houfe in the High Street, where all Perfons willing to be
Infured may apply : And Care Jhall be taken by the faid J. Copfon That
the Affurers or Under Writers be Perfons of undoubted Worth and Repu-
tation, and of confiderable Inter efi in this City and Province. ^^
It was within a few years of this announcement that
there was published, in 1725, in Philadelphia, by S. Keimer,
the first book in America in which reference is made to
insurance ; it was pi'inted by Benjamin Franklin, and its
interest increases from the fact it was the first book printed
by him. It was Franklin who was, in 1752, greatly instru-
mental in establishing the first insurance company on the
continent. The Philadelphia Contributionship for the In-
surance of Houses from Loss by Fire. The author of this
early work was Francis Rawle, the founder in America of
the family of that name, and was entitled Ways and Means
for the Inliahitants of Delaware to hecome Rich., and in it
he classes insurance as a branch of trade, which, while
helpful to the adventurer on risks by sea, would as weW be
promotive of commerce and agriculture. But Mr. Pawle's
paragraph so well expresses the benefits of insurance that
16 A ///STORY OF THE
he is entitled to the insertion here of his own argument,
whieli cannot \w improved on in the language of to-day, in
ehowinof that insurance is. in ti-uth, the foundation of all
solid business enterprise : —
" Having thus far difcours'd of moll of the Branches of Trade we are
capable of, there is yet one great Encouragement, to adventure in the
Difcoverv and Profecution of new Markets ; more safe to the induftrious
Adventurer; namelv an Infurance-Ofice in one or more of thefe Colo-
nies ; which is the interelling of divers in the Lofs or Profit of a Voyage,
and is now become so much the Practice of England , that Infurance may
be had in divers Cafes as well againft the Hazards at Land, as Cafualties
at Sea, which mull be acknowledged not only to be fafe, but a great
Encouragement to adventure ; for it may fo happen that a Perfon may
fometime adventure his ALL, and then in case of a Lofs he may be
rendered uncapable of a future Trade, to the Difadvantage of the publick,
and (it may be) to the Ruin of himfelf ; whereas could he get a part
of his Intereft either of Ship or Cargo infured, (tho' in Cafe of fafe
Arrival he parts with a part of his Profit, yet) in Cafe of lofs, he is
fecur'd of fuch part as he infureth, which may be lufHcient Bottom to
begin a new Adventure : How far this may conduce to the Trade of this
River, is obvious to any Man of Thought. Now whereas there has been
fome Attempts made at Philadelphia^ which dropt and prov'd abortive,
(for what Reasons we never could learn) we humbly propofe to the
Legiflature that an Office be erected and supported by a Fund arifing out
of the Interell of the Loan-Office. This will be a good and fafe Bottom,
and cannot be eafily overfet by a few lofles ; and we conceive will con-
tribute to keep up the \'alue of our Paper-Credit by promoting of Trade,
Navigation and Building of Ships, and in Confequence, of great Advantage
to this River : Which we refer to the Confideration of the Merchant."
—pp. 62-63.
From the date of Mr. Copson's opening an office in 1721,
of the operations of which we are without any particulars,
and which may have been included by Mr. Rawle among
those "attempts made at Philadeli)hia, which dropt and
prov'd abortive;" many years elapse before we have record
of another Insurance Office. We find, however, from the
WiiereasG;^^^-^-
vvtllin •Ky irm Nimt, it for mJ in ificKame and Namn of ill ald**^ oher Pcrfon orPerfont, to wliora tKefime tob.mav oHhallappcr^, IjPaBqr InilT,
4«l> nuke AlTunnce, inJ nufcih i»t^>*«L«^--'anil them and cvcrj of ihcm 10 ie infured, loft or not loft, « and from JTiitvCt-it^i^^iJ Gi UJACCi^ft^Hy
/rT^til.ti^^Vi2<^^^,- . : ,
•m all Kin2f of lavful Coodi
Whereof i* Miner for ihii prefcnt VoTagt
nd tlerchandlfel, loadcn or to be loadoi alwarjl the good ^^ ^ ^ — ->_ ^ . ^ . , , ,
^ f-f^e/it/t^xy ^O or whofoeter elle (hall go for Mafteflk
the bill (hip, or bj uhalfoirier other Name or Name! the fa!d Ship, or the Mafter tliccof, j»,or flull be named or called, beginning the Adventure upon the faid lawful Good*
and Merchandifa from and immediately following the Ij)adinR thereof on board l|(e (aid iyj-ti^ '^ ^tn/^^r-iyO'M^ . . iforefaid, and fo (hall cominlia
uhI endure until the faid Goods and Mcrchandifes (lull be fafcly landed at ^itMi^<^y&^-<^tT'Y%yU9
by Slref» of Weather, or other unavoidable Accident, without I'rcjudicc 10 this Iiiruraice. Touching the Adventures and Perils, ... ..- ...- ...
•nd to ukc upon u< in lliii Voyage, they are, of the Sim, hfcn e/ War, Fim, Enmin, fircin, Rnxri, Tliinti, Jtllifmi, Leilers »/ Mart, end Cmnlcr Man, Sarfrifab^ ^"'/"S
r Stm, ArrtjU, Rtftrainlt aid Dtlaiamiitl,, ef all Kinri, Priiirri »r Pntir, e/viliat Nalim, Ccndilion tr S^ialily finer- Barratry cf the Maficr and Mariniri, 'zni all^jther Penis,
■--- - ■ ■' ■ " ,.,..„ .-^ .;■' , difes or any Part thereof, t And in cafe of any Lol. or MiC
Loflcs and Slitforiuncs, that have or (lull i
fortu
Hurl, Dctri
- Damage of the faid Goods c
chandif
otbtlk - , . ,
s, it lliall be U» ful to and for the AlTured, %<^ Pacliirs, Servants and Aifigni, to fuc, labour and travel for, in and about the Defence, Safeguard and Recovery of lh<
■ ■ — . - . .- . e according to the Ratf
laid Goods and Mcrchandifes, or any Pan thereof, without Prejudice to this Infurance, to the Charges whereof we the AtTurers will contribute, each c ^ ,
■BdQuanlily ofhis Sum herein infured. And it is agreed by us the Alfurers, that this Writing or Policy of Infurance (lullbe of as mochForceandElfea a> the furcft Wrih
orl'olicy of AITarance heretofore made in any of the Unite d Stat/s/oj elfcwhcre. » And fo we the AITurcrs are contented, and do promife and bip^ ourfclves, eadl
• Kir his own Part, our Heirs, Executors and Goods, tothc Aftured, tC^ Ejtecmors. Adrainiftrators and Afligns, for the true IJaforraailye of thc,?fOT^, eonfeflillf
1 Part,
•uifdvcj paid the Confideration due i
I for the Aflurance, by the faid A(rured,oir %k^ \ Ailigns, at andafter the R
Ani IS rafe of LoR, the AlTured is to abate 7"^ T iiii V< ftr Ctnt. m \ f iiih l n rn ii t < pi l I in Tlm is TT i n l lmfirrP i i nrihir ii f And it It agreed, that if anv Difpuie SuSuH
•rife relating to the Lofsonihis Policy, it (hall be referred to two indilfcrcnt Perfons, one tobechofcn by the AITurcd, the other by the A(rurer or Affurers, who (hall hlVe fiiU
Pt^vrer.lo adjuft the Cwnei.but in cafe they cannot agree, then fuch two Perfons Ihall chufe a ihirdj and any Two of them agrecing^all be obUgatory to boi^ Parties,
li» WiTKCji wiitRror; V>'F. the ^yTurersbaiofjibfctibcd our Names and Sums alTurcd ,' in W/iiAJpiiir, the 4**T««/.,^jS7/%^«X<^-:;:::::^ ' ''^ '
Memonndnm. Sail, }\Txat,^nlim Cera, Pcajr; Mali, mJificJ FiJhJIcxixd iit'Sull, and Tihatn in Cajli, trt warranlcl frii fnm /fvrra^t, lailr/i ^nuriK. jtStthir
Cttdi/rct frem ji\tra^e undir Five Pounds per Cent, itnlrfi ftacral.
fir AJfmrtdfMll allm ilx OJiit-tnftr tr lirUir I lalf per Cent, fir bit Trtuhliln ctlliHinf any Zcfi iBal may hafpm m tbn Piliry, payJnt lie/ame in dut Time, mirtfjiermg 9
^ 1. lltOffitr^tij. Aadin allCafii cfKilurn Premium, Five per Cent, tnfiiid Prmitm Is be retained, fmidtd Ibat in m Cafe it be uil
Eaklv Maf;i.nk PtPi.icY of thk I.nsurancf. Oimpany of North Amkuica, 1793.
INSURANCE COMPANY OF NORTH AMERICA. 17
MS. journal of the Hon. John Smith, the originator in 1752
of the Philadelphia Contribiitionship, that local under-
writing was resorted to by the merchants in his day. On
13 June, 1746, he wa-ites he 'Svas busy with the insurers of
the sloop, but could not get them to settle till they see
whether they shall have her or not." And on 1 December,
1749, "William Callender and I were at the Insurance office
in the morning about business"; and we see that he himself
begins to underwn-ite, for on 10 IS'ovember, 1750, he records
he " was at the Insurance office, and began to underwrite."
This was the insurance office of Mr. Joseph Saunders,
which at this time was located on Reese Meredith's or
Carpenter's Wharf. This is, in fact, the first one of whose
operations we know anything, and which was the forerunner
of others wdiich became equally well known. Mr. Joseph
Saunders was an eminent citizen and prominent member of
the Society of Friends, who began issuing his policies, all
prefaced by the invocation, "In the :N'ame of GOD, Amen,"
at his store on Reese Meredith's Wharf, above Walnut
street {Pennsylvania Gazette, 28 July, 1748). In 1752 we
find he
" IS remov'd from his late store on Reese Meredith's or Carpenter's
Wharf to the Houfe wherein Ifrael P ember ton, the Elder, lately Jiv'd, in
Water-Street, the next door to James Pemberton's, at the Corner going
down to Chellnut-Street Wharf, where he continues to fell," &c., &c.
Pemia Joarnal, 10 March, 1752.
Within a few months he advertises :
"Notice is hereby given. That the INSURANCE OFFICE for
Shiping and Houfes is kept by Jofeph Saunders at his Houfe, where
Ifrael Pemberton, fen., lately lived, near the Queen's Head in Water-
llreet."
Penii'a Journal, 2;") June, 17o2.
18 A HISTORY OF THE
This was the tirst office of the Philadelphia Contribu-
tionship, Joseph Saunders being the fii'st Clerk of that
association, which had been organized the j^i'evious April,
wherein he was succeeded in 1754: by Robert Owen. This
is the first Fire Insurance advertisement published in Phila-
delphia.
In 175G we find him
" Remov'd to the corner of Chefnut and Water-llreets, the next door
but one to where he formerly liv'd."
Pi'wniojlntnin Gazetti'. 10 October, 1754.
To a later advei'tisement he adds a postscript :
" N. B The Insurance Office for Shipping is Kept by him as
ufual."
Pennsylrania Gazette, 8 July, 1756.
He again moves four years later :
"JOSEPH SAUNDERS is removed from his late Dwelling, near
Cheilnut-llreet WharfF, higher up Chellnut-llreet, between Front and
Second-llreets, and next Door, but one, to John Reily's,* where he con-
tinues to fell fundry Sorts of Goods, and Keeps an Infurance office for
Shipping, as ufual, and hopes his Friends who have been pleafed to em-
ploy him in that Way will ilill continue their Favours."
PenvHylvanid Gazette, 23 October, 1760.
This office was on the south side of Chestnut,t about six
* This gentleman undertook to insure lottery tickets, as was done some years
later by the clients of Kidd and Bradford. To an advertisement of St. Paul's
Church Tvottery there is added: — -
N.B. John Reily, of this City, Conveyancer, will infure Tickets in
this Lottery at a very low Premium."
Petnisi/lratiia Gazette, 29 Jaiuiary, 1761.
f See the advertisement of "M. Symonds in Piinixiilvania Chronicle, 2 May,
1768, of a
" Removal to the new shop in Chellnut street, the fixth door from
Second Street, nearly opposite to Mr. Joseph Saunders, merchant."
INSURANCE COMPANY OF NORTH AMERICA. 19
or seven doors east of Second street, and we find him
advertising here up to 1768/='
The next office we find is that of Thomas Wharton,
'' On Carpenter's wharf, where Jofeph Saunders lately kept:"
« N. B The Infurance Office is there as formerly."
Pennsylvania Gazette, 7 May, 1752.
This announcement of Mr. Wharton's enterprise led to
Mr. Saunders's advertisement of the following June, above
quoted, by which he sought to remind his friends that he
yet continued his insurances in his new quarters. He had
not before this competition arose advertised his insurance
* This worthy citizen was born 8 January, 1712-13, at Farnham Heath, in
the parish of Farnham Royal, County of Bucks, the third child of Joseph and
Susannah Saunders, and brought a certiticate from Friends' Meeting in London,
12 February, 1733, to Philadelphia Yearly Meeting. He married Hannah,
daughter of John Reeve, of Philadelphia, 8 January, 1741, and died 26 January,
1792. Of his large family of children but seven married, and his descendants
find representatives in many of the prominent families of Philadelphia at this
day. His son John married Mary Pancoast, and of his daughters, Sarah married
William Redwood, Susannah married William Hartshorne, Mary married
Thomas Morris, Hannah married Mordecai Lewis, Rachel married Joseph
Crookshank, and Lydia married Samuel Coates. The earliest policy from his
office now known to exist was issued to John Kidd, and underwritten by John
Mifflin, Archibald McCall, Samuel McCall, junior, and Augustus Hicks, in the
amount of £450, on Goods from Philadelphia to London, at four per cent., bears
date 25 April, 1749 (o.s.), and is endorsed by him, "Reg* in Book B, fol. 83," by
which we can approximate to the beginnings of his insurances. A policy of his,
dated 27 May, 1761, conforms to the new style, and omits the " In the Name of
GOD, Amen," which phrase had been omitted by Thomas Wharton in the
policies issued by him. They still retain the phrases, however, "Whereof is
Master, under GOD, for this present voyage," &c., Sac. It was to Mr. Saunders's
office that Colonel Thomas White refers in the following letter to his friend Mr.
Thomas Harrison, of Baltimore County, written 24 April, 1755:— "On my
coming to Town I went to ye assureance office and ordered yr Policies to be
made out, but could get only ye 75£ on ye Brig Philip & James undcrwrit; they
having already fully ventured on ye other vessel; the reason is, that very few
will underwrite on a vessel from Maryland. Mr. Meredith has signed for ye
above 75£ in Goods at 3.} p ct so yt I paid £2. 17. 6."
20 A HISTORY OF THE
office ; his assiiinino- the Clerkship of the Contributioiiship
at this time doubtless led to the belief he would relinquish
his marine insurance. Mr. Wharton's business gi-ew slowly,
for a policy of his to Thomas Riche, underwritten by John
Baynton, on Goods from Philadelphia to Antigua, at ten
per cent., dated 25 October, 1756, is registered in his
'* Book B, fol. (34." In his advertisements for many years
he continues his notice of an Insurance Office. In 1765 he
associates with him his son. and the firm is Thomas and
Isaac AVharton :
" N. B. — An Infurance Office for Shipping is Kept by them."
Pennsylvania Gazettf, 30 October. 1766.
The latter, in 1781, associates with him his kinsman,
Samuel Lewis AVharton, and their Register of Policies
begins this year. Subsequently Ave lind Isaac Wharton
and David Lewis as Insurance Brokers at 115 south Front
street, the latter jrcntleman afterwards beino; President of
the Phoenix Insurance Company, and his son and grandson
were successive!}' Treasurei's of The Mutual Assurance
Company. In 1819 we find their successors. Thomas and
John AVharton. " Insurance Brokers,"' tenants of The In-
surance Comi)any of Xortli America, on the Dock street
front of their i)roperty.
In 1756 Mr. Walter Shee opened an office, and advertises:
" NOTICE is hereby given, that Walter Shee, in Front llreet, at
the corner of Chertnut-llreet, in Philadelphia, hath opened an office for
the infurance of (hips, and merchandize. All perfons who want to have
infurance made, may apply at faid office, where all risks will be under-
wrote."
Fennsylvania Gazette, 23 .September, 1756.
INSURANCE COMPANY OF NORTH AMERICA. 21
Mr. Shee was the third on the list of the tirst signers of
the Hibernia Fire Company, 20 February, 1752.
A policy issued by him on 15 May, 1758, to Thomas
Riche, on Merchandise from St. Christopher's to Philadel-
phia, at ten per cent., underwritten by William Moore, is
registered by him in his " Book B, fol. 62," from which Ave
may estimate the growth of his business. In 1760 he in-
forms the public :
" N. B. — The Infurance Office for Shipping and Merchandize is kept
by him as ufual."
PoDiKj/lviniiit Gazette, G March, 17()0.
He subsequently associates with himself his brother,
Bertles Shee :
" NOW opening at their ftore in Front Street, five doors from the
corner of Cheftnut-ilreet.
"WALTER AND BERTLES SHEE."
" N. B. — The Infurance office for Shipping continued by them as
ufual."
Penn^}llv(i)il(( (idtelte, 2<) Septonil)or, L()5.
"At their llore in Second ilreet, nearly opposite the Golden Fleece
Tavern."
PortixijlrdYiia Gazeffe, 7 May, 17(>7.
Following these, next came the office of Kidd and Brad-
ford, located at Colonel Bradford's store in the Old London
Coffee House, that ancient building at the southwest corner
Front and Market streets, which remained intact up to
1883, and was announced by the following advertisement :
Philadelphia, 8 April.
NOTICE is hereby given that on Monday next an INSURANCE
OFFICE for INSURING Shipping, and Merchandize will be opened at
22 A HISTORY OF THE
the London Coffee Houfe, where Risks in general will be underwrote, and
all Perfons may have their Infurance made with Care and Expedition by
JOHN KIDD
and
WILLIAM BRADFORD.
Penn-vilvania Journal. Tuesday. 8 .Vpril. 1762.
Colonel Bradford's paper, the Journal, in its issue of the
following week advertised :
''The Philadelphia INSURANCE OFFICE is now opened adjoining
the London Coffee House, for INSURING Shipping and Merchandize,
where Risks in general will be underwrote, &:c."*
But prior to Kidd and Bradford's office, a I^ew York
broker had sought for Philadelphia business, for Mr.
Anthony Van Dam advertises his office in the Pennsyl-
vania Gazette, 13 September, 1759, as follows :
" The New York Insurance Office is opened at the Houfe of the
Widow Smith, adjoining the Merchants' Coffee Houfe : where all Rifles
are underwrote at moderate Premiums. Constant Attendance will be
given from the Hours of Eleven to One in the Forenoon, and from Six
to Eight in the Evening, by Anthony Van Dam, Clerk of the Office."
Mr. Tan Dam was a citizen of ^NTew York, eminent in
business and social circles, one of the incorporators of the
IN^ew York Chamber of Commerce under its chartei" of
1770, and its first Secretary, who, espousing the British
side in the Revolution, went to England after its close.
There were other insurance Offices in Xew York at the
same period, but Mr. Van Dam alone extended his opera-
tions to this city. The site of his office is believed. to be
the modern 93 Wall street.
*Col. Bradford's eminent and useful career is faithfully portrayed in An Old
PhilaiMphifin, Colonel William Bradford. The Patriot Printer o/1776, Sketches of his
Life, by his descendant John William Wallace, Esquire, Philadelphia, 1884.
INSURANCE COMPANY OF NORTH AMERICA. 23
Thus much for the early Brokers and their Insurance
Offices. We now note the beginnings of associated under-
writing. In the year 1757 certain merchants— namely,
Thomas Willing, Attwood Shute, Charles Stedman, Alex-
ander Stedman, John Kidd, and AYilliam Coxe entered into
Articles of Agreement, undei' date of 8 October, " under
the name and style of Thomas Willing and Company," for
the purpose of underwriting policies of marine insurance.
Their preamble recites, "Whereas the Insurance of Vessels
and Merchandize has proved a great Encouragement to
Trades, and that by Companies is most secure to the
Insured. Therefore to establish a Company for insuring
Ships, Vessels, Goods and Merchandise on reasonable
terms," &c., tfec. They were not to write more than £600,
lawful money of Pennsylvania, nor less than £50, on any
one risk, and a regular set of books were to be opened.
Thomas Willing was to be the cashier, and the books kept
" in the Counting House of the said Thomas Willing, in
Front-Street." Each partner had one-sixth interest. New
Articles of Agreement were made 20 October, 1758, by the
same parties, excepting Mr. Shute, whose place was taken
by Robert Morris, the same name and style continuing.
N^o funds were put up by the partners, and the "Company"
issued its policies simply upon the united credit of its
partners, which assuredly made a strong guarantee of
indemnity.
This effort evidenced that the practice of individual
underwriting was growing here, and indeed, probably,
invited it among those of our merchants whose surplus
wealth was increasnig. How long "Thomas Willing and
24 A HISTORY OF THE
Company" continued to underwrite policies cannot now be
ascertained ; but as their agreements both of 17o7 and
1758 were but for a twelvemonth each, no renewal may
have been had in 1759.
On 20 April, 1762, Mr. John Kidd and Colonel John
Xixon established a like ''Company," which at its expira-
tion the following year was rencAved ibr another twelve-
month. Kidd and Nixon's subscriptions to policies, wdiich
were made by Colonel Nixon individuall}^ were not to
"underwrite more than two hundred pounds lawfull money
of Pennsylvania upon any one bottom oi" risque whatever."
Merchants procured their insurances from the individual
underwriters, through the instrumentality of the brokers,
at whose offices risks were offered and terms arranged, and
who secured the policy from those of their clients, either
individual or associated, who were willing to underwrite
the applicant. This class of gentlemen, which had grown
in importance, in a few years claimed some compensation
over and above that which might accrue upon the adjust-
ment of losses, and we see thus earh^ the beginning of the
commission question.
On 12 February, 1762, we find there was a meeting held
of sundiy of our local underwriters — namely, Henry Harri-
son, Peter Reeve, Amos Strettle, Conyngham and Nesbitt,
Scott and McMichael, Samuel Purviance, John AVilcocks,
Willing, Morris and Co., Samuel Mifflin, Child and Stiles,
Thos. and AYm. Lightfoot, Abrani Judah, James and
Drinker, Samuel Oldman, John Mifflin, Keed and Pettit,
and Aquila Jones to discuss this broker question, and they
agreed :
INSURANCE COMPANY OF NORTH AMERICA. 25
•* That the several Brokers in whose offices they shall hereafter sub-
scribe Policies shall be accountable for all the premiums arising from such
subscriptions being allowed thereon by us the underwriters, a commission
of one and a quarter per cent, for standing the Risques of such premiums,
collecting and paying the same in the following manner :
" I. That such Brokers shall settle each Underwriter's Account every
three Months, and pay the Ballance due thereon exclusive of all pre-
miums arising from Policys which have not been Subscribed above one
month, and in the Intermediate time between such Settlements shall pay
all losses due from us out of the Premiums on Policys which have been
underwrote more than one month, or so far as such subscriptions extend."
But a more grievous cause of complaint gi-ew up in the
lowering' of the rates of premiums, for as individual under-
writing increased, the number of brokers' offices as well
increased, and competition affected the standard of rates;
and in this, history repeats itself in our modern business.
On G May, 1766, a meeting of nineteen underwriters was
held, who signed an agreement, which thus begins :
" The Subscribers hereunto being Convinced by sad Experience that
the premiums of Insurance have of late been Inadequate to the risques
underwrote in this Citv, and fearing that the Consequence ot their con-
tinuing so will be an entire loss of so necessary and useful! a Branch of
Business, as most of the present Underwriters are determined to decline
the pursuit of it, unless some regulations of the premiums are made and
generally agreed to : Wherefore we and each of us promise to and agree
with each other :
" I. That we will not subscribe our names to any Policy or Policies
of Assurance at any less premium or Rates than are specified in the List
annexed hereunto signed by the Brokers."
" 5. That if any Persons now in the practise of Underwriting in this
City do refuse to sign and agree to these articles. We will not subscribe
any Policy of Assurance to Cover any Ship, freight, or Goods the Prop-
erty of such refusing underwriters, nor any other Policy which the said
Refusing Underwriters may have signed."
"9. We will subscribe no Policy but what comes from an Office
Keeper."
26 A HISTORY OF THE
The original MS. of this document, signed by the nine-
teen merchiints, shows that more than one-half of the
subscribers had subsequently erased their names, and so
eft'ectually in some instances as to forbid deciphering them
now. Thus Ave may presume but little time elapsed before
these gentlemen felt themselves too restricted by the agree-
ment, and withdrew from it to join the general competition
for insurances.
Mr. Kidd, one of the partners of ''Thomas Willing and
Company" of 1T.17 and 1758, subsequentl}' engaged in the
Insurance Brokerage, and in 1762 associated himself with
Col. William Bradford, "the patriot printer of 1776," and
the firm of Kidd and Bradford, before i-eferred to, main-
tained their marine insurance office until 1768 or later,
Bradford continuing it up to 1776 in his own name. Colonel
Bradford left behind him a valuable miscellaneous collection
of MSS. relating to politics and business, and it is among
these in the Pennsylvania Historical Society that we find
many insurance books and papers of his forerunners and of
his own office, which the Society has arranged with intelli-
gent care; the most interesting of the insurance documents
beinjr the Journal of his own inidei-writino: accounts from
1768 to 1774.
The business of securing and placing risks among the
local underwriters must have steadily grown in importance,
for among the Insurance Brokers of Philadelphia a few
years later we find in addition to the names already men-
tioned those of X. "^'
ill M nai
opwTioroevcrcIfc (hall go forManerIrt
allcd, beginning the Adventure upon the laid lawful .Good!
■— 'i afoftfaid, andfofliall.contuiufl
touch and flay at any Pom or Places; jf ihcreunto obligcdT)?
and Perils, which wc the Aflurers are contented to bear.^ana
«,.a.e«^no,in,hUVoya^.U.iyare,ofnK^.;^»^/^.,/^S^^
Ihe faid Ship, or by »-ha.r^r ftaU le name.
.nd Merchiiiifes from and immediately foUooing the Loadfef thereof on Ixard.lhe fatd UVt^ ^- a<^-
ntiltheCiidGoodsandMerchandifeslhallbefifclybndedat /Ai^f,^^ — -— ■
.^■Tlforefaid." And it thall and may be lawfiil forthefaid Ship in her Vo;-age to proceed and fail
ither.- or oiher unavoidible Atridcnt, without Prejudice to ihii Infurancc. fouchmj the Ad-
efsofWe
Misfonunes. that have or fhaO come io the Hurt, Detriment or Damaje of the f id Goods or Merchand.fcs,
U»fiil to and for the AlTured,- ^.V Factors. Servants and AITlsns, to fue. hbour and travel for. in and aboul
ihandife<.orany Part thereof, without Prejudice
Part t(ierebf.\ 'And in'cafe of anyLb{s'or Misfortunes, itjhalrte
e Defence', Safeguard and Recovery of the faid GdM^mdJWer*
this Infurance'm the Charges .whereof we the Afrurerswiirconrribme.eachone according to thi>le and C^amiryof hisSu J
. , .'._.■■ _^ .. I iir ,.T„ ,ku wri,iU orPolicvof Infu'rance'lhall be of as miich Force arid Effeft as ihaureft Wnung or Policy, of ADbranceheretA.
herem in'ured. And ,, .sagreM by us the^Alfurejs.that 'h'^^^n';^'? °^''fte!.i"Jl™«^™^'^^°^^j:j,^ ourfelves. wch^oneiforlhis own' Pa,tW>!tf»Heil^
fere mide in any of the U.vtTED Sr.^TE/or elfewherc. And fo ive the Airm - - - ^ . . „ .
Eieeuton and Goods, to the AITured, ^c^' Executors. Adminifiraiors and Altlgm forthe true Perfol
bsfortheAffiirance. b/ the liid Affured. or ^^J - ^ITigns. at-and afietlhe Rate of
lil^^^tifcflin^DUifelvcs paid *hftC"»^'^''ratiptffl'*^"ita
And in cafe of Lots the /Cured i's loabate 7™ fttirA^rC^'. and fucli tofito t* pai'dlnone -MonA'after Proof thereoK. .AnruisagTwd., tBatJanyJinpoWftt^H^^
Tehtin," the K ■ on this l^c, . i: ftall l^ re^^^^^^
Iwr to adjuH the £.me; but in cafe iliey cannot agree, then fuch two I'erlonslhall cbufe a3 bird; and any Two of them agreemg. flMU=e.obligatcry ToJ» lh Parties.
TyWiTSEss wHE«Eot. \VE the AOurers have fubfcriKd -ourTKames and Sums arurea,.inPii;«/v. or B«;vr I ialf per Ceni: A to 7«.W
,A, -iC-^ <«■.. . yf./;» 1,11 r^J: 0/ R^urK PrinJitm ■ Five rer Cent. 01 lfii.Prmhm u h ri:mrid: frmdcd ittit in m Ctifiit hi tindrr an Half per rent.-«> .liti^tt^ lufunca.
^^ ^J'J.'dbn fo'Ti/ Charse, Damage,- or toG, wKchtnay lm& in cocTcquence cf4 Sdzuie or Eetention of the Property for.'t^ttaoroiat o£anut-orJ.£haj;toCrr.Je.
;rC/.rt:
Early Maisine Policy of Philadkli'uia Brokeus, 1795.
INSURANCE COMPANY OF NORTH AMERICA. 27
building;'-' Jacob Shoemaker, afterwards Shoemaker &
Berrett, at ^o. 29 north Water street ; John Donnaldson ;
and John Taylor^ at ^o. 10 south Front street. Some of
these gentlemen had their own policy-forms in print, with
their names and office address added thereon, though the
contract appears to have been the same in all cases. The
modern broker is content with attaching the label of his
name and address to the outside of a company's policy;
those gentlemen, printing their own policy, could at once
place their name and address prominently on the first page.
* Robert Enoch Hobart, the elder brother of Bishop Hobart, was an active,
enterprising man, of a well-cultivated mind and literary taste. At first a mer-
chant, then an insurance broker, he became in 1811 a resident of Pottsgrove,
Pennsylvania, being allied in marriage to the family on whose estate the town
was built, and who gave its name; at the time of his death, he had been for two
sessions a member of the State legislature.
28 A HISTORY OF THE
III.
EARLY FIRE UNDERWRITING IN PHILADELPHIA.
THUS much for the growth of marine insurance in
Philadelphia.
It appears to us of this day remarkable that
our ancestors had no means for indemnifying themselves
against losses by fire on land; no individual capitalist
stood ready to undeiwi"ite indemnity to the house-owner
for the ])ossible destruction of his property by fire. Such
losses, however, were not unknown to our earlier citizens, for
the necessity for some mode of extinguishing fires led to
the establishment of a fire company, the Union, on 7
December, 1736, followed by the Fellowship, 1 January,
1738, the Tland-in-IIand, 1 March, 1712, the Ileart-in-
Hand, 22 February, 1713, the FnendsMj), 30 July, 1747,
and the Ilibernia, 22 February, 1752, with an aggregate
membership of two hundred and twent3^-five members, em-
ploying seven engines, one thousand and fifty-five buckets,
and thirt3'-six ladders. This force Avitnesses to the dangers
from fire the citizens felt themselves surrounded with, and
yet they remained without any source of indemnity from
loss whatever, until 13 April, 1752, when certain Contri-
butors, as they were called, then organized under a Deed of
Settlement The Philadelphia Contrihutionship for the In-
surance of Houses from Loss by Fire, and it was not until
INSURANCE COMPANY OF NORTH AMERICA. 29
1 June following, that any member of this mutual associa-
tion sought its first policy, and he was the Hon. John
Smith, the author of the ''Deed of Settlement," and the
first treasurer of the company.
This organization was the result of an invitation to
"^// per fans inclined to fubfcribe to the articles of injur ance of houfes
from fire, in or near this city, are desired to appear at the Court-house,
where attendance will he given, to take in their fuhfcriptions every feventh
day of the week, in the afternoon, until the \yh of April next, being the
day appointed by the Jaid articles for electing twelve directors and a
treafurer,^^
which was first inserted in the Peymsylvania Gazette, on
18 February, 1752, and continued therein until the date of
meeting, but the paper gives no intelligence of the action
then had. The office of the company, we have already
seen, was opened at the store of Mr. Joseph Saunders, its
first ''Clerk."
Mr. Smith was a native of Burlington, :N"ew Jersey, and
a younger brother of Samuel Smith the Historian of l^ew
Jersey; he was at this pei-iod a prominent merchant in
Philadelphia, and had established the first line of regular
packets trading to Liverpool from this city, was a member
of the General Assembly of the Province of Pennsylvania,
and prominent in the affairs of the Society of Friends, and
one of the originators of the Pennsylvania Hospital; he
was the promoter of this invaluable scheme, and to him
must be conceded the honor of its authorship. Though but
thirty years of age at this time, his practical views at once
enUsted Benjamin Franklin's co-operation, and this with
his own personal influence in the community, which was
enhanced by his being the son-in-law of James Logan,
30 A HISTORY OF THE
Chief Justice and afterwards President of the Council of
Pennsylvania, and whose death had occurred but a few
months before, secured the establishment of the first in-
surance organization in the American Colonies.
He was an active member of the Hand-in-Hand fire com-
pany, then a young organization, which he joined shortly
upon his coming to Philadelphia in 1743, and which in time
enrolled in its membership some of the leading citizens, and
in its later history, continued the same characteristics of
membership. In the year 1771 the entire corporation of the
city, according to Mr. Thompson Westcott, appears to have
been embraced in its membership, and statesmen, lawyers,
physicians, divines and merchants were among its "honor-
ablemen"; four signers of the Declaration of Independence,
Clymer, Hopkinson, Rush and Wilson, Chief Justice Tilgh-
man, Bishop White, Provost Smith, long maintained their
membership. In later years it ceased active duties at fires,
fulfilling only its social claims in the monthly dinners, and
leaving the use of its engine to other organizations, and
finally ceased to exist in 1817 ; of its last roll of members,
the Hon. Horace Binney w^as one. Mr. Smith in his MS.
Journal, before referred to, makes frequent allusions to
attendance on its meetings ; and his connection with it may
have secured his attention to some scheme of insuring
owners of buildings from loss by fire. On 26 August, 1748,
his Journal records: "in the evening rode to Stenton; took
with me a plan of the damage done by the fire in London,
and gave to the old gentleman; and the magazines for
March and April, which I left wdth Hannah.-' This refer-
ence is to the fire on 25 March preceding, which consumed
INSURANCE COMPANY OF NORTH AMERICA. 31
two hundred houses in Cornhill, the severest conflag-ration
in London since the great fire of 1666 (Walford's Cyclo-
pcedia). The Journal unhappily ends before the establish-
ment of the Contributionship, but from the entry now
quoted, we can judge that the thought of such a company,
and perhaps its plan of organization, Avere the result of
mature consideration before he presented the subject to the
citizens of Philadelphia. AVhile its popular title Iland-in-
Harid "is not contained in any part of the Deed of Settle-
ment, nor in the policy, nor in any of its minute-books or
papers" (Mr. Binney's Centennial Address, page 29), we
cannot but connect its use from the outset w^ith the title of
Mr. Smith's fire com2)any, many of the members of this,
being the contributors in that.
A later by-hiAV of the Contributionship forbade the insur-
ance on buildings surrounded by trees, which was expressly
permitted by its Deed of Settlement ; this led to the forma-
tion on 5 July, 1784 of the Mutual Assurance Cornpany for
Insuring Houses from Loss hy Fire in and near PhiladeU
jphia, to whom our citizens by the payment of an additional
Deposit could have both their Insurances and their Trees.
The interest and feeling created by this restriction in the
Contributionship Articles can best be seen in the j^ublic
announcement made by the objectors, which we find in their
advertisement in the Gazette of 25 Aug-ust, 1784:
Philadelphia, August lo, 1784.
A NEW SOCIETY
For iniuring Houses from Lois by Fire.
A Great number of the citizens of Philadelphia, who are proprietors
of houfes in the city and its fuburbs, many of whom now are or
have been Members of the Philadelphia Contributionship for injuring Houfes
32 A HISTORY OF THE
from Lofs bf Fire, have found it convenient and agreeable to them to have
trees planted in the ilreets before their houles, which the said Contribution-
ship have thought proper to prohibit by one of their bve-lavvs, although the
same is expresslv permitted by a law of the State, and notwithRanding
application has been made by above fortv of their Members to have the
faid bve-law repealed, who fignilied their willingnefs that an addition
fhould be made to the premium of their insurance for the fuppoled rifque
attending trees in cafes of fire, as is now done with refpect to bake-houfes,
coopers, apothecaries and oil men's fhops, llores containing pitch, tar,
brimstone, &c., which application has been rejected.
Wherefore a number of perfons, desirous of having their houfes infured
from lofs by fire, and feeing themfelves precluded from the advantages of
the prefent inllitution, have judged it necessarv to form another locietv for
the purpofe aforefaid, and have entered into an agreement, that as foon as
fo manv perfons as have property in houfes to the value of one Hundred
Thoufand Pounds collectively, shall have figned the faid agreement, a
meeting of the fubscribers fhould be called, to form a plan for the manage-
ment of the intended focietv.
That having no intention to prejudice the inllitution alreadv etlablifhed,
and being only actuated by a defire to fecure their own property, thev
further agreed, that if the bve-law above referred to shall be repealed
within ten months from the date of their agreement, which was the 5th of
Julv, 1784, that then their faid agreement fhould be void, or otherwife to
be carried into execution.
Subfcriptions to near the amount above prescribed having alreadv been
made, at a meeting of the fubscribers it was unanimouflv agreed to lav their
proceedings before the public, and to inform fuch as are difpofed to join
them, that fubfcription papers are lodged with Mr. ^^ illiam Crak;, in
Second-ilreet, and Mr. John Philips, at the corner of Front and Pine-ilreets.
A meeting of the fubfcribers will be held in September next, whereof
each one will be informed bv a particular notice.
In the Gazette of 27 October, 1784. Ave find tlie following:
The Ofiice of the Mutual Alfurance
Companv, for infuring Houfes from lois by Fire,
TS -kept by the subfcriber, at his houfe in Quarry-ilreet, between
Moravian-alley and Third-llreet, where the members ot the said Com-
panv and all others defirous of having their property iniured may apply.
Applicatio.ns will also be received at the store of Mr. Matthew
Clarkson, in Front-llreet, between Market and Arch-llreets.
John Jennings, Clerk.
[H O "U S E.]
By the Prefident and Directors of the Injur ance Company of North America,
WHERE AS ^T^-^fA^r^Aa^^^f'^^^^^^^^^
Inih paid to the PrcfiJcnt anJ Direflors of tli; Inrnnncc Compmy orNorfTi Amcrlci ^^y \^^^^^xA^^^t^^
and Sccuiitie* of (he rai4 Cprporauoirniall Sfflutij^CtO pay anW.tlic Xz\\^y^:2:tLf>^,^^.^..f^Q^i^!^/r- Am^ -
uiiuiiiitraiors or Aiiipns any Lofi or namngc"\vhkfi fliallo; nuy liappdri by " _ ^ ^- - - - - -
Lforefai.!, iinlcfi tlicy ihc faid I'rcndiint and Dircflor* iliall fortfiwfth BireDireclionS I
Siaicof Itcpnir as it was in before it was To injured by Fir^' or flialfmakc-goodihe faid Lois of^Dntu
afwrc^d it.cn ihc faid CapiwrSlock, Eftatc and Sccurillcs o"^ ■*- " ■"
" ■ ■ ■" ir^\(Iipns ihe entire fuin of i^Ara
ind To (hall
, Adiuinia
ofj^e Corpora;lon ihaJJ be fubjcctio p
icrc(^rsccordi9;«/o the Edir
r ,tf;ZS^.**?J^_:5 ni.iil be whc
T the fail '
nf5 thereof to be TTWiJe b^TiA^lrtr—
' dellroyed by ocbpncani o£ iirfl
.1 be fiibjra^as aforcf aid fronijiinc I'o rime (o btt comyutciJjam the Z^X^i./AJiy>^t:^(3<^ ^<^ ^^i^^^^-L^^^J^ » — , ■
^ A>^:Zt&>r ^— — • i?rtiaHwcllan(HniIy-,p.-.^, orcaufe tobe-paratherumol
— ' to tlie rrcTidcnt ami Dircftors of tlic faid Insurance CismpanT'oE North America
fuccccding Tenr, and the faid Corporation fliall Isrce thereto by "accepting the ftme* ivliich rud
rattct proof [hereof ; and if any difputc Jhall arifu rcrpccling ihtf fnnic between tha Corporation and
tion of ArbrtraioraiudilVeremlychofen', whofea\v;ird iti writing full be conclufivc-and binding" to all
ucintcntand meaning of thisi'oiicy, that the faid Stoek, Eflaic and Securities of the faid Corpora-
D.iiiugeby Firej which fliall happen by Invafion, Foreign Encmyv Civil Commotion, or anyiMilita
iTetlj 51; be binding to the faid Corporation, in cafe the faid ^fturcd fliall have alrcady"madci Of
flforcfaid, .unlcf^the fame fliall be allowed ofjand fpecificd onihc bacW'of this Policy i
itloncd (Iiall, aLthc timcTchcn any fuch lire(]iaUhappen,^bc in wholcor in parroccnpicd by any perfon who (JTall uft
Joiner; Coopet; Tavern-keeper, orinnholdsr; 3tahk* Kccpcf'V 3rcador BifciJit BakcrS, Su-jar lJakef':..Ship Chandler; .Boa
kr; Apnthcenry: Cfienift.T Oil andColourman ; Chinr., Clafsor^arthcn Wire Seller; or'fliall W made ufc of (oMhc Stonng of
Turpeuiine, Rofuij ^altPcirc^ 6ulphur, Cuo^PovOcii £piri[l cP lurpcntioti 'Shmglcs^ lla>7-S:rr.v> Foddiic'dfi an^'kind| Cois miw
in e)(cry>^r for fo long limc as ihe faid /2VtZ3^^ryty JV^^Zt^^ ^—
on rirbef..rc iii^^lL^5^^isSK^^^2i^4^^V? which rtiall be.5n«cA
IjaU or l>ama;;c ihall he paid or ind«rtm^i in iiiilfiicr aforcfald wiiliin thirty tls^-
the ASSlJJtlin, fucli diligence JhatI be lubmitn.d lo the juJf;n;cnt and determina
parli« PROVIDED ah.ays ncverihclcU, and it ij hereby declared to be the .as been formed in the dty of Philadel-
a phja and a competent capital thereto fubfcribed for the purpofc of car-
2 Tjinsonlhebafinefsofinfuranceandapplicationhasbecn madctothe
if. Leglflalure by the faid Company for an a£i of incorporation la
5 order therefore to promote an inflitution which by alleviating tlio
6 riftpes aod lolfes incident to trade and nartgatlon mufl in i\a operations
7 be equally beneficial to the agdcuUural and commcfdal infetefls of tho
S flate,
1 SiCT. T. M* if tnailid Ij tit Ssmte and Houfe tj Rtprijenf-stlvtt
% of the CommonwiaRh »f Ftnnfylvania in General jfjjimity met and U h
% htnhy enaSied Ij the aulh:n'ty of the fame That tho capital Sact
4 of the Tnfurance Company of North America may amoaat to
5 any fuci not exceeding Hx. hundred thoufand dollars that the fame fhall
6 be divided inio fix^ thoufand (hares of ten dollars each fharc and Aat
7 the perfoQs copartoerfliips or bodies potttio who lizve diereto Aibfcribed
% {hall pay tho rcfldao of the firai and fams of xnonay dtra and payaMa
9 \0T ihe fharo or Ihares by them refpcftivcly iilbftiibcd m the manne*
{bnon'm^
102
Page of original Bill presented to Legislature.
INSURANCE COMPANY OF NORTH AMERICA. 35
IV.
INCORPORATION.
WITH this review of the early schemes of under-
writing in Philadelphia, there can be formed
some idea of the extent in which individual
capital was interested in ventures by sea, and how favor-
ably was received on its announcement, the plan of
organization in which those seeking the uncertain profit
of underwriting, could become shareholders in a reputable
institution, and leave the direction and character of their
ventures to a Board composed of responsible and intelli-
gent gentlemen.
The new Board of the Insurance Company of Korth
America met the day following their election, 11 December,
1792, at the City Tavern, that w^ell-known place of resort
in those days, which was situated on the w^est side of
Second street, north of Walnut, on whose site was after-
wards erected the Bank of Pennsylvania, now in its turn
displaced by the Government Warehouse, which covers the
entire lot between Second street and Dock street, and Gold
and Lodge alleys. All the Directors were present, and Mr.
John Maxwell JS'esbitt was unanimously chosen President,
and Mr. Ebenezer Hazard, Secretary; and the Directors
divided themselves by lot into committees of two. Gen.
Stewart, Mr. Moylan and Mr. Ball were appointed a com-
36 A HISTORY OF THE
mittee to petition the Legislature for a charter, and prepare
a bill for that purpose; and the Secretary was directed to
prepare a draft of a marine policy for their consideration.
Messrs. Ross, Pettit and Miller were a committee to make
a table of the lowest premiums as a guide to the sitting
committees; and Mr. Ross, Major Moore and Mr. Leamy,
a committee to provide suital)le offices for temporary
accommodation of the Company, and were authorized to
make such arrangements, with the approbation of the
President.
On Friday, 14 December, the Board met at six o'clock,
p. M., in their own offices in the brick building Xo. 119
(now 213) south Front street, which they leased to 1 May,
1791, at £'100 per annum, from Mr. Thomas Mackie, who
occupied the building, which was owned by Mr. John
Mifflin. On the day following, 15 December, their first
Policies were issued.
Gen. Stewart's committee, under their instructions, pre-
pared a petition to the Legislature, and three copies of the
Memorial were made, each signed by all the Directors
respectively for the Governoi", the Senate, and the House.
Messrs. Stewart, Moylan and Miller were appointed to
carry it to the Governor; Messrs. Moore, Leani}^ and
Cramond, to the Senate, and Messrs. Barclay, Ross and
Pettit to the House. Its text is important as showing
in a formal manner the substantial reasons for the char-
tered establishment of such an institution, and is as
follows :
To the Honorable the Representatives of the Freemen of the Common-
wealth of Pennsylvania in General JJJembly met. The petition of the
INSURANCE COMPANY OF NORTH AMERICA. 37
Directors of the Infurance Company of North America, in behalf of the
faid Company, Most Respectfully Sheweth
That your petitioners, attached to the public welfare, behold with the
greatefl fatiffaction the commercial purfuits and intereib of the United
States becoming daily more numerous and important; but they have long
regretted that, for want of fufficient number of underwriters of responfi-
bility in the principal cities and towns of the United States, commerce
is burthened with the charge of commiffions to European correfpondents
for effecting infurances, and large fums of money are confequently drained
from the country.
That thefe confiderations have induced a number of the citizens of
this Commonwealth to raile a fund for the purpose of infurance and to
affociate themselves under the name and title of The Infurance Company
of North America, upon the principles contained in a plan which they
have the honor with this memorial to iubmit to your perufal.
That your petitioners humbly conceive that confiderable benefits will
refult from this affociation as well to the citizens of this commonwealth
in general, as to the mercantile part of this community in particular, by
retaining in the State the money invefled in their capital stock and the
large iums that mull otherwise be drawn from the country for premiums
of infurance, by relieving commerce from the prefent tribute paid to
foreign underwriters, and by fecuring the aflured through the means of an
ample capital stock from a poffibility of lols, which in the manner of
making infurances heretofore practifed both frequently happened through
the failure of individual underwriters.
The whole number of fhares into which the capital flock of the com-
pany is divided, being already fublcribed, the affociation are prepared to
enter upon the profecution of their intended object ; but in order to
eflablish a greater confidence in the minds of perfons who may incline
to do businefs with them, and to enable the affured, in cafe of difputed
lofles, to have more convenient recourfe to law, as well as to enable the
company to prosecute their undertaking with greater ease and effect, your
petitioners are advifed to apply to the Legiflature for an act of incor-
poration.
Your petitioners, therefore, confiding, from your experienced patriot-
ism, that every opportunity to advance the opulence, the ease, and
independence of the citizens, will be cheerfully embraced, pray your aid
in the premifes, and permifsion to bring in a bill of incorporation for the
purposes aforeiaid.
38 A HISTORY OF THE
This with the accompanying form of Constitution, drafted
hy Alexander James DaHas, Avere presented in person to
the House and Senate on Tuesday the 18th December, and
the next day the Memorial was read twice and referred to
a Committee consisting of Messrs. Swanwick, Forrest,
Turner, Ejerly, and Gallatin to make report thereon.
Opposition, however, was soon presented to their project,
for on the 29th, ''a petition from a number of the mer-
chants and insurers of the port of Philadelphia was read
remonstrating against the prayer contained in the petition
of the Directors of the Insurance Compau}' of North
America,"' which on 3 January, 1T93, was read twice
and referred to the same committee. This was met on the
12th by '^Memorials from a number of the merchants. Ship
owners, Insurers, and citizens of the port of Philadelphia,
praying that the Company stiling themselves the Insurance
Company of ]^rorth America may be incorporated,'' which
were on the 14th in turn referred to the Committee; and
these were followed on 5th February by another petition to
like effect. The month passed without any action by the
House, nor did the Committee submit their views; and on
28 February-, the Directors appointed Gen. Stewart and
Messrs. Blodget and Ralston a Committee to memorialize
the Legislature of Delaware for an Act of Incorporation,
and to draft a Bill for the same; but the Journals of the
DeUiAvare Assembly give no evidence that a memorial
reached that bod3\
This move of the Directors, and which they did not con-
ceal, brought from the Committee on 11 March a favorable
report to the House, in which is disclosed the motives of
INSURANCE COMPANY OF NORTH AMERICA. 39
the opposition, and consequently merits here a perusal, and
is as follows:
That they confider the welfare and profperity of the agricultural
interell of the State, as infeparably connected with that of its com-
merce and navigation.
That no commerce or navigation could be beneficially conducted with-
out inliarance, no body chusing to commit confiderable property to the
ocean, without guarding againll the numerous accidents to which it would
be thereby expofed.
That infurance cannot be fo well conducted by individuals as by an
incorporated company, for want of that identity that would enable such
a company to be fued in cafe of lofs, where juftice could be had much
more fpeedily than in fuing every feparate underwriter to a policy, a
work of fuch immenfe expence and lofs of time, as frequently to defeat
entirely the object of infurance.
That solidity is alfb to be confidered, which it is impolTible to attain
with certainty with private underwriters, whereas this Company's pro-
pofed capital of 600,000 dollars in the public funds, will be a sufHcient
guarantee to thofe who employ them.
That already the charges of infurance have been confiderably abated
since the ellablishment of this company, whereby a great laving to the
mercantile body is effected, who can afford to give fo much more for the
produce, as they pay lefs for inluring it.
That the number of perfons underwriting in Philadelphia, does not at
prefent exceed about fifty, and the risques they take, being on an average
only about £200, on a single bottom, of courfe only about £10,000 can
now be infured at the different offices here on a single risque, which
occafions a drain of money for infurance to Europe, or to the neighboring
States, very prejudicial to the body of this one.
That it is not in the contemplation of the petitioners to exact or ask
for themselves any exclusive privilege of infurance, io that thofe priVate
underwriters, or any others, may ilill go on to infure, as heretofore, for
thofe who will employ them ; coniequently that only a competition on a
more enlarged fcale will enfue very beneficially to the carrying on of the
businefs in queflion.
That in almost all commercial countries fimilar incorporations exist;
that in our own there are such for infuring houles from loss by fire, it
40 A HISTORY OF THE
would not be eafv to fhew why the prefent Company ihould not be
incorporated on the same or like principles.
For thefe reasons the Committee fubmit the following refolution:
Refolved, That leave be given to the petitioners to bring in a bill
conformably to the prayer of their petition.
On the 30th of March, this report was taken up for a
second reading, and the Resolution adopted, and on the 1st
of April the bill was reported, but on the 11th, the Assem-
bly adjourned. The opposition of the private underwriters
had thus prevailed eifectually to postpone an early incor-
poration, for a chartered oi'ganization threatened their own
continuance in business, and their profits had already been
diminished by a reduction in premiinns.
But the payment by the Directors of a six per cent,
dividend on the paid subscriptions on the capital in the
following July, threw the opposition on another plan of
attack, foi" the pecuniary success of the Company had been
so great and rapid as to lead its opponents to depreciate
the chartering of only one such organization, and they
hastened to appeal that the Directors of the N^orth America
should not be the only favored ones; and the contest
remained on this ground at the following annual session
of the Legislature. On 9 December, 1793, the Directors
recorded a minute, "That the Directors take opportunities
of conversing with the City members of Assembly to gain
their interest in favor of our application for a chartei'," and
on the following day the bill was reported to the House
among the unfinished business of the former session, and on
the 11th was referred to the City members Messrs. Ililtz-
heimer, Latimer, Swanwick, B. K. Morgan and Kammerer.
4^4
^9/
ff^u^^^^-^^^^ ^X^^^/^— ^^^^^^^^^^^^^^
///
S/Ji
S7S
SQ2- of-i^^w^n^^i-r^"^ 9^-^
^^<^^553W^3 . O^t.^^yC^^.y^'*^^'^^
Yc^^^£f^^
A PAGE OF Stock Subscriptions in the original Minute Book of the Directors.
INSURANCE COMPANY OF NORTH AMERICA. 41
On tlie 13th the Directors again memorialised the Honse,
and on the 16th "the petitions for and against read in the
last House," were now again read and referred to the same
committee, to which were added Messrs. Magoffin and
Jacob Morgan. Another six per cent, dividend in Jan-
uary added force to the struggle, and delay yet held the
day. On the 20 January, 1794, Messrs. Pettit, Stewart,
West, Ralston and Forde were appointed to wait on the
members of Assembly to ui'ge the passage of the bill,
doubtless foreseeing the renewed attempt to thwart their
plans, for on the 27th " a petition from divers merchants
of the City of Philadelphia was read, suggesting the
impropriety of incorporating the present subscribers to
the Insurance Company of ]S^orth America, and praying,
that should the Legislature deem it proper to pass an Act
for the incorporation of an Insurance Company, the same
may be done in such manner, as that those who are more
immediately interested in commerce may have an oppor-
tunity of subscribing thereto, under such regulations as the
Legislatui-e have heretofore directed Avitli respect to other
incorporated Companies." This was read a second time
the following day and was referred to the Philadelphia
members, and on the 31st, they reported favorably. The
report of the Committee is long, but forms an interesting
document, amplifying the statements presented by the
Committee of the previous session as to the value and need
of sound and responsible indemnity in a mercantile com-
munity like Philadelphia. Portions of it are entitled to a
place here.
4-2 A HISTORY OF THE
* * * * As it is impoffible for a merchant, with fafety, to hazard,
unprotected, his property, on fo uncertain an element as water, which is
fo liable to prejudice or endanger it, it becomes eflential to the farmer,
miller, or manufacturer, that he fhould infure it.
Infurance is an undertaking on the part of one or more individuals, in
proportion to the fums they refpectively take or subfcribe, to bear harm-
lefs the merchant in this export trade.
This infurance is effected in two ways, one by private affurers, and
thefe give perfonal fecurity only for what they undertake ; the other is by
public companies, and these mortgage a public and known capital for their
tranfactions.
The cheaper infurance is done, the better price the farmer or manu-
facturer will obtain ; for this being one of the charges in transportation
of the furplus, it muft, of courfe, be underftood or reckoned in the
valuation of it.
Private underwriters onlv afford a precarious dependence in a country ;
it expoles the trade to depend too much on the fears or caprice of a few
individuals; their fecurity alfo being perfonal only, is uncertain — and in
case of great events or loffes, as has often been experienced, it proves
inadequate to the occafion.
Public underwriters onlv would be dangerous as a monopoly, though
the security be more perfect from the capital depofited. It therefore
refults that a wife government ought to encourage both thefe claffes ot
affurers; to act in competition with each other with the aiTured, it
remains which he will prefer.
If, therefore, the public company offers a large and known deposit for
security, in lieu of private refponfibilitv, it is for the benefit ot the public
to accept the compromife, inafmuch as a known depofit or mortgage, is
better than a precarious perfonal refponfibility, fubject to so many vicifi-
tudes.
If, therefore, the companies for infurance prayed for be incorporated, it
is obvious that all private underwriters are free as before to underwrite,
but a new capital is fuperadded to make new infurances by the company,
and that which augments the quantity of any beneficial kind of labor,
cannot but of neceiCty be ufeful.
If the profits fhould be great, new companies will arife to fhare them,
and as no exclusive privilege is granted, the Legiflature may always
INSURANCE COMPANY OF NORTH AMERICA. 43
countenance fuch new undertakings, when they find the propofals
engaging.
For these reasons the committee are of opinion it will be advantageous
for the community to incorporate, on fuitable conditions, the Infurance
Company of North America, as from their meritorious exertions during
the late hazardous periods of war and foreign rifque, the commerce of this
and other States have been materially benefited by the exertions of the
company ; but as a number of the fhip owners and traders of Philadelphia,
from local circumflance, have not been able to obtain fhares in this com-
pany, and there is reafon to believe that more than one company may be
employed at the prefent period of difhculty to American commerce to
much advantage, and greatly to the fecurity and emolument thereof;
therefore your committee recommend the following refolutions to be
adopted by the House, viz. :
Refolved, That a Committee be appointed to bring in a bill to incor-
porate the Infurance Company of North America, now exifling in this
city, for the purpofes prayed for.
Refolved, That a Committe be alio appointed to bring in a bill for
organizing and eflablifhing a new Infurance Company in the faid city of
Philadelphia, to be carried on under the firm or denomination of " The
Infurance Company of the State o'i Pennsylvania.''''
Thus was originated the second Stock Insurance Company
in the Commonwealth.
On the 1st of February this report was read a second
time and a committee appointed, viz. : Messrs. Hiltzheimer,
Swanwick, B. Morgan and Kammerer, to bring in a bill,
which, however, they did not report until the 22d, with one
also for the State of Pennsylvania. Froui this date there
seemed to be an effort, Ijy moving amendments to the former,
to delay it, and the latter passed the House on the loth
March, while the ^orth America reached its passage on
the 14th. The bills reached the Senate in like order, and
on the 20th they were both made the order for the 26th.
The Korth America charter secured the precedence, aud on
44 A ///STORY OF THE
the 28th it passed with a few amendments, and sent to the
House, which concnrred on the 1st of April. The State of
Pemisylvania bill reached its passage on 'the 3d of April.
The former was signed by Governor Mifflin on the l-Ath,
and the latter by him on the 18th of April.
The bare legislative record of this strnggle can only aftbrd
glimpses of the ardor with which the contest was continued
against the new enterprise, iirst on one ground of opposition
and then on another; but the two incorporations, born of
the contest, have honorably stood side by side without a
memory of the work of 1793, and have passed through
together manv a crisis of underwriting- and still live to show
the strenofth of their Constitutions.
Section 4 of the Charter provided foi- twenty-five
Directors, ''and that in case any Director shall be chosen
a Director of any other Insurance Company and shall act
as such." his place was declared vacant. To this condition
was due the loss from time to time of some influential
Directors, who, becoming interested in new organizations,
gave their energies to planting them, at the loss of their
official connection with the older corporation. Thus on 13
JSTovember, 1794, Messrs. Archibald McCall and Thomas
Fitzsimons, being elected to the Direction of the Insurance
Company of the State of Pennsylvania, their places were
declared vacant ; and on 1 August, 1803, Mr. Ball, the
former President, Commodore Dale, Mr. Lewis Clapier, and
others, became thus ineligible and their places declared
vacant, the three gentlemen named having become interested
in the new Union Insurance Company just incorporated.
On 28 January, 1813, on which occasion the President and
INSURANCE COMPANY OF NORTH AMERICA. 45
Mr. Henry went to Harrisburg, sundry amendments were
made, one reducing the number of Directors to fifteen, and
another granting an enlargement of the field for investment,
when an extension was granted to 1 January, 1835. On
3 April, 1833, an extension of the charter was granted
for twenty years from the last limit named; and on 11
October, 1839, the same was made perpetual, with a view
to write perpetual risks. By Act of 6 April, 1842, consent
was given to reduction of the capital to $300,000 the par
value of shares being five dollars. On 11 February, 1845,
a new supplement authorized an increase in the number of
Directors to twenty, without repealing the condition above
recited of 14 April, 1794, which was repeated in the supple-
ment of 28 January, 1813. By Act of 8 May, 1850,
authority was granted to restore the Capital to the extent
of five hundred thousand dollars and the par value of the
shares to ten dollars. On 27 February, 1854, authority
was given the Company " to appoint agents or officers,
effect insurances in any of the other States of the Union or
without its limits, and that contracts of insurance effected
by such agents or oflScers, shall be as valid and binding as
if the same were effected by the President and Directors."
On 14 March, 1871, authority Avas given to increase the
capital to one million dollars and the par value of the shares
of stock to twenty dollars; and this supplement repeated
the powers of the company in marine, fire, and life in-
surances, as recited in section third of the original act.
The supplement of 1 May, 1876, to an act to establish an
Insurance Department (of 4 April, 1873), permitting any
existing company to increase its capital stock by vote of
46 A HISTORY OF THE
Stockholders, providing the same be certified to the In-
surance Commissioner; the Company accepted at a meeting
of Stockholders held 10 July following, and under the con-
ditions of the supplement, their action had "the same force
and effect as if a pai"t of the Company's original charter or
constituting a supplement thereto"; and forthwith the
capital w^as doubled, making it two million dollars. And
on the 15 Xovember, 1880. a fuither increase of one million
dollars was made, the shares being allotted to Stockholders
at a premium of ten dollars each; the Directors believing
that the soundest extensiou of the Company's means was
by an equal increase of its capital and its reserve.
^yj^-zr^a^^p/ir-r ^2-^jA^«>-i^^'%^a>:>->^>*'2x^ii^it-^?\^^
i2ayr//
X
7
/t.
^cr7^>'L.^>-J:^^^j:>^:^^?ZA^ , ^y^^
'<^^2^^5M^^^^^
.?,./>
a<'.
AcT^/-;
/(
^
i^s-iZ^d-r-j^y Z^/>-r-,^K^t^] 5>>2:^S^
r.
o-^-^
.^Scf^^^i^Af ♦<^^^>-e<2-,
tfl ^'hom the fame' doth.
'^ ^"^ ' fhall appertain, in part or'in whole, doT^i^alii Infurance/ and cau]e^^r;^^^^2<^is^r and them,. and every of thcio
lnriredj_>ii.iir not loll, at an j from, y^ . //a • ^ y^ ^ /
of lawful Goods and Mcrchandi
Maftcr for ihisprcfent Voyi
, laden
whaJfoevcr oiheVKaineor Names the' fild Velfel, CT the M; ,.,,-.,
chandizes, from.fnd immediately follosiing the Loadjng thereof on board of fw^
and endure until the faid Goods and Merchandize! (hall be fafely landed at c?^
And it (hall and may be la^^ful for the faid Velfel in her Voyage to proceed and fail
or other unavoidable Accident, without Prejudice to this Inlurancc.t Tou _
B! in ihii Voyage, ihcy are, of the S^^,-^Me» e/IK,ir,-i7r«, EmmM, Pirmi, Rrolrjs Th
Arrtjl,, RcJIraM, and Dttahmnll. cfenKi
LolTci and Misfot
zoning the.,Adi-c;fture upon Ilic faid lawful Good:
U^C^eXfi^Ci^o^^i^ aforcfaid, and fo Ihall
_y^ ^ - — ^ - - aforcraid.
'ffay at any Porti or Places, if tnercuntdobliged-by'Streff of Weather,
and Perils, which we the Alfurcrs arc contented to bear, and take upon
Jrtlifini, Limntf Mart,' nnd Caunlir Mart, Siirfri/ah, Talif
Quality feeder. Barratry I,/ the MaJIcr
'PMli, iftcbal Natka, CAdithn ir Sluality fin-cr. Barratry of lie MaJIcr ana Manner,, and all other Perils;
or 'Ihall come to the Hurt lifiinient or Damage ofthe faid Goods or Merchandizes, or any Parairfreof. 'And m Cafe of any Loft
loandforthe Affured, -<^. Faftors, Scnant, and AIT.gns; (and.the Arnred'0n.---5?:,y' .Part agree^aljd engag^Aj
Faflors Servant- oJ AlfSfto fue, labour and travel for> in and about the Defence, Safeguard ,nd-Rrco,-Mvoftl>. faid Goods and
han jTzes of siv cart thereof without Preludice to this Infurance, to the Charges whereof we the affurers will contribute according lo the KETt and Ouanutr of
banJ.zes, ot an) part thcreol, w.tno,.i rej this Policy of InfSrance Ihall be of as much.rorce and EOecT as the forell Wr.ung or Policy ol Infurance
the Sum herein infured. And it is agreed by i
haetofore made in the Unitfo States of A
Property of the Prefidcnt and Dircflors of the Infu
f„rr«,n,e of thc Prcmifcs, confellins ourfclvcs juid
by bind the Capital Stock, and other i
the Alfured, ^TZ^ Executors, AdminiHra*^ and Al^lgn^ for the true Pera
fcl' Jht^AlTurance, by ihe faid. Alfured, or— ?i<^ jVISgiu, after the Katt of
,...«oRA!.DUH^ Iti.a-reed, Thar 4i.»,- ir«,«i Indian C.r.. F.afr, «-..iiy -rser rnjy CrjJ^r a/Jn. r,r,j.,ff:a..r ay^Jtr^,F'r3'J,.mn-Taa'nr1na!^
i;;^^AnU,r'ra,.,^'''"Jlrtki"tba,ar.t^^^^^
count of any illicit orjirnhibitcd3rade.
Early Marine Policy of the Insurance Company of North America, 1795.
INSURANCE COMPANY OF NORTH AMERICA. 51
On 8 July it was "Agreed, That Kotes be received for
Premiums to ^ew Orleans, payable in Four and an half
months." On 20 January, 1794, finding that policies were
not always paid for promptly, the board ordered "in order
the more certainly to enforce the payment of Premiums in
due Season, no Policy be subscribed by the President until
the Premium is paid, or a note given for the same in the
accustomed manner." And with the precision of banking
rules on discounts, they ordered "That all Inquiries for In-
surances left at this office before 12 o'clock in the morning
shall be answered at or before three o'clock on the same
Day, and all Inquiries left after Three o'clock and before
Six o'clock, shall receive an answer at or before Ten o'clock
on the succeeding Day."
The matter of office hours was considered on 15 January,
1795, and it was resolved,
"That the office shall be open for the Transaction of
Business from W\\\q O'clock in the morning to Tavo in the
Afternoon; and from Four in the Afternoon til Eight in
the Evening. That the attendance of the Secretary be
required from Ten to Two, and from Four to Eight in the
afternoon. That it shall be the Duty of the President to
attend this office every Day from Eleven O'clock in the
Forenoon until Two o'clock in the afternoon, and from Five
o'clock in the afternoon until Eight o'clock. And that it
shall be the Duty of the Committee of the Week to attend
every day from Twelve o'clock until Two in the afternoon,
and from Six till Eight o'clock."
And in regard to applications foi' insurance the rules of
the previous January were affirmed.
52 A HISTORY OF THE
On 2 March, 1795, "on the question shall so large a Sum
as $35,000 be taken in future on Risques of the first
Dignity, it was unanimously agreed in the affirmative";
showing the extent to which the policies of the company
were sought l)y the large shippers of the country. On 8
May, 1809, the lines had been increased to |40,000.
The difficulty of investing the accumulating funds of the
company led to the question of loaning on Respondentia,
which was reported favorably upon by a committee on 17
^N'ovember, 1794; and on 16 March following, on receipt of
an application for such a loan from Captain Tingey, the
board decided unanimously to make such loans, and on the
30th "it was agreed that five thousand dollars should be
lent to Capt. Tingey on Respondentia, at Eighteen Months'
credit, at twenty-five per cent, (including premium of in-
surance) for the eighteen months." A form for Responden-
tia Bond was approved 13 Api-il. On 21 May the President
and Committee of the Week were authorized "to write open
policies in cases in which they may judge it expedient, and
at such a premium as they shall think adequate to the risk."
By the minutes of 8 May, 1809, the loans on Respondentia
were limited to f 20,000. The amount of this business was
not large in the course of years, and proved unprofitable
in the aggregate, and was finally declined altogether.
The success of the company during its early years was
certainly remarkable considering the period, for its begin-
ninccn made against ITie company for losses l)y Srenonce'^
Srst establishment (now more than thirteen years) no instance of a legal controversy has occamd^ bOk
twcen the company and ihe.assured But on the contrary, all claims for losses of this nature, have.beed
adjusted and paid with the* utmost promptitude; which circumstance^ together with the ampleTcipitu
the company possess, gives them a fair claim to public confidence*
RATES OF ANNUAL PREMIUMS TO BE PAID FOR ASSURANCES AGAINST FIRE,
Jitt Inttldings adjoinmg to or sUuatfiJ near to kasardout huiUTingt, or in -which hoTnrtfous goods are > jewellrtf, and all articles more than eomrnQnly fialile to injunj hu toff, suddetcremmat^ Br.t^e ft^arotfBA
9fffff^ hazardous iiusiness carried on, will be cliarged at an extra premium; subject to such variation as \ alarm of fire,
|A(jwfur« oftia risk mat/ require. s Jiuildings tn which the/ollawlng acciipalioni are carried on, are also extrefTiazardovs^to iPlt^^^TalCyTBt
W:^' The following articles are deemed extra hazardous, and also buildings in which they, or any of s efumdlers, brewers, hemp arid fiax dressers, painters, coopers, carpenters, cabinet makeri,'coach^^rriag9
Pk*m,are contained, though in various degrees, to wit: — Fitch, tar, turpentine, rosin, wax, tallow. Oil, \ makers, malt houses, bakers, ship cliandlers, boat builders, rope makers, suga^ refincai tTtstilletXie^BluUi
vrintf tpiritt, sulphur^ hemp, fax, cotton, glass and china ware, especially if unpacked, looking glasses, \ varnish or turpentine works, theatres, mills, and machinery generally. '
^1 PcTEons desirous to make insurancc'^on biiildine in places
WDcre the Company have no agent, must accompany their appli.
cations with a description of the property to be insured, to be made
hfM master car^nter, and signed by him as well as by the oivncr
or applicant, and attested before a notary or magistrate, who will
cerUly his knowledge of the parties and their credibility. The site
and 'position of the DuUding must be described; tlie street or ro:id
«n which it stands, its contiguity to water, and paniculariy whe.
iher any or what fire companies arc established, and engines pro-
vided in the place or neighbourhood. — The materials of which it
Ss bnilt, how secured by baltlemcnU or party walls, what kind of
Mccu to the top of the house^ and how the ashes are generally dcJ
. II. The dimensions of the building, the style In which It is
fiiCshcd, and how occupied, whether merely as a dwelling house,
or for any other purpose, and for what purjiosc j also, an estimate
sC^ value of the building, independent of the ground.
Jill.' The shuation with respect to other buildings or back build*
fegB^ whether adjoining or not ; comprehending at least one hun-
rii«d feet each way — What kind of buildings arc within that dis-
boot, how built, of what materials, how occupied, whether as pri-
VHc dwellings or othenvisc.
^IV. No insurance will be eHcclcd on more than two contiguous
Inildtngs, if built of wood, or on propcny therein ; nor on more
dan ihree contiguous buildings if built of brick or stone, or on
bropmy therein. — And there must be a space of at least fifty fe;t
between such wooden buildings and any other property insured,
hnd a space of thirty feet between kuth brick or stone' buildiiiKs
ind-Othor property insured.
CONDITIOXS OF INSUIRAXCE.
V. No insurance
on property therein,
ihercot
VI. AVhen insurance is wanted on'goods,- a general de-
scription of the building in which they are kept must be given,
similar in all respects, as to danger from fire with tliat rcnuirctl
for
opened.
VII. If any person shall "insure any building or goortsTanH
shall cause the same to be described otherwise than as they really
arc, so as the same be charged at a lower premium than tvould be
demanded if the true situaUon thereof were made known, such In-
VIM. No insurance is binding until the stipulated prcmiumT>e
paid; but It shall be deemed effectual from the time of such payj
mcnt whedier tlie policy be signed or not. — And insurances may
Dt continued or renewed at the expiration of the term of the po-
licy, without further expense than the payment of the premium of
the renewed term ; provided the circumstances of tlic risk remain
OS when first insured, or it is not increased.
IX. If any oihtr insurance be made on the same properly, no*
lice thereof must be given to tliis office, and indorsed on the policy!
othenvisc the insurance will be void. — j'Vnd in c;isc of such insure
anee, each office shall bear a ratcible proportion of any loss wliich
may be sustained.
X. Goods held in trust, or on consignment maybe insured ai
*uch in a separate policy, but they arc not to' be considered as im
surcd oibcnvlse. S'or nrc bills of exchange, bonds and other ic-
euntles, dtlc dcedsTmoncy, bank and oQiernoic^ oemirToreiia
less by special agreemcoi
Xt. Hiis Company mil not be liable or'accountaBlelTornnf
loss or damage occasioned by ihc in\asion of an'encmy,'or'b5Can^
military or usuq)cd force, or by n;3sun of any civil commotion,-ot
occasioned by gunpowder, atjua-fortis, or otlicr, lliifig of ih^Jiko
kind kept in buildings, or among the property insured* 4inlS£Jb^
speci.J agreement.
.XII. No Insurance >vill be ma5i!6n'buTding«lT^SreniIum^iifIUi>e gnung>
ly attended to,, if. addressed- to
JOILN' INSK££Fy ria^ab
Proposals for Fire Insurance issued in 1806.
INSURANCE COMPANY OF NORTH AMERICA. 65
alterations, "so, however, as not to go below 25 cents for
f 100 per annum." This doubtless may have been induced
by the increased competition of the two new companies, the
Union and the Phoenix, who as well added fire underwriting
to marine, and who began operations before incorporation
was consummated.
On 19 May, 1807 the society for protecting property
from loss in case of fire made application for assistance,
and the president was directed "to pay as a Contribution
to said Company the sum of $50."" This institution w^as
the early forerunner of our present Fire Patrol, but of its
work and its duration we find here no further trace.
Policies had been from time to time issued covering
j)roperties in distant localities where the applicant had been
known to the company; this led to extending the business
more systematically; and on 6 October, 1807 Mr. Alexander
Henry presented an address "on the subject of extending
Insurances against Fire to Lexington, in Kentucky," on
which Messrs. Henry, Taylor and Read "were appointed
a Committee to consider as to the benefit and propriety of
extending insurances against Fire generally to other Cities
and Towns in other States beyond what is now customary
to take." On 3 N^ovember the committee's favorable report
was adopted, and they Avere directed "to digest and report
such limitations, regulations and restrictions as it may be
thought prudent to recommend." And on 1 December,
the board adopted their resolutions, which were carefully
drawn, looking to a cautious business, one of which em-
powered the president ""to appoint suitable and trusty
persons at such places as he shall think advisable to act as
66 A HISTORY OF THE
Surveyors and Agents of the Company," and "to instruct
each agent of the Company as to the execution of his ti'ust
and furnish him with such information as he may think
proper." This was the beginning of a fire agency business
which half a century developed into such great and profit-
able proportions. From a little manuscript book entitled
"Fire Agents," in President Inskeep's handwriting, recently
found in the files of the company, we obtain some pailicu-
lars of this agency work which are worthy of record here.
By this we learn on 22 January, 1808, Charles Ellis was
appointed agent at Burlington, James Ewing at Trenton;
on the 23d, Andrew Ross at Washington; on the 26th,
Ephraim Holmes at Bridgeton; and at "Towns Westward,"
Jesse Hunt at Cincinnati, Peter Lee at Washington, Thomas
McCall at Lexington, Jeptha Dudley at Frankfort, John
Bustard at Louisville, Thomas Howard at Richmond. On
3 February, among others, Jacob Hay at York Town,
John Ci'eigh at Carlisle, Edward Crawford at Chambers-
bui"g, Robert Brown at Greensbiu'g, James M. Caldwell
at Wheeling, John McCoy at Chillicothe, Doctor John
McDowell at Steubenville, William Tate at JS^ashville, and
on 6 February, Robert Boggs at New Brunswick. Mr.
Dudley held the agency at Frankfort for thirty years, his
resignation being noticed at the directors' meeting of 8
January, 1838. On 20 February, Mr. Inskeep wrote to
Marks John Biddle, Esq., of Reading, "I take the liberty
to send you some of our Proposals, form of a survey, and
letter of appointment fur an agent, which I will thank you
to direct to some suitable person in your place who will act
as such for this Company. I should be pleased if you
INSURANCE COMPANY OF NORTH AMERICA. 67
would accept the agency yourself, but this I can scarcely
hope, as the magnitude of your own concerns will probably
forbid it." Mr. Biddle selected and appointed Mr. Frederick
Fritz, and this was the beginning of an agency which to
this day has been continuously filled with faithful and
competent representatives.*
This extension of the company's business found a motive
in the establishment by the Phoinix Insurance Company of
London of agencies in this country ; and as their experiment
had been successful, the time had arrived for the ^orth
America to secure the like footing at distant places. But
the Phoenix may have resorted to flexible rates when this
home company entered the agency field, if we can so con-
clude from a letter Mr. Inskeep wrote 14 March, 1808 to
* The following is the first letter of the president to the new agent, and dis-
plays the caution with which the " agency business " was conducted. " 29 March,
1808. I am pleased to hear from Marks John Biddle, Esquire, that you have
accepted the agency of the Company for the Borough of Reading. I have
received your survey of Mr. George Keim's property, which is very minute and
circumstantial. The risque would have been a very good one was it not for the
circumstance of the Oil and Paints being kept in the cellar, and the Tavern
being so nearly situated. I will, however, agree to take the Risque at 40 cts.
per $100, for one year — should the premium be agreeable, the amount as per
statement at foot may be remitted, and on the receipt of whicli tlie Insurance
will be binding. The policies sliall be Ibrwarded by Post or otherwise as may
be directed." These were numbered 5,003 for $1,000, "on a Stone House or
Building, Kitchen and Store adjoining and belonging thereto. Situate on the
north side of Penn Street, in the Centre Square, near the Court House, in the
Borough of Reading," and No. 5,004, for $5,000, "on Goods or Merchandize
contained in the one and an half Story Store adjoining the assured's Dwelling,"
all at 40 cts. for one year. Both had the following endorsement: "Notwith-
standing the foregoing restriction. It is agreed that the assured shall have
permission to store in the above named Store, Gunpoivder, Spirit of Turpentine,
and Oil, together with such other articles in small quantities as are usually kept
in a retail Country Store." Charge was made for a badge of $2, and for two
policies, $2. The only remuneration to the agent being his survey fee from
the assured.
68 A HISTORY OF THE
Mr. Ewing at Trenton, viz : "I am aware that the Phoenix
Insurance Company of London do take risks both in and
out of this City at a lower premium than we do in this
office, and that without much investigation. ^Ve find,
however, that a decided preference is given to our office at
higher premiums than they generally ask, the reasons for
which, people must judge for themselves — it does not belong
to me to assign them." The Phoenix came here in 1806,
but withdrew its ao-encies in a few vears, but re-entered
the United States in 1879. One of its original ''Proposals"
issued in Philadelphia, was found in 1880 among the papers
of the Xorth America, where it yet remains. In 1807 the
Pelican Insurance Company of London was represented in
^ew York, but it was without any representative in
Philadelphia.
The expiration of fire polices was notified to policy-
holders by advertisement in the daily papers, in monthly
lists; whether the assured was a citizen of Philadelphia or
of Charleston, his reminder was obtained only through the
Philadelphia papers. The general results of the fire busi-
ness were satisfactory to the directors, but it Avas in these
early years looked upon only as an adjunct to their marine
business in its convenience to their customers; and Mr.
Stephens, the secretary, often referred in his semi-annual
reports to the profits of this business as meeting the ex-
penses of the office, showing that it was relied upon to
defray the current expense of the office, which it more
than did, so that the marine business in its fluctuations and
uncertainties should not be exposed to the charge of office
support. Secretary Stephens in his report to the stock-
{Fnr ^^ii'ird^.Months.)
BY THE PRESIDENT AIJD DIRECTORS OF THE INSURANCE COMPANY OF NORTH AMERICA,
>J:^r3
WHEREAS,
}uU) paid to tlit^J^resldcnt :uid
oftWe Insurance Company of NorA America V^«.4^^/^.<46,^/?V/>^A^yw^«t^ /r
ce^ i^ yy*a/^i'f- /^ i^ r^^^ f^-o-iC ^ir^CCrx^ tf^^^XiJ yrti'it^cyt fc^C^iC^^ yU^Je^-Ji^ij I
NOW K}i0W ALL: MC
Fur to the said, o^^u-^u^t
Wrthfllrt: like (jupnijty of
^^Jf^fi.a:i ^ ^ ^_ ,^^^^^ ., _
id- c^'M^.'U^^^^tZ^^t^'Ji^ ^Hianjtmdrcmaiii in tiip Iiouse'aroreMud Ictf! . /f]^ (^
DV/flHfcSE PRESENTS that I'n considcmiion thereof the Capital, Stock, Estate, and Sccuriaes'of-thc wid Corporaudh shall be subiect:je"I>ay"
^ ^^^^j^^^^ — ' " ilxcciiiors, Adniihistrators ori.'AssiEns, any Los3 or. Dam-igc which shaltpr. Jniy happcn^yor *^y *
_j ^4^- ' Within the tcnr aforesaid, unless tlicy ihc said President and Directors sh^Vforlt^iih furnish' thtsaid
^7Z^iJ^^Z> ■ 'dfthc some <]uality as (hose so injured by fire, or provided the said £:^Cct-tuCZtA.A,A.^ <54l>:
, Executors, AdniinJstratorsJsrVtssiBiis, thcjoitiTt Su^ of
_ 3 shall continue, remain and bt subject as aforesaid^ ,\Vliich said
--Damage*9h«lI-be-iiakl*r-md£mniIic(Lui.inanncr'a proof.'of Loss ;j and if any dispute shall arisc^rcsijccting the sanic between the Corpwatioi
t^a%c^^^!^(^/r^^ ^^r^ayiJ;^
& i ^.'J^^/^ ^ ^^ ,^^ ^ * ^ ,- ^ _ _ , , - . „ .. . .
Lns>'*ri-Damage*9h«lI4>e-pakl*r-md£nuiiIicd-Ul.inanncr aforesaid ivithin thirty-days'aficr proof.'of Loss ;» and if any dispute shall arisc_rcsijcctinp the same between the Corporation and thd
AiiSCRKD, such difference sliall be subniilitd to the jmlgmcnt ana \lckrminutio?rBnVrbit/a[oreiiWifferently'cho^ partiesi
But in dll cases where partial losses or damages do occur to the property insured by lliis policy >ithin the period above stipubtcd, and allcnrards a lotanoss STthc saific Uithiirthc's.inr p^
bod, whtreby claims may arise to a larger amount together, than the sum hereby insured; thuAssured shall in no uibc be entitled to receive more than the whole sum so,*nsuredi^^vidim ilifl
period for which the insurance is made.f PROVIDED always nevertheless, and it is hereby afcclarcd to be the ti^uc iiucnt and mc;imng of this Policy, that Ok said Stock,. Lslatejiml Sccu4
lilies of ihe said Corporation shall not be subject or liable to pav, or make good to the Assured any T>)5S or Damage oy Fire, which sh:>ll happen bjr Invasion, Eoreign t^emy, CivU^CommcM
tion. Of uny Milita^ or usufnul power uhatevcr; And provide^! also, that this Policy'shaU noOtakc effect or be binding to the said Corporauon," m case. the faid Assured shaU haV» alrcadj*
made; or ahall hereafter iri(lW3iy other Aauri«cojupon U»e Goods aforcs;iid, unless U.c samt£liall be allowed of and specified on this Policy-v^Or if the Hoilsc above.mcniioned conuumng
the Ro-^ls of the said ■/^^■7^Pt> c::>4:Hi^^ ' shall, at the lime when any such fire sliall happen, be, in whole or in part occupied (w ilh tl.e knowI«Igc or coiiscnfl
of the Assured) by anvpcrson CommonScaltpUh^^ ^^tC^i^fl^ - Tix^^ % ^t,U44.eAy jn tl»
: it shall remain inJull force and .viriuci ^
used their Common Seal tp be hereunto affiiCtlToiulio ^i
ff^our.LordOiicjriiousand Eight ilundrcd^aiid C-^i^'^i-^*!=»' • —
K. B* iThlsToircy may^be-transrcrrcd by Indorsement made~w ilh the consenf of tlie Comp:jiy (but not otherwise), anfl tlic Insut
tjpensc (subject, however, to such.modilicalionsasxircumstanccs may.rcfjuire), the premium for llic renewed urm being trsi paid-
r coritinuc3Trom Umtta limtf niihoul an/^addii-jnai
^S'^^0 -^i^pfr;^ u ^ '^-^^
'^.ff'nn ^ — r^"^'
Early Fiue Policy on Goods, 1809.
INSURANCE COMPANY OF NORTH AMERICA. 69
holders Januaiy, 1825, says: "the fire business meets
expenses as it ordinarily does when no losses occur." The
extension of the business to other localities was to increase
this i^rofitable result, and at a time when marine insurance
in this country was disastrous and had a very doubtful
future. We might suppose that had in the outstart more
direct attention been paid to this branch, larger returns
would have been had and the company have been propor-
tionably benefited; but we must recollect that fire insurance
was in its infancy comparatively, and the insurer in a com-
munity, was the exception, and not the rule. The large
lines written by the company were evidence of the want of
proper knowledge of the danger in so writing, but it was
on the other hand evidence that the moral hazard was more
certain, as the danger from frequent fires was lessened by
the fact that the major portion of any community was
entirely uninsured, and the Avant of a guarantee of indem-
nity in case of loss, perforce made this class of people
more heedful to the dangers of fire and Avatchful of their
interests. To the Close of the year 1802, embracing eight
years and twenty days, the fire premiums received amounted
to 181,253.76, and the losses, which first began in 1797,
$30,116.59. The next ten years were better — premiums,
198,647.95 ; losses, $23,873.30 ; the succeeding decade was
remarkable in its figures — premiums, $69,224.20; losses,
$1,569.44, the years 1814, 1816-19 and 1822, not showing
a dollar of loss on a premium receipt of $42,380.79. From
1823 to 1832, premiums were $61,639.33; losses, $17,973;
the decade following, premiums, $114,326.34; losses,
$78,948.27. From 1843 to 1852, premiums, $554,267.08;
70 A HISTORY OF THE
losses, 1382,407.43; this last period embraced the losses by
the great fire in the vicinity of Yine and Callowhill, west-
ward from the wharves, July, 1850, after which thei-e was
an acknowledgment of the inadequacy of fire premiums in
Philadelphia on the part of the companies, wliich led lo
action in October following, which would have been united
and common but for one compan}^ declining to agree lo
advanced rating. The years 1843 to 1852 mark the de-
velopment of the modern system of an agency business,
for the receipts had quintupled those of the preceding
ten years. The decade following showed a larger busi-
ness and with better results; premiums, $1,138,164.24;
losses, $424,448.32. The next decade showed a premium
receipt of eight times the amount of its predecessor; and
the premiums for the year 1884 alone exceeded the com-
bined premium receipts of the first sixty-eight years of the
Company's operations; the average loss in this long period
being but 45.3 per cent, of the premiums.
On 28 January, 1840, a committee was appointed to pre-
pare a form of perpetual policy, the recent supplement to
the charter enabling the company to enter on this business,
but the final steps weie deferred, and authority was only
formally given to the officers on 4 May, 1841 , and the first
policy was shortly thereafter issued ; and to the close of the
year 1846 a loss of but $62.09 was made upon a net deposit
receipt of $5,781.55. To the close of the year 1872, the
losses had been but twelve and one-half per cent, of the net
deposit receipts; but a proper mode to calculate the per-
petual business is to base the losses upon the interest of the
net balances, and the result in this instance will show the
INSURANCE COMPANY OF NORTH AMERICA. 71
losses of the company to be about one-third of the interest
account on their perpetual deposit balances, and after
adding its proper expenses, leaving the deposit untouched,
(subject to call as it may be,) and a profit beside.
The beofinningfs of the fire business, modest in the ex-
treme, have grown in our day to a figure which the first
board of directors never contemplated, any more than they
could contemplate the immense groAvth of the nation in its
wealth and population. The wealth of those days was to
be found on the Atlantic board, and shipping was the most
familiar and perhaps the most respectable calling, and
opened the most promising avenue to the rising generations
for the extension of their activities. But wars and the
changes in the courses of trade made the uncertainties of
sea ventures more conspicuous, while the silent but sure
growth of inland interests was outstepping them in attrac-
tion, until in our day we find the best energies of our people
given to internal development, and for the success of this
corporate underwriting must and will be had, and the future
of fire underwriting seems illimitable so long as we cannot
measure or bound our national growth. And we must
admit that marine underwriting, even with its peculiar
fascinations, has lost its rank of prominence, and that fire
underwriting is now and will remain in the forefront.
72 A HISTORY OF THE
LIFE BUSINESS.
THE fir>t action had iindei- the clause of the articles
of association permitting Life Insurance was on 20
January, 1794, when Messrs. Fitzsimons, Ball and
McMurtrie were appointed "a Committee to consider of a
Policy for insuring persons against Capture by Algerines,
etc." This was at once formulated, for on 11 February
following, they insured Captain John Collet, "on his Pei-
son aoainst Alsrerines and other Barbarv Corsairs in a
Voyage from Philadelphia to London, in the Ship George
Barclay, himself Master, Valuing himself at $5.000, '' the
pi'emium on which was two per cent. On 7 March. Captain
Samuel Hubbell, of the ship Eagle, bound from Baltimore
to Oporto or Lisbon, was insured in like manner for S4,000
at five i^er cent. On 13 May following, Thomas Baker,
master of the brig Hector at and from Bordeaux to Phila-
delphia lor Sl.OOO, the premium of which was five per cent.
These insurances were "declared to be made upon the
person of '=' * * against the risque of Capture by the
Alfiferines or anv of the Barbarv Corsairs only, and it is
mutually agreed between the Parties to this Policy, that if
the said * * ^ should be killed in any attempts made
to defend the said Brig against the said Algerines or Cor-
sairs, or should die before or after his Captivit}' and before
he should be Pansomed, the Assurers shall not be bound to
INSURANCE COMPANY OF NORTH AMERICA. 73
pay any other Sum or Sums than what may have been
expended in attempting the Ransom of the said '=' ■■^' -^ "
It was not until 9 January, 1795, that it was decided to
undertake some phm for insurances on Uves, and Messrs.
Blodget, Fry and Breck were appointed a committee to
form a plan, and the same must have been put into use by
the officers without reference to the board, althouoh the
individua] applications for life policies were in each instance
passed upon by the board. But the demand was light, for
not until 21 May, 1T96, do we find the approval of the first
two life hisurances, viz., on the life of John Holker from
6 June to 19 September inclusive, for $24,000 at one and a
half per cent., which, however, appears not to have been
acce])ted; and ''on the natural life of Bon Albert Briois de
Beaumez (who attained the age of Forty-one 3'ears in the
month of December now last past, and is about to sail for
India '^' ''" ''' ''' ), for and during the term and space
of Eighteen Calendar months'' for f5,00(). A guaranty in
this policy as to continuance of the life of the subject is
made in the following phrase: "The said President and
Directors, therefore and in consideration of Ten per cent.
to them paid, do assure, assume and promise that he the
said Bon Albert Briois de Beaumez shall, by the permission
of Almighty God, live and continue in this natural Life for
and during said Term and space of Eighteen Calendar
months * '=' '=' '^' ."" On the 27 September following,
$8,000 was agreed to be insui'ed on the life of Colonel
Tousard for one year at eight per cent,, "with permission
for him to go and remain in the AVest Indies during that
Period"; but the policy seems not to have been issued.
74 A HISTORY OF THE
On 15 Februarv. 1803. nn insurance lor ten thousand dollars
was asrrced to "on the Life of General de Xoailles (who is
noAV supposed to be in the Havana) for six months at the
rate of five per cent., he being prohibited from acting as an
officer or soldier in any niilitar} expedition, or from i-eturn-
ins: to the West Indies after his arrival here durin^; the
continuance of the said Risque." And the last we find
agreed to was on 9 April. 1804. on the life of Mr. George
Meade; but neither of these policies Avere issued. The
premiums named by the company on the life api)lications
may have prevented in many cases acceptance of its policies,
as is shown in the cases now cited. Mr. Hazard in respond-
ing 20 November. 1799 to the inquiries of Mr. Henry
Remsen. made on behalf of the Manhattan Company of
New York, as to the mode of conducting the insurance
business in its ditferent branches, stated regarding the life
branch: '"Thei-e have been but few instances of this kind,
perhaps half a dozen, in each of which we have gained the
premium. Price's tables are those we have used, as far as
tables have been recurred to." This branch of the business
seemed not to have survived a decade, nor was the company
induced afterwards to renew or cultivate it, and not until
the incorporation of the Pennsylvania Company for Insur-
ances on Lives and Granting Annuities in 1812 Avas it that
the subject of life insurance secui-ed any development and
extension in this community.
INSURANCE COMPANY OF NORTH AMERICA. 75
VIII.
FINANCES.
THE statement of i)remiunis given on previous pages
indicate that the finances of the company underwent
man}^ and severe fluctuations. Success early favored
the projectors, and divisions of profits were promptly realized
to the advantage of the stockholder personally, but to the
detriment of the corpoi-ation. The dividends paid from
July, 179.3, to January, 1798, inclusive, amounted to
f 591,296.63 ; but in July following the balance of the com-
panj^'s accounts was on the debtor side. In January, 1799,
a dividend of twenty per cent, was made, viz.: $120,000,
followed in the next semi-annual period by a heavy balance
again on the debtor side. This condition of the company
continued up to January, 1807, when a dividend of four per
cent, was made, and the company by this time was owner
of 3,770 of its own shares. Dividends continued with some
degree of regularity to 1812, inclusive. Three years fol-
lowed without any profits to divide. In July, 1816, the
company owned 7,534 of its shares; by July, 1835, it
became possessed of 13,959 shares, purchasing to save them
from the market ; and the assets, including these, amounted
to 1683,021.50. The highest assets prior to this were in
January, 1809, when they amounted to $722,699.03. In
1842 an equalization was had of their condition, by a reduc-
tion of the capital, alluded to before, to five dollars a share,
76 A HISTORY OF THE
and the assets were on 1 ^January, 1843, $385,060.92,
including 13,459 shares. On 1 January, 1850, the assets
had increased to $911,667.40, and the comi)any only own-
ing 12,000 shares. By 1 Januar}^, 1853, the assets were
$964,681.49, the company having parted with all its shares
formerly held by it, but the capital had been increased in
1851 to $500,000. On 1 January, 1858, the assets were
$1,007,825.26. Ten 3'ears later the assets had reached
$1,962,836.54, while dividends amounting to $900,000 had
been paid in the same time. In 1874 the capital stock was
doubled, and this in 1876 Avas in its turn doubled, making
it now two million dollars. The decade ending 1 January,
1878, show^ed rapid but substantial progress, the assets on
that date being $6,408,696.58, the dividends paid during
the same period (excepting 1873 when dividends were
passed, due to the Boston losses of November, 1872)
amounting to $1,170,000, while the surplus had increased
from $237,753.36 to $2,362,532.34. In 1881 the happy con-
summation of a joint increase of the capital and surplus
w^as effected by increasing the stock to three million dollars,
and apportioning the one hundred thousand new shares to
the stockholders at the rate of twenty dollars per share,
being double the par. On 1 January, 1885, the assets
amounted to $9,079,481.40, show^ing an increase in seven-
teen years of $7,116,644.66, from which when is deducted
the new capital paid up $2,500,000, and the cash increase
of $1,000,000 in the surplus, we find that in this period the
gain from its business and investments alone amounted to
the sum of $3,616,644.66.
INSURANCE COMPANY OF NORTH AMERICA. 77
IX.
OFFICE LOCATIONS.
IT may be interesting to follow the compan}^ through its
various offices, and call up pictures of the localities in
which it found itself from time to time. It steadily
maintained itself nigh to the haunts of the city's business,
and w^e shall thus be able to obtain glimpses of some of its
neifrhbors and associates and some studies of that section
of the city in which centered Philadelphia's mercantile
wealth.
It is elsewhere stated that the new board met at six
o'clock, r. M., on 14 December, 1792, in their own offices,
which were in the brick building No. 119 (now 213)
south Front street. This building remains substantially
unchanged to this day, and is one of the few original
edifices left in the block. A very faithful etching of it
Avas made in the spring of 1880 by Mr. Pennell, a member
of the Philadelphia Etching Club. IN'early opposite, at
:N'o. 96 (now 212), lived Mr. I^esbitt, the president, the
counting-house of his hrm, Conyngham, Nesbitt & Co.,
being on the first floor; next door, ]S"o. 117, lived Mr.
Jasper Moylan, a director, and later their counsel ; at No.
115, Messrs. Isaac Wharton and David Lewis, merchants
and insurance brokers, had their office; and immediately
south of No. 119 was the large building owned by Mr. John
Ross, a director, occupied by the custom-house. On the
78 A HISTORY OF THE
opposite side of Front street there dwelt at the time, besides
Mr. Xesbitt, Robert Ralston at Xo. 90, Miers Fisher, Xo.
92, Peter Blight, Xo. 102, Nalbro Frazier, Xo. 104, Francis
West, Xo. 108, Samuel R. Fisher, Xo. 110, Mordeeai Lewis,
Xo. 112, and John Morton at Xo. 116. Shortly after their
settlement in these offices, proposals were made to the board
by the trustees for the Philadelphia Dancing Assembly to
unite in erecting a suitable building for their joint uses;
the proposals were submitted'-' to Mr. Xesbitt and Col.
Pettit, but no further reference appears on the minutes to
the subject.
Here the company continued until February, 1791:, the
only intermission to their business being caused by the
ravages of yellow fever in 1793, which was particularly
severe in that quarter of the city. Mr. Xesbitt left the city
in September and passed the remainder of the season at
Clermont, the residence of his partner, Mr. David H.
Conyngham, a handsome property with a fine mansion,
situate at the southeasterly junction of Xicetown lane and
Hart lane, a place afterwards known as Mrs. Griscom's
famous school.
Mr. Xesbitt, who was not in robust liealth, had probably
been passing his nights out of the city previously, for on
2-4 September, 1793, he writes to Mr. Hazard, ''I went to
Town on Monday to see what was to do, but found things in
our Xeighbourhood in such a Situation I thought it Improper
* The Dancing Assembly proposed that each should advance £6,000; the lot
to belong to the Insurance Comijany, joint agents or trustees to be appointed
for the management of the business, letting the house, &.C., and the money
arising from rent, &c., to be di\'ided between the Insurance C!ompany and the
Dancing Assembly.
INSURANCE COMPANY OF NORTH AMERICA. 79
to remain. Indeed I should have long since quit our own
business, for that was arranged so as to make my presence
unnecessary, but I did not like to decline my place in the
Insurance office while I could remain in Town with any
degree of pei'sonal safety, and if any applications are made,
I shall, if sent out to me here, attend to and answer them as
I do my own business." Mr. Hazard had written him on the
23d: "The situation of our Neighbourhood I find has become
truly alarming; in going to and returning from it, I am
much exposed to Infection, and it does not appear necessary
to attend longer at the Office, as so little Business offers;
were there moi-e, it could not be done, as I am now quite
alone. Mr. Coulthard [the clerk who had been appointed
18 December, 1792] M^ent a few miles into the country on
Saturday afternoon and intended returning this morning;
but as it is now one o'clock, and I have not yet seen him, I
fear he is sick; there are no Directors whom I can consult
on this Occasion : thus Situated, I have concluded to remove
the Books and Papers, for the present, to my own house,
where I shall be constantly ready to attend to anything
that offers."
Thus exposed, and without clerical help, Mr. Hazard
moved the office work to his house, No. 145 Arch street,
on the site of which is erected the easternmost of Mr.
Womrath's impi-ovement, and is now No. 415. Mr. Hazard
built this house in 1792, and there he resided until his
death in 1817, when his heirs sold it, Mr. William Sansom
(who was a director in the company 1795-97) purchasing
it for his daughter, Mrs. George Yaux, whose family
occupied it until they sold it to Mr. Womrath, who also
80 A HISTORY OF THE
jjurchased the adjoining property on the west, for many
years owned and occopied by Mr. John Cooke.
Mr. Hazard and eight others of his household succumbed
to the epidemic, two of whom died from it ; and here he
remained until 9 Xovember, Avhen the approach of cool
weather rendered it safe to return to the office to Front street,
and clients would feel no hesitation in going thither. He
had communicated daily with Mr. Xesbitt. but fi-om 28
September to 11 October, his letters ceased, showing the
time and duration of his illness. He had here himself
written fifty-three policies, whose premiums amounted to
$16,875.32, and kept ujd the books and all the correspondence
of the company. The faithful porter, John Valentine Cline,
always called Valentine, and recorded on the company's
books as Doorkeeper, rode out daily on horseback to Cler-
mont and exchano^ed letters with Mr. Xesbitt. This
correspondence is preserved entire, and each letter is duly
endorsed by the receiver; and thus we have in the com-
pany's files a complete picture of the terrors of that awful
visitation, whose mortality amounted to one in four of the
l)opulation which continued in the city, the deaths in all
amounting to five thousand in those few dreadful weeks.
All Mr. Hazard's letters and enclosures coming from his
fever-stricken house were passed through disinfectants at
Clermont before being there read, and the papers show
marks of the treatment to this day. But the enclosures
were often returned by Mr. Xesbitt, the worse for such, and
on 22 October, Mr. Hazard writes him: "If a less quantity
of vinegar will answer the purpose, perhaps it will be best
not to put so much on the Papers, as it defaces them; I do
INSURANCE COMPANY OF NORTH AMERICA. 81
not know whether it will destroy the writing, but if it will,
it may be very injurious in case of a Law suit or Reference
in which these Papers must be produced."
In February, 1794, the company rented the premises '^o.
107 south Front street, at the southeast corner of Walnut
street, at .£100 and taxes per annum, and there moved
1 March. It was on the 10 December following, the first
fire policy of the company was here issued. They subleased
to Mr. Alexander Todd "that part of the House of Com-
pany's office ]iow occupied by him, for £'25 per annum."
This building w as destroyed some years ago, and the present
warehouse erected on its site. Within a twelvemonth, the
directoi's felt their business warranted the purchase of a
property for its transaction, and Messrs. Pettit and Ball,
with the president, were appointed a committee to purchase
a lot, with or without buildings. Yet another twelvemonth
elapsed, however, before they could consummate their plans,
and on 12 December, 1796, they purchased the premises on
the opposite corner, ^o. 84 south Front street, at the
southwest corner of Walnut, being a lot nineteen feet by
eighty, with a main and back building thereon, for £3,400;
but they appear not to have obtained possession until the
close of the following year, for we find on 14 December,
1797, a committee (Messrs. Breck, Blight and Francis) was
"appointed to view the house and consider what part of it
will be wanted for the accommodation of the Ofi[ice and
Doorkeeper."
The occasion of this appointment was a communication
from Col. Pettit, the president, "respecting accommodations
in the new building." On 19 December, they "reported,
82 A HISTORY OF THE
That the following apartments in the said Building are
absolutely necessary for the accommodation of the Com-
pany; the large room on the ground floor; the lower room
in the back building; the whole of the second story of the
house, Avith sufficient room in the Cellar and Tanlt to hold
their fire wood." And the directors "permitted the Presi-
dent of this Board, in consideration of his present indisposi-
tion, to occupy until the next election of Directors, such
rooms in the new building as are not necessary for the
accommodation of their office, leaving also a room for their
messenger." Col. Pettit had been so indisposed for some
months that at the annual meetino: the foUowincr month, he
declined re-election, and Mr. Joseph Ball was elected
president; but Mr. Ball resigned in July, 1799, owing to
pressure of private aftairs, and Col. Pettit having regained
his health, was re-elected, and continued in office until his
death in 1806. He had kept his residence in the building,
as shown by the city directories, and when the office was
removed in 1804, he changed it to the corner of Second and
Dock streets, where he died.
The back building had been "lately occupied by M.
Moreau de St. Mery as a printing office," and this the
board proposed "to rent to some Person who will not use it
in any hazardous business.'' In the following May, Dr.
James Mease became the tenant, and here his office appears
to have remained until 17 June, 1800. His rent for the
first year was £'50; but iu 1799 he claimed this "was much
too high, considering the present state of aftairs, and the
universal diminution of the value of houses in the city,
and he had no doubt they will experience a further fall,"
INSURANCE COMPANY OF NORTH AMERICA. 83
and his offer of $100 for the second year was accepted.
The city directory for 1799 records Dr. Mease at Xo. 14
Wahiut street.
In the years 1797 and 1798, other visitations of yellow
fever scattered all who had business in the eastern part of
the city. On 25 August, 1797, the president and secretary
were "Vested with power to remove the office either to
another part of the City or out of it, in case of such an
increase of the present disorder as shall lead them to think
it expedient." Three days later Mr. Hazard writes to Mr.
Ralston "of a proposed removal of the office to Market or
Arch street, between ^inth and Twelfth, but thought they
might as well go to Wilmington as there"; and on the 31st
advises him they have "decided to remove to Arch street,
to a handsome, new, neat, airy room, with three windows,
chimney piece, &c., in style." They became tenants of
Mrs. Mary Kean, but the precise location cannot now be
determined.
In 1798 the company's books and papers were removed
to Germantown, to the old academy on School House Lane,
a meeting of the directors being had there on 8 September.
In the True American of 14 August, is an advertisement:
"The office ol the Infurance Company of North America is removed
to the School-houfe, near the Market, in Germantown. Orders for
infurance left at the South East corner of Arch and Sixth ilreets will be
duly forwarded."
On 8 January, 1799, there is a minute, "It is left to the
President and Secretary to make provision at Germantown
for the accommodation of the office that there may be a
certainty of a suitable Retreat in Case any Contagious
84 A HISTORY OF THE
Disorder shall make it necessary to remove from the city
next summer." And on the 14th, "The Board agreed to
take certain rooms in Mr. Samuel Billings' house at Ger-
mantown for the next season at $300."''' This house is the
stone dwelling, N^o, 4804 Germantown avenue, adjoining
the Germantown National Bank building at the corner of
School street, and w^as the building which the United
States Bank occupied during the epidemic of 1793; hither
Mr. Hazard moved with his family and the company's books
Avhen the "Disorder" made its appearance; the front parlor
and two large rooms on the second floor were those leased.
His letters thence to Col. Pettit, who had just resumed the
presidency, and who had remained in the city, are yet on
file, covering a jDcriod from 19 September to 7 October;
there was no meeting of the board from 6 August to 4
[November; Mr. Stephens, the bookkeeper, afterwards first
clerk and subsequently secretary of the company from 1806
to 1832, remained also in town forwarding all applications
and proposals for insurance to Germantown, as doubtless he
had done the previous year, as specified in the advertise-
ment. On 23 September, Mr. Hazard Avrites, "We had
heard that the Fever Alarm has encreased, and ai'e sorry to
be informed if so much Cause for it as apparently well
founded Reports intimate, from what we hear, the prevailing
Oi)inion here is that the Banks will yet be removed." Mr.
James Murray, the clerk, who remained Avith the company
until 1806, had accompanied Mr. Hazard, and on 19 Sep-
tember, he writes, "The Dysentery has left Mr. Murray
very weak, but he is convalescent. I hope Valentine won't
share the Fate of his Brother Janitor." On 2 October he
INSURANCE COMPANY OF NORTH AMERICA. 85
writes "the information that the Fever is abating, is very-
pleasing. -^ * ^ I hear numbers arguing that it will
not be safe to return before there is a smart Frost to render
City Air salubrious." The board subsequently testified
their appreciation of the labors of those employed in the
office during the contagion, by voting Mr. Murray $200,
and Messrs. Stephens and Chas. P. Heath (the fire insurance
clerk who remained with the company until 1809) f 100
each, for their "services and attention," and to Valentine,
the Doorkeeper, $60, for "his extraordinary services during
the prevalence of the Yellow Fever." This faithful servant
of the company, John Valentine Cline, remained on active
duty in the office until March, 1828, when he Avas voted an
annuity of $100, he being then, Mr. Stephens records, about
eighty-two years old. Before he entered the service of the
company he had been twenty years with Col. Pettit, who
wrote Mr. Nesbitt, on 15 December, 1792, endorsing his
application, "it is due to his merit that I should say I
always found him honest, sober, diligent and attentive to
his duty."
In January, 1804, a committee was "appointed to make
inquiries respecting a suitable house or apartments in the
neighbourhood of the Exchange," which was at the time on
the Avest side of Second street, between Walnut street and
the City Tavern, as the directors felt they were not, while
in Front street, near enough to the centre of business.
Failing to purchase the premises I^o. 98 (now 204) south
Second street from Cai3tain John McKeever, they leased
the building, and by the 3d February had moved thither.
Adjoining on the north, ^o. 96, was the Pha3nix Insurance
86 A HISTORY OF THE
Company, who had purchased that property the previous
year, and at No. 94, the corner of Walnut street, was the
Philadelphia Insurance Company. Captain McKeever's
house, built about 17G1, by Benjamin Paschall, who in 1777
became one of the Associate Justices of the Orphans
Court of Philadelphia County, yet remains in good condi-
tion. Here the company continued for five years until they
could secuie a property b}^ purchase, which they did on 16
November, 1809, by purchasing for |12,600, Mr. William
Meredith's lot and buildings, where that eminent lawyer
had lived for some years, on the south side of Walnut
street, immediately east of Second street, extending through
to Dock street, being Nos. 40 and 42 (now 136 and 138)
Walnut street. Hither they moved in January, 1810,
renting No. 42 to the Delaware Insurance Comj^any at the
sum of $500 per annum, on a three years' lease from 1 Feb-
ruary. The remainder of the company's lease of No. 98
south Second street was taken by Mr. John P. Watson, the
author of the Anyials of Philadelphia, who moved his
residence and book store there on Monday, 5 February, as
recorded by Mr. Stephens in his office memorandum book.
Besides their neighbor, the Delaware Insurance Com-
pany, of which Mr. Thomas Fitzsimons, an early director
of the North America, was now president, there were nigh
the Philadelphia, Samuel W. Fisher, president, at the south-
west corner of Second and Walnut streets; the State of
Pennsylvania, James S. Cox, president, at the northeast
corner of Dock and Second (adjoining the Dock street
front of the North America premises); the Phoenix, David
Lewis, president, at No. 96 (now 202) south Second street;
INSURANCE COMPANY OF NORTH AMERICA. 87
the Union Mntual, Joseph Ball, president, who had been
president of the North America from January, 1797 to
July, 1798, at IS'o. 45 (now 129) AValnut street, opposite;
the Marine and Fire, John Leamy, president, who had been
a director of the !N^orth America from 1792 to 1806, at Ko.
49 (now 133) Walnut street; and the United States, Israel
Pleasants, president, at ^N^o. 49 (now 133) Walnut street.
The Philadelphia Contributionship, was at this period
located at JS'o. 99 (now 239) Market street, Caleb Carmalt,
treasurer; and the Mutual Assurance Company, John B.
Palmei", treasurer, was at this period without a settled
habitation, and applications were received at the counting-
house of Mr. Palmer's partner. Mi*. Robert Wharton, on
Pine street wharf; its monthly meetings had been for many
years held at Hardie's tavern, on the south side of Market
street, and in 1809 and later at Heads' Mansion House
Hotel, Third street above Spruce, until the office was finally
established at No. 54 (now 226) Walnut street. It was in
February of this year (1810) that was incorporated the
American Fire Insurance Company, the first chartered in
this State for a general fire insurance business, the Con-
tributionship and the Mutual Assurance Company confining
themselves to building insurances alone ; Captain William
Jones was the first president, and Mr. Edward Fox its
orig'inator, who was one of the first stockholders of the
North America, the first secretary; and its ofiice was open
at No. 73 (now 229) Chestnut street, but in a few weeks
was removed to the building it purchased of Mr. Moses
Levy at No. 101 (now 311) Chestnut street, adjoining the
bank of North America. The first advertisement of the
88 A HISTORY OF THE
American commended the operations of the company to
the citizens on the grounds of its "not risking its funds by
making any Insurance on mai'ine or other hazardous adven-
tures, being confined by law to the sole and single object
of insuring against loss by or damage by FIRE." The
same year witnessed the creation of the African Insurance
Company, which was located at 'No, 159 (now 529) Lombard
street, Joseph Randolph, president, Cyrus Porter, treasurer,
William Coleman, secretary, with a cash capital of $5,000.
^'The members of this Company are all colored persons,"
as stated in the directories for 1811 and 1813. In the latter
year it was located at ^o. 155 Lombard street, w^hich
appears to have been the residence of its secretary, whose
profession was given as "teacher." We find no traces of it
after this year; some of its policies are yet preserved in the
families of its insured.
The Delaware Insurance Company continued to occupy
Ko. 42 Walnut street until the middle of the year 1814, and
was succeeded the following April as tenants by Messrs.
Pratt and Dundas until 1822, and later by Mr. Thomas
Newman, stock and exchange broker, until October, 1831.
The Dock street front had contained the office of Mr.
Nicholas Biddle, "Attorney at Law," w^ho remained the
company's tenant until November, 1811; Mr. William
Cramond (who had been a director of the company from
its organization to 1800) occupied this office fi'om April,
181G to April, 1819, and was succeeded by Thomas and
John Wharton, insurance brokers. The company remained
here for a quarter of a century, with but one intermission
of a month during the prevalence of the yellow fever in the
INSURANCE COMPANY OF NORTH AMERICA. 89
Slimmer of 1820, when they rented the premises IS"©. 240
(now 710) Market street, where the office was maintained
from 7 September to 7 October.
The directors desiring to keep near the centre of business,
which had made another step westward, sought a location
opposite the new Merchants' Exchange, then just erected,
and entered into an agreement with Mr. Thomas P. Cope
(a director of the company from 1829 to 1854), who owned
the lot at the southwest corner of Walnut and Dock streets,
to rent the westernmost office of the building he was about
erecting, and on its completion they moved into it 25
August, 1834. The office was known as on Walnut street
one door west of Dock street, and is now I^o. 216, and Avas
taken on a lease of twenty years. The premises, now
vacated by them, they sold in 1836 to Mr. John Garrison
for $14,000.
But before the expiration of this lease they needed larger
accommodations, and again sought quarters of their own in
the immediate neighborhood. On 8 January, 1850, they
purchased at public sale for $16,000, the premises then
owned by the Philadelphia Exchange Company, which had
purchased them in 1833, known as Ko. 60 (now 232) Walnut
street, extending through to Pear street, being 17 feet
3 inches fi-ont by 138 feet deep; there was a four story,
rough-cast building on Walnut street, occupied on the first
floor by a tailor store, and on the upper floors b}' Messrs.
Draper & Co., the well-known bank-note engravers, and on
Pear street front there was a three story brick building.
The front building w^as not adapted to the purposes of their
business, and it was removed, and a new structure was
90 A HISTORY OF THE
erected by A. Masson, at a cost of $5,350, on plans furnished
by Mr. Gervase Wheeler, an English architect, temporarily
sojourning in Philadelphia, extending about 85 feet in depth,
leaving a pleasant garden over 50 feet deep to Pear street,
the dwelling on the end being removed. This new building
was occupied 11 December, 1851; Messrs. Brown, Jones
and Xeff were the building committee; and at the first
meeting of the board held in it, the directors ''tendd'ed
their cordial thanks to them for their valuable services in
planning and directing the construction of the beautifully
appropriate building in which the Board convenes for the
first time this morning." The balance of the company's
lease from Mr. Cope for the former office was taken by Mr.
Joseph Cowjierthwait for his proposed new insurance com-
pany, for which a charter was procured at the next Legis-
lature, and known as the "Philadelphia," the formei" of that
name having some years before retired from business.
The growth of the company's aftairs in the next two
decades proved these accommodations inadequate, and in
1872 communication was had with the Farquhar building-
on the east, and two large rooms therein leased for the
officers and a directors' room; and in 1874 a three story
building was erected on the end of the lot adjoining the
main office, and the pleasant garden was no more. But five
years after this, a period which showed the greatest advance
ever made in the company's business up to that time, the
directors looked for yet more commodious quarters, and on
15 January, 1880, purchased for $70,000, from the estate
of the late Edward Y. Farquhar, the property adjoining on
the east, and known as the Farquhar Buildings, being 35
Front View of Buildings on sitk of which the North America's Building was erected 1880.
INSURANCE COMPANY OF NORTH AMERICA. 91
feet front by 138 feet deep. This building had been erected
by Mr. Farquhar in 1850, on the site of two buildings then
known as !N^os. 56 and ^i^ Walnut street, and had been
occupied exclusively for offices. Within two months this
building was vacated by its tenants, and plans were adopted
for a suitable building to cover both the old and new prem-
ises as prepared by Messrs. Cabot and Chandler, architects,
of Boston; and temporary quarters were secured in the
building owned and formerly occupied by the Philadelphia
Saving Fund Society, No. 306 Walnut street, now owned
and occupied by the Royal Insurance Company, into which
the company moved 24 May. On 12 July the old office
submitted to the first stroke of destruction, and on 16
August, the first foundation-stone of the new building was
laid on the Walnut street line. The winter of 1880 and
1881 came early, and proved an exceptionably severe one,
and the work was much delayed. The following summer
saw the completion of the present handsome and substantial
building, and occupancy was finally enjoyed by the company
on 6 December, 1881.
92 A HISTORY OF THE
X.
LIVES OF THE FOUNDERS AXD THE PRESIDENTS.
4 HISTOEY of the Insurance Company of :N'orth
J~\ America would not be complete without fitting
notices of its executive oificers. A retrospect of
the lives of these men will show the causes of the company's
endurance throuoh trving^ times, and its final established
successes; representative men they all were, and their con-
nection necessarily made the company a representative
corporation. It has not been a light task to gather
materials for their memoirs, but sufficient is now known
of them, to recognize in them, men of parts, of intelli-
gence, and of probity; and in some of them, men, who
on behalf of their native country, took no common part
in aiding its establishment as an independent nation; men
who gave their best energies and of their means to their
country, could not but be found faithful to the institu-
tion whose concerns were in after years committed to their
care and oversight. Of Mr. Nesbitt, the first president,
but little can now be gathered. To him, and especially to
Mr. Hazard, must be granted the meed of the successful
establishment of the company ; hence, the ensuing notice of
Mr. Hazard properly follows that of Mr. JSTesbitt, before we
can enter upon the public and private career of the latter's
successor. Colonel Pettit. And a notice of Mr. Samuel
Blodget, though he was not an officer, finds the most
INSURANCE COMPANY OF NORTH AMERICA. 93
appropriate place as a co-founder with Mr. Hazard and the
others immediately following that of Mr. Hazard.
1.
Mr. Johist Maxwell JS^esbitt was born in Ireland in
1728, and came to this country in early life, and entering
mercantile life, became very successful in business, in the
conduct of an extensive mercantile house in this city, wdiich
was widely known in its connections successively as that of
Conyngham, N^esbitt & Co., the senior being Mr. Redmond
Conyngham, who subsequently returned to Ireland, and
there died, and whose advertisements appear in the Penn-
sylvania Gazette as early as 9 June, 1757; of John M.
^esbitt & Co.; and of Conyngham, ^esbitt & Co., when
David Hayfield Conyngham, the son of Redmond, was
admitted, and the old style was resumed. His interest in
Colonial affairs led him into active participation in the
Revolution, he and his younger partner Mr. Conyngham,
being elected members of the First Troop Philadelphia City
Cavalry in March, 1777, as his elder brother, Alexander
j^esbitt had been two years preceding. He remained an
active member of this now venerable company through the
Revolution, sharing in its New Jersey campaigns, and on
his resignation, was made an honorary member 10 Sep-
tember, 1787, with his brother.
Mr. ]N^esbitt was one of the original members of the
Friendly Sons of St. Patrick, and was elected vice-president
at their first meeting, 17 September, 1771. He became its
second president in 1773, and afterwards held the same
office from June, 1782 to March, 1796, at Avhich time his
94 A HISTORY OF THE
health began to fail. It was from the membership of this
societ}^ that the Hibernian Society was formed 27 June,
1792, a society which to this day continues in useful activity,
and is the heir to the good fame of the Friendly Sons. So
many of his associates in this organization w armly espoused
the side of the Colonies when the clouds of bitter dis-
appointment arose, shutting out hope of any redress of
grievances from the British parliament, that Mr. [N^esbitt
would have been singular, had he forborne participation in
the stir of the times. On 17 June, 1780, the house of J.
M. !N^esbitt & Co. subscribed £5,000 to the fund' to support
the credit of a bank for furnishing a supply of provisions
for the use of the army, and Mr. Nesbitt was appointed one
of the five inspectors of the organization, which was effected
under the name of the "Pennsylvania Bank." Mr. Simpson
in his Lives of JEminent Philadel])hians, narrates the story
of his faithful patriotism, when Judge Peters called on him
among the first after his receiving a letter from General
Washington, depicting the great needs and suffering of the
army, and explaining to him the wishes of AVashington.
Mr. ^esbitt replied, "that a Mr. Howe, of Trenton, had
offered to put up pork for him if he were paid in hard
money, and that he had contracted with Howe to put up all
the pork and beef he could possibly obtain, for which he
should be paid in gold." The engagement was performed
by Mr. Howe, and J. M. ^esbitt & Co. paid him the gold.
Mr. [N'esbitt said to Judge Peters he might have this beef
and pork, and, in addition, a valuable prize just arrived,
laden with provisions. Mr. IN^esbitt, with others prominent
in the organization of the Bank of Pennsylvania, identified
INSURANCE COMPANY OF NORTH AMERICA. 95
themselves with the new banking institution promoted by
Robert Morris the year following, and at the organization
of the Bank of North America, on 1 ^N'ovember, 1781, he
was elected one of its directoi's, and he continued in the
board until 9 January, 1792. On 31 December following,
it was incorporated as "The President, Directors, and Com-
pany of the Bank of North America," and here we may
perhaps find the original of the title to the new insurance
company which ten ^^ears later opened its doors under Mr.
Nesbitt's presidency.
Judge Peters was one of the witnesses to his will, with
James S. Ritchie, Francis West, and Redmond Conyng-
ham, wdiich was proved 25 January, 1802, and by w hich he
left his entire estate, after providing annuities to his surviv-
ing brother James and three sisters, to his friend and
partner Mr. Conyngham, wdiose son, the late Judge Conyng-
ham, the eminent Pennsylvania jurist, born four years
before his death, was named John Nesbitt Conyngham.
In the Daily Advertiser of 27 January, 1802, a friend's
obituary of Mr. Nesbitt describes him in the following
words: "This worthy citizen maintained for upwards of
half a century the character of an upright and intelligent
merchant in this city. In his extensive dealings, friendship
and kindness always tempered the claims of interest and
justice. In private life he was truly amiable, and so circum-
spect and discreet in his manners, as never to oiiend by
speech or conduct. His remains were interred on Sunday
[21:th] in the First Presbyterian Church, and attended by
a numerous concourse of respectable friends and fellow
citizens."
96 A HISTORY OF THE
2.
Mr. Ebexezer Hazard was one of the earlier promoters
of the association which gave birth to the Insurance Com-
pany of !N'orth America, and to his energy and industry
must be largely attributed the instant success and the
stead}^ growth of the institution. He was a man of note
among his peers, and prominent in all the various under-
takings in which he engaged, and equally so in those
initiated by others as in those of his own origination. The
company was favored in having as its first secretary so
faithful and conscientious an officer, and one whose standing
in business and literary circles allied him to a large connec-
tion, and whose wise administration of the general Post
Office Department, for many years previously, was a guar-
antee to both its stockholders and its clients of a just
administration of his responsible duties.
Ebenezer Hazard, the son of Samuel Hazard, of Phila-
delphia, who was the great-grandson of Thomas Hazard,
who came from Wales and settled on Long Island, was
born in that city 26 January, IT-to, and "was baptised in
the 'Xew Building' in Fourth street below Arch.'' later
known as the Old Academy, on 7 February, by Rev.
Gilbert Tennent. He was the second son, and named after
the Pev. Ebenezer Pemberton, who was the pastor of his
mother at the First Presbyterian Church, ^ew York, and
by whom his parents were married in October, 1739; she
was the daughter of Matthew Clarkson. of that city, whose
\N4fe was Cornelia Depeyster, and the sister of Matthew
Clarkson, who was in 1792 mayor of the city of Philadel-
phia. Samuel Hazai'd resided some years in ^ew York,
FlUST Skcketary, 17!I2-1SII0.
INSURANCE COMPANY OF NORTH AMERICA. 97
but returned to Philadelphia before the birth of his son.
He was a merchant, and sold books among his other
merchandise, and was one of the founders of the Pennsyl-
vania Hospital, and for a number of years a manager until
his death ; and an original and active trustee of the College
of New Jersey, and was one of the first members of the
Second Presbyterian Church, which was organized through
the instrumentality of the Rev. George Whitefield in 1743,
and under the pastoral care of the Rev. Gilbert Tennent.
He died 14 July, 1758.
Ebenezer Hazard spent his early years at the school
of the Rev. Dr. Samuel Finley (who afterwards married,
for his second wife, Anna Clarkson, Hazard's aunt) at
JN'ottingham, Maryland, and graduated at Princeton College
in 1762, of which Dr. Finley had become the president
the year previously; one of his classmates was Jonathan
Dickinson Sergeant. In 1780 he wrote a life of Dr.
Finley. In IN'ovember, 1762, he enlisted in a privateer,
and the following month was wrecked off Martinique;
subsequently shipping on H. M. ship Scarhorougli he cruised
in the West Indies until June, 1764, and afterwards sailing
for England was there discharged and arrived home in
March, 1765.
He removed to New York in 1767, and enjrao-ed there in
the book business with Garret Noel, and in 1770 became
his partner under the style of Noel & Hazard, and so con-
tinued until April, 1774, when the business proving less
successful the firm was dissolved. It was in this connection
that he developed that intimacy with books which was so
helpful to him in after years, and made for him those
98 A HISTORY OF THE
literary acquaintances which through life afforded him very
agreeable connections.
He spent parts of the years 1770 and 1771 in England.
In July, 1775, the Kew York Provincial Congress recom-
mended him to the Continental Congress as a fit person for
postmaster, and on 5 October he was appointed the first post-
master of IS'ew York. On 30 August, 1776, the day after
the retreat of the American army from Long Island, he was
ordered by the Committee of Safety to Dobbs Fei-ry, and
in this neighboi'hood the New York post office mostly
remained until after the evacuation of the city by the
British army in JS^ovember, 1783. In 1777 he was appointed
surveyor of the post roads and offices throughout the coun-
try, and traveled on duty on horseback between ]New
Hampshire and Georgia until his appointment 28 January,
1782, as Postmaster General of the United States. He was
the third to fill this office, in which he continued for seven
years, succeeding Pichard Bache who had succeeded Ben-
jamin Franklin. It was at this period he writes "he is
hurried through life on horseback," but his new appointment
gives him promise of a settled j^lace of residence — which he
found in his native city. It was in 1779, in the midst of his
wanderings on government service, that he began to gather
materials for his Historical Collections, consisting of State
Papers and other Autheiitic Documents intended as materials
for a History of the United States, no doubt filling in his
spare moments in his tours through the principal towns by
copying documents and manuscripts, which he finally pub-
lished, the first volume in 1792 and the second in 1794.
It was with his usual untiring industry that being armed
INSURANCE COMPANY OF NORTH AMERICA. 99
by the authority of Congress with the right to examine and
copy whatever he saw fit, that he made copies of State
papers and documents which he observed were fast going
to decay or were being scattered and lost. Dr. AlHbone
truly says of him and his son Samuel, the compiler of the
Colonial Records of Pennsylvania and the Pennsylvania
Archives, that "it is to such indefatigable laborers that
historians are indebted for much of the most valuable
portions of their compilations." His labors on this work
were in part interrupted by his appointment as Postmaster
General, but were resumed in 1789 on his retirement and
then pursued to completion, though the second volume w^as
published when he was engrossed in his very active duties
as secretary of the Insurance Company of JS^orth America.
Mr. Hazard married, 11 September, 1783, Abigail,
daughter of Joseph and Jane (Chevalier) Arthur of Nan-
tucket. They were married at the residence of Judge
Breese, in Shrewsbury, JST. J., whose wife was Mrs. Hazard's
elder half-sister; Judge Breese by his first marriage with
Rev. Dr. Finley's daughter became the grandfather of the
great inventor Samuel F. B. Morse, LL.D. In his corres-
pondence with Dr. Jeremy Belknap, whose History of New
Hampshire was published in Philadelphia in 1781 under the
superintendence of Mr. Hazard, there are many interesting
personal references to the Breese family and its connections;
this correspondence was published by the Massachusetts
Historical Society in 1878, and evidences Mr. Hazard's
business as well as literary ability, and aftbrds us a good
exposition of his christian and manly character as well as
his merits as a finished letter-writer.
100 A HISTORY OF THE
He began his housekeeping on Arch street, old !No. 161,
below Fifth street, where their son Samuel was born 26
May, 1784; but on the removal of Congress to l!^ew York
his office followed, and he renewed his residence in that cit y,
and there continued until his retirement from office in 1789.
Charles Thomson, the secretary of Congress, writes his wife
from ]N^ew York, 6 April, 1785: "Hazard, the postmaster-
general, has in consequence of the order of Congress come
here and has been trying to get a house. He meets with
difficulty, and wishes to have leave to reside in Philadelphia;
whether he will get leave or not I cannot tell."" — MS. letter.
He ffiially returned to Philadelphia in December, 1790,
having in that year served on the board of three, appointed
by General Knox, Secretary of War, to appraise West
Point, then about to be purchased by the government.
He here entered into the brokerage of stocks with Jonas
Addoms, a firm which continued until 1792. He may have
united the brokerage of insurances in his business, which
doubtless brought him in connection with the project
broached early in the latter year, of forming in Philadelphia
an Association of Underwriters.
He was the owner of two lots and houses on Arch street
above Fourth street, one of which he had purchased in 1783,
and in April, 1792, he removed these and erected on the
eastei-n portion of this property his three-story brick man-
sion, No. 145 Arch street (now 415), into which he moved
in November. He describes it to Dr. Belknap as "a fair
brick house in an inconvenient part of the city, and too
remote from the theatre of business." This was sold by
his executrix on 8 November, 1817, to William Sansom,
INSURANCE COMPANY OF NORTH AMERICA. 101
who purchased it for his daughter, Mrs. George Vaux, and
until its purchase and destruction by Mr. Womrath in 1861
it was generally known as the Vaux Mansion; the eastern
of the thi-ee buildings erected by Mr. Womrath stands on
part of the site of the old house; the remainder of the lot
was thrown into the garden; adjoining on the west was
Mr. John Cooke's property, which was also purchased by
Mr. Womrath, and upon these two his three stores are
erected. This mansion which Mr. Hazard built, which he
occupied for twenty-five years, and therein died, is of
interest as containing the office of the North America, and
whei-e all its business was transacted during the prevalence
of the fearful epidemic of ^^ellow fever in 1793, as the
regular office had to be abandoned on account of its vicinity
to the affected district. He writes 12 October, 1793, to his
friend, S. A. Otis, ""Here I am, with my family, in the midst
of disease and death, which will no doubt surprise many, but
Divine Providence had placed me in such a situation that
it appeared evidently to be my duty to remain in town.
This point being settled, I had no difficulty in determining
what to do. I have always found the path of duty to be
the way of safety ; and whilst I know that I walk in it, I
can cheerfully commit all events to the Great Disposer of
them." And on 30 October to Dr. Jeremy Belknap he
writes : " To remove from the city, or not, was early a ques-
tion in my mind; but upon thinking over all circumstances,
and especially how much depended on me respecting the
insurance office, I felt it to be ni}^ duty to i-emain in the
city, and determined accordingly. I have not been out at
all, and Mrs. Hazard would not have me, so we all took our
102 A HISTORY OF THE
chance together." These extracts testify to the steadfast-
ness and faithfiihiess of the man, who believed his way of
safety was in the path of duty. The president, Mr. Xesbitt,
a man not of robust health, had early left the city and found
refuge at his partner Mr. Conyngham's residence, Clermont,
three miles to the north of the city, and from there com-
municated almostly daily with Mr. Hazard. But the
epidemic invaded his household, and he and Mrs. Hazard,
his daughter, his sister, a young woman from the country,
a servant, and man were all in succession stricken down,
and his sister Anna died of it 18 October, and was buried
the same da}', and the old servant was also a victim to it.
In his letter to Mr. Otis of 12 October he says: "We have
had our share of the disorder, but it has been very moderate
compared with the sufferings of others. I am recovered;
Mrs. Hazard is so well as to be about the house."
On 27 July he had written Dr. Belknap: "I am seldom
with my family, except at meal times and while I am asleep,
and frequently do not leave the office before nine at night.
Perhaps I perform works of supererogation, but it seems to
be necessary at present. If business continues to encrease
as it has done, assistance will be necessary." His industry
appeared to be exceptional; all the records of the office
were kept by him for many months ; books, correspondence
and policies were all from his pen, and he personally attended
to all minutiye of the office; for though a clerk was in a
short time after the company's operations began employed,
all the responsible clerical work remained in his hands.
The office work of those days was prolonged, and while
to-day we condense in a few consecutive hours the work of
INSURANCE COMPANY OF NORTH AMERICA 103
the entire day, the custom of the period was to accommo-
date the merchants, who mainly living over their counting-
houses had no limits of hours in the transaction of their
private or business affairs. We find that by resolution of
the directors on 15 January, 1795, the president was
required to attend the office from eleven to two o'clock, and
five to eight, and the secretary from ten to two, and from
four to eight each day. This practice continued in effect
for nine years. On 18 July, 1797, Mr. Hazard writes Dr.
Belknap, "It is not necessary that our hours of business
should be such as they are, and I have tried to get them
altered so as to give me a little time for recreation, but I have
not succeeded." On 14 January, 1796, he writes: "It is
near Ten O'clock at night and I have not left the office
yet." And it was in the midst of this labor, that he passed
through the press the second volume of his Historical
Collections^ for which he was obliged to prepare a second
Index, as his first MS. of this was destroyed at the fire of
Thomas Dobson's, the publisher.
Correlative to Mr. Hazard's industrious and faithful
application to his duties in the IS^orth America, it is well to
quote here his account of his labors as Postmaster General
recounted in his address to President Washington, 21
September, 1789, when a change seemed to be impending
in the management of the office. "Though I have made
repeated applications for more assistance and so clearly
pointed out the necessity there was for it, that a Committee
of Congress reported in favor of its being allowed, I have
been left to encounter the whole business of the department
almost alone. * ''' * * Besides the general superin-
104 A HISTORY OF THE
teridence of fifteen hundred miles, exclusive of post roads,
I have had to maintain a very burthensome correspondence;
to examine the quarterl}^ returns from all the eastern offices;
to entei" all the accounts; to keep the books of the depart-
ment (which since my appointment has been in double
entry); to make communications to Congress and com-
mittees, which have frequently required lengthy and tedious
calculations ; to form and enter into contracts, and pay the
contractors quarterly; to inspect the dead letters; and to
do the business out of doors as well as within. My own
attention has been so constantly necessary that I have not
had time for proper relaxation, and in three years past,
have not been to the distance of ten miles from this city.
I once hired a clerk, but found my salary was not equal to
that expense in addition to the suppoi't of my family, and
was obliged to dismiss him."" It was under his administra-
tion that the department for the first time became paying.
Mr. Hazard's pecuniary interests in the company were
great, and many of the stockholders were his personal
friends. Mr. Robert Ralston, whose wife was his cousin, was
a director until 1800. On 17 December, 1799, he asks leave
to resign, as his health was so much aflected by his constant
close attention to business, and the same year he appears
to have parted with the major part of his stock and at a
handsome premium; and at the stockholders' meeting on
13 January following, his resignation was accepted with
their "thanks for his long and faithful services as secretary
of this company." He was requested to act as secretary
pro tern, until the office was sui)plied, but he did not
contiinie this long; a temporary arrangement was made by
INSURANCE COMPANY OF NORTH AMERICA. 105
which Mr. Robert S. Stephens, the bookkeeper should be
first clerk and to countersign checks, but no secretary was
appointed until Mr. Stephens' election to the office 28
Februar}, 1806. It was during the last years of his
administration that occurred the heavy drains upon the
company's fund from the captures of our merchantmen by
French cruisers, amountino^ in the ago-reofate to the sum of
$514,125.80, and the harassments arising from this source
with the uncertaint}^ of the company being reimbursed by
the French government, contributed greatly to Mr. Hazard's
desire to be released from any further official responsibility.
In his seven 3 ears' secretar3^ship, the company had in its
marine business received in premiums $4,588,497.29, and
paid in losses |3,556,682.99, and in its fire business, begun
in December, 1794, had received $49,241.26 ])remiums, and
paid losses $22,853.99, and upon its capital of $600,000,
had paid dividends to its stockholders amounting to
$591,296.63.
But Mr. Hazard's energies forbade idleness, and his
release from office duties allowed him opportunities for
equally eflScient work in philanthropic and literary pursuits
and in ecclesiastical stations. He was trustee and elder in
the Second Presbyterian Church, then at Third and Arch
streets, from 1784 until his death, and was trustee of the
General Assembly; during his residence in New York, he
had been a trustee of the First Presbyterian Church, located
in Wall street. He was a deeply read bible student, and a
fine Greek scholar, and revised Charles Thomson's MSS. of
his original translation of the bible. The cori'espondence
between the two is yet preserved in the family, and Thomson
106 A HISTORY OF THE
general I}' yielded to the reasons advanced by Mr. Hazard for
his corrections. He finally purchased Mr. Thomson's share
in the transaction, and afterwards disposed of it to Eai'le,
the bookseller, and as it was passing through the press in
1808 he corrected the proof-sheets. He was Curator of the
American Philosophical Society, to which he often con-
tributed papers; the first corresponding member of the
Massachusetts Historical Society ; member of the New
York Historical Society, and fellow of the American
Academy of IS^atural Sciences. He was for many years
manager of the Schuylkill and Pennsylvania Bridge Com-
pany; of the Delaware and Schuylkill Canal Company; of
the Philadelphia Dispensary ; a member of the Guardians of
the Pool' ; and of the Board of Missions. He was the author
of the proposals and the outline of the act for the Schuylkill
I^avigation Company, which was incorporated in 1813. He
was a useful promoter, with his influence and capital, of
many local improvements, and while possessing a sound
judgment in all things, he was of such liberal and entei'pris-
ing turn of mind, that he ever stood ready to take a share
of the risk which any venture that was sanctioned by his
judgment demanded. But no greater monument exists to
his memory in financial affairs than the Insurance Company
which had the impulse of his mind in the outstart, and his
steadfast and faithful administration in its years of infancy;
and the same business soundness and executive ability in
the successive officers of the company will preserve to it
the like favoring success which he so firmly established.
Mr. Hazard died at his residence on Arch street, on 13
April, 1817, and was buried in the ground on the north side
INSURANCE COMPANY OF NORTH AMERICA. 107
of Arch street, west of Fifth street; but on the removal
of that cemetery, his remains were taken to Laurel Hill.
His widow survived him a few years, dying 6 July, 1820.
Mr. Hazard had four children, the youngest dying in
infancy. The eldest, was Samuel, born 26 Ma}' , 1784, whose
name is established in American historic annals as one of
its most indefatigable compilers, and who died 26 May,
1870; the second, was Elizabeth Breese, who married first
Ebenezer Rockwood, of Boston, and secondly, the Rev.
Thomas E. Yermilye, D.D., of IN'ew York, and died in
1861, aged 75 years; and the third, Avas Erskine, born 30
November, 1789, who was identified with the development
of the Pennsylvania anthracite coal fields, and was one of
the originators of the Lehigh Navigation Company, of which
he was for many years the president, and as well was inter-
ested in the promotion of other enterprises to develop the
iron as well as coal business of his native State. He died in
1865.==
3.
Mr. Samuel Blodget, Jk. was a native of "Woburn,
Massachusetts, where he was born in 1755. He entered
into military service and passed three years' arduous duty,
part of the time on the staff of General Washington, whom
he had first met at the encampment at Cambridge in 1775,
and with whom his father was personally intimate. Sub-
sequently, he engaged in the East India trade, and made
visits to Europe in 1784 and 1790. He married for his
* See sketch by Mr. \\' illis P. Hazard of his grandfather's Hfe in Mr. Thomas
R. Hazard's Recollections oj Olderi Times, New York, 1879.
108 A HISTORY OF THE
second -svife, on 10 May, 1792, Rebecca, the second daughter
of the Reverend William Smith, D.D., Provost of the
University of Pennsylvania. Mi-. Blodget was a man of
bold spirit and venture, and while interesting himself in the
Tontine Association, and equally in its successor the Insur-
ance Company, he continued his efforts to found the national
capital, a scheme he had been formulating for some years,
and which took shape on his last return from Europe; and
in connection with this, he planned a Xational University,
the details of which he had studied out in his foreign tours,
and in the interests of which he frequently conferred with
Dr. Smith, which led to an intimacy in his family, resulting
in the marriao'e with his dauo:hter. In his Economica. a
statistical Manual for the United States of America,'^ he
says of himself: "The writer needed not the recommenda-
tion of his former commander to persuade him to purchase,
as he did in 1791, property to the amount of above $100,000
in and adjoining the city, one day to become the noblest of
the universe." His plans for the new cit}' embraced the
establishment of his university, which was "what he most
prized, designed in part at the Hague, and completed at
Oxford, where he had all the universities of ancient and
modern times to guide his jjencil.** The success of the new
citv of Washino^ton was due to his skill and manao^ement,
though some measure of the profits of his investments are
realized only at this late day by his descendants of the third
generation. Mr. Blodget died in Philadelphia, 11 April,
181-1, and was buried on the 13tli, in Christ Church burying-
* 1813, 14 April, the directors subscribe for one copy Samuel Blodget's Sta-
tistical Works. This copy yet remauis in the company's library.
re.i^
SiCOM) l'lti:.-II>KNT, 17iHi-179>*; ITllil 18IKi.
INSURANCE COMPANY OF NORTH AMERICA. 109
ground, but no stone marks the grave of the founder of
Washington City.
4.
CoLON^EL Charles Pettit, son of John Pettit, was
born near Am well, ]S^ew Jersey, in 1737. He was early
trained in public affairs. While a young man at Trenton,
Perth Amboy, Burlington and N^ew Brunswick, in the
Province of ]S^ew Jersey, he held positions in connection
with the Courts of the Province under the Provincial
Government of George III. His earliest commission
appears to be one dated 27 October, 1769, as Deputy
Secretary, Clerk of the Council, Clerk of the Supreme
Court, Clerk of the Pleas, Surrogate, and Keeper and
Register of the Records of the Province. During this
period he also held commission dated 8 March, 1771, as
Aide-de-Camp, with rank of Lieut. Colonel, to William
Franklin, Governor of the Province; and after Franklin's
arrest in 1776, he was commissioned at Princeton 8 October,
17'r6 as Aide-de-Camp, with rank of Colonel, to Governor
William Livingston.
He was Colonial Secretary under Governor Franklin, and
held most intimate and constant intercourse with him during
the last eventful years of his administration. After the
revolutionary proceedings of the Colonial Legislature of
^ew Jersey, which brought to a close the Franklin admin-
istration. Colonel Charles Pettit was again appointed
Secretary of the Province by Governor Livingston. In the
published records and archives of the Province of ^ew
110 A HISTORY OF THE
Jersey, we find his name frequently given in connection
with proceedings of the executive and of the Provincial
Congress previous to 1776. His residence liad been at
Burlington, but he removed with his family to Perth Amboy
in 1774 when Governor Franklin removed thither; when
Franklin was taken prisoner in 1776, he appears subse-
quently to have made his residence in Philadelphia, after
a short service as Secretary of the Province. During this
period, fraught with anxiety to every lover of liberty in the
Colonies, we find that Colonel Pettit continually, co-operated
to promote harmony between the Colony and the mother
country, and if possible, by means la^^'ful and peaceful and
honorable alike both to England and the Province, j^revent
that trouble, resort to arms, Avhich the obstinacy of the
Kinof and his Privv Council finallv rendered necessary.
In the eventful year 1776, being fort}^ years of age, we fmd
him providing for the safety and protection of the records
of the Province, which the Assembly of Xew Jersey by
special act of legislation had put mto his charge. And sub-
sequently he entered the military service of his country, being
commissioned Assistant Quartermaster-General to Major-
General Greene on the latter's appointment 2 March, 1778*
In this latter capacity he rendered faithful, efficient and
responsible sei'vice for a long period under General Greene,
and was with him at T\"hite Plains, Philadelphia and else-
where. With General Greene he had maintained an intimate
friendship since childhood, and when that oflScer resigned,
*At the same time Col. John Cox was appomted assistant quartermaster-
general, and General Greene said " nothing could have induced hini to accept
this post but the appointment of those two gentlemen as his aids." See letter
to General Keed, 9 March, 177S.
INSURANCE COMPANY OF NORTH AMERICA. Ill
Colonel Pettit was offered the Quartermaster-Generalship,
but declined it.
About 1783 he moved permanently to Philadelphia, and
soon thereafter became engaged in mercantile pursuits.
Here he was at once again thrown into public life.
He entered the Pennsylvania Legislature in July, 1784,
and in the Continental Congress, to which he was elected
the next year, serving from 7 April, 1785 for two years.
During this term of service the great questions relative to
the organization of the Republic, by the adoption of a
Constitution for the Confederation of States, were enp^ross-
ing the attention of all those patriots who strove to place
upon a firm and lasting basis that independence for which
they had risked their lives and fortunes. One of Colonel
Pettit's contemporaries has thus recorded this position in
regard to this matter, as follows: "He stated his objections
to certain portions of the document with firmness, but
recommended its adoption with candour, and it is known
that he became the principal instrument of subduing the
Pennsylvania opi^osition by his conciliatory conduct at
the general conference which was held in Harrisburg
previously to the ultimate vote of ratification." On 13
April, 1791, he was appointed the commissioner to superin-
tend accounts of the Commonwealth with the JN^ational
government; and was the author of the funding system of
Pennsylvania. He was a trustee of the University of
Pennsylvania from 1791 to 1802, and a member of the
American Philosophical Society, to which he had been
elected 21 January, 1785, in whose deliberations he took a
lively part.
112 A ///STORY OF THE
One of the original dii-eetors of the Xorth America, and
an intimate friend of Mr. Hazard, Colonel Pettit was active
in its interests and zealous in promoting its growth; and on
the resignation of Mr. Nesbitt, he was on 13 January, 1796,
unanimously elected president. In September of the follow-
ing year, he met with an accident while driving with his
friend General Jonathan ^Villiams, near the latters seat,
Mount Pleasant, which so seriously aifected his health, that
on his urgent request, the directors finally accepted his
resigfuation on 9 January, 1798. On his illness it became
necessary to appoint a president pro tern., and Mr. Joseph
Ball was elected, who was eventually ap])ointed president
in January folloAving. The office of the company was at
this time in Arch street, and the members, in fear of the
yellow fever, were out of the city; and we find an entry in
the cash book on 17 September of a payment to '' J. Hardy
foi- horse hire, occasioned in calling a Board of Directors
to a special meeting to elect a president j^^'o tern." Colonel
Pettit's health Avas regained, though he was ])ermanently
lamed, and his interest in company affairs was renewed, and
on Mr. Ball declining further to serve on account of the
office taking more of his time than he could spai'e from his
private affairs, he was re-elected 8 July, 1799, and continued
in office until his death, 3 September, 180(5. The board had
granted him the use of two rooms in the upper part of their
office-building southwest corner Front and AValnut, when
they removed thither in December, 1797, in consideration
of his infirmities, and here he dwelt during Mr. Ball's presi-
dency, and on his re-election, their use to him was continued,
or as the minutes quaintly express it, "'he was indulged (rent
INSURANCE COMPANY OF NORTH AMERICA. 113
free) on account of indisposition, with such part of the build-
in 2^ not rented." He continued his residence here until the
office was removed to l^o. 98 south Second street, when he
moved his rooms to Dock street, near Second street, where
he died. An obituary to his memory appeared in the Daily
Advertiser, 9 Septembei-, 180(5, the authorship of which is
attributed to the pen of his friend General AVilliams,
whereby we can form a truer estimate of the man's character
and influence, than by the mere recital of his various public
duties. His interest in the company descends to present
generations of his family; his only son, Andrew, was a
director thirty-two years; his son-in-law, Andrew Bayard,
from 1798 to 1805, and his great-g-randson, Thomas Charlton
Henr}^ elected a director in 18G4, Avas on 2 November, 1880,
elected vice-president of the company, and the latter's
grandfather, Alexander Heiny, an intimate friend of Colonel
Pettit, had been a director for the extended term of forty-
eight years. Colonel Pettit married 5 April, 1758, Sarah,
daughter of Andrew Reed'" of Trenton, by his iirst wife,
and was thus intimately connected with General Joseph
Reed, the son, by Mr. Reed's second marriage. With
William Bradford and Jared Ingersoll he was an executoi*
of the will of General Joseph Reed, who died 5 March,
* Colonel Pettit's father and father-in-law had been associated as Reed & Pettit,
in general merchandising in Philadelphia; and we have their advertisenicnt in
the Pennsylvania Gazette, 7 Angust, 17^)0, " at their store in Front Street, a few
doors below Walnut Street, directly opposite Mr. William West's," nigh to the
building in which the first otRce of the Insuran(;e Company of North America
was opened. Reed & Pettit were among the prominent underwriters of Phila-
delphia, for we find the firm subscribing to marine policies in respectable
amounts as early as in July, 1759, as shown by Walter Slice's books, and as late
as November, 1762, we find them in Kidd & Bradford's books.
114 A HISTORY OF THE
1785. Colonel Pettit's children wei'e a son Andrew, and
three danghters: Elizabeth, who married Jared Ingersoll,
the eminent member of the Philadelphia bar, and for many
years the counsellor of the Insurance Company' of Xorth
America; Sarah, who married Andiew Bayard, and Theo-
dosia, who married Alexander Graydon. the author of
Graydon^s Memoirs.
Portraits of Colonel Pettit were made by Gilbert Stuart
and Charles Willson Peale; it is from the formers painting
that the cut is taken which is produced here.
5.
Mr. Joseph Ball was born in Douglas township. Berks
county, Pennsylvania, in 1752. the son of John and Mary
(Richards) Ball. In early manhood he became manager of
thi' iron works at Batsto, Burlington county, Xew Jersey,
then owned by Colonel John Cox; this was in the earlier
years of the Revolution, and in 1779 he became the pro-
prietor. These works were extensively employed in the
manufacture of shot and shells for the Continental service.
The correspondence of Mr. Ball and Colonel Cox with the
Committee of Safety ol" Philadelphia in May, 1776, given
in the Pennsylvania Archives, 1st series. Irth volume, shows
that the ammunition then being furnished to the committee
was by their special order, hauled by teams from Batsto to
Cooper's ferry, now Camden, instead of being transported
by the usual less expeditious mode of conveyance by water.
Mr. Ball took the oath of alleoiance to Pennsvlvania
10 September, 1777. and during the Revolution he was an
INSURANCE COMPANY OF NORTH AMERICA. 115
active patriot and advanced liberally of his means in aid of
the cause. He entered into business in Philadelphia and
with much success accumulating a goodly fortune and
becoming largely interested in real estate. After the close
of the war, it is said he embarked in the schemes for the
restoration of the public credit inaugurated by Robert
Morris, by means of which he with many others suffered
much pecuniary loss. He was, in October, 1791, elected a
director of the Bank of the United States, which Cono-ress
had incorporated in the month of Februaiy previous; and
he was one of the original board of the Insurance Company
of ]S^oi'th America, and was influential in its councils;
during an absence of Mr. :N'esbitt he acted as president iwo
tern, in February, 1794, when Colonel Pettit met with his
severe accident, he was on 20 September, 1797 again made
president iwo tern., and on 9 January following, on Colonel
Pettit's resignation, was elected president. His private
affairs, however, were many and pressing, and he resigned
his office 8 July, 1799. His seat in the board was declared
vacant 1 August, 1803, under the charter, agreeably to the
provision formerly recited, to the effect that a director of
the company could not act or serve in like capacity in
another insurance company, as he had taken i)art in the
organization of the Union Insurance Company and on 20
July preceding, had been elected its first president. This
company was chartered G February, 1804, and Mr. Ball con-
tinued president until 10 Februaiy, 1807, when he declined
re-election and was succeeded by Mr. George Latimer. His
country seat was on Point-no-Point road, the site now
being merged in the improvements of the Readino- Railroad
116 A HISTORY OF THE
Company at Port Ivichmond. Here he died 2 September,
1825, leaving a large property, which upon the death of his
wife, and leaving no children, was divided among a lai'ge
number of heii-s. He was first cousin to Mr. Benjamin
W. Richards, who was mayor of the city of Philadelphia
from 1829 to 1832.
6.
Mk. John Inskeep was elected a director in 1802, and
on Colonel Pettit's death was elected president 1 October,
180G. He was boin near Marlton, Burlington county, Xew
Jersey, 29 January, 1757. He took part in tlie Revolu-
tionary struggle, and was Commissary of Issues at one
time, and captain in the second battalion Gloucester militia.
Subsequently coming to Philadelphia, he became proprietor
of the George Inn, at the southwest corner of Dock and
Second streets, and afterwards entered the China trade and
became a prosperous merchant, and was active in many
public enterprises. He was elected mayor of the city in
1800, and again in 1801 and 1805, and became president of
the company at the close of the last term. He had also
served as alderman in 1801 and 1802. His conduct of the
presidency of the company was veiy successful, and in
July, 1821 the Ijoard voted him a set of plate valued at
§500, as an acknowledgment of his services in procuring
the reimbursement of the claims under the Spanish. treaty,
which i>roduced to the stockholders, as stated on a foi'mer
page, a dividend of sixty per cent, at that semi-annual
period. He acknowledges receipt of this worthy testimonial
FouKTH President 1806-1831.
INSURANCE COMPANY OF NORTH AMERICA. 117
on 19 August following, in a well-written lettei-, which is
retained in the company files. In his will (proved 23
December, 1834) he directs that "the plate i)resented to me
by the Insurance Company of North America, over which
I presided, be divided equally between them [his children]
or as nearly so in point of value as the pieces of which it is
composed will admit." He resigned the presidency, due to
increasing infirmities, 5 April, 1831, the directors voting
him an annuity "until otherwise oi'dered," which was only
terminated by his death 18 December, 1834. He is buried
in Christ Church burying-ground. Fifth and Arch streets.
The children named in his will were Abraham H., Mrs.
Samuel Fisher Bradford, Mrs. Samuel Brooks and Mrs.
Robert Taylor. His wife w^as Sarah Hewlings, whom he
married in 1776, and who surviving him, died 17 January,
1842. She was in receipt of a pension from the govern-
ment for her husband's services in the Revolution. A son
John, who died before him, was taken in partnershi}) by
Mr. Bradford, his brother-in-law, forming the well-known
and eminent firm of Bradford & Inskeep, publishers and
booksellers of this city.
Mr. John Correy Smith was boi-n in Philadelphia,
3 October, 1784, the son of Dr. William Smith, an eminent
druggist. He early engaged in mercantile pursuits, and for
many years was actively and successfully engaged in the
China trade. He was elected a director in January, 1831,
and president 5 April following. He died suddenly 22 June,
118 A HISTORY OF THE
1845. The United States Gazette o\\ the Ibllowing day
noticed his death and said: "Mr. Smith during his long life
fulfilled the duties whieh elevate and distinguish the man
and the merchant, with such propriety, and with such
efficiency, that he gained consideration for his worth, and
respect where respect w^as so difficult of attainment and
valuahle in a commensurate degree. He was for many
years one of the iirst merchants of our city, and at the
period of his decease, was the president of the ]S'orth
American Insurance Company, a post he filled with much
ability.'- His sons are Harrison, Cooper and Charles Ross
Smith, merchants of this city; and his brother, Samuel F.
Smith, served two terms in the Direction of the company
from 1830 to 183;"i and 1838 to 1862, thirty-one years in all,
dying 23 August, 1862, aged eighty-four years; he was
also president, during the latter term, of the Philadelphia
[N^ational Bank from 1842 to 1852.
8.
Mr. Arthur Gilman^ Coffin was born October, 1799,
in Gloucester, Massachusetts, the son of Dr. William Coffin,
a prominent physician of that place and a descendant of
Tristam Coffin, one of the eight original purchasers and
pioneer settlers of Nantucket. After full prejjaratory
training at the celebrated Phillip's Academy in Exeter,
1^. II., he entered Harvard College but did not complete
his studies there, owing to his father's death, and came to
Philadelphia about 1821. Here he soon found employment,
\yclvi, cJuvvH
Fifth President, 1831-1845.
INSURANCE COMPANY OF NORTH AMERICA. 119
entering the shipping house of Messrs. Havens & Smith,
where he won the confidence and esteem of all, and when a
vacancy occuri-ed in the secretaryship of the Insurance
Company of !N^orth America he was induced to make
application for it, which was strongly endoi'sed. His
letter of application, yet preserved in the company's
files, is indicative of the directness and simplicity of
the man.
He was elected secretary 19 June, 1832, against strong
competitors, and fulfilled the duties of his office with such
faithfulness and skill during almost the entire administra-
tion of President Smith, that on the death of that gentle-
man he was unanimously elected president 1 Juh', 1845.
His administration proved an eventful one, and marked the
growth of the compau}^ up to the requirements of modern
usages in both marine and fire underwriting; his good
judgment and kindly tact eft'ected a gradual change in the
management of the responsibilities of the business which
he found largely assumed by the directors through their
weekly committees, which system gradually failed of active
operations not only from the growing w^eight of the busi-
ness, but as well also from the entii'e confidence the board
grew to place in his equitable and conservative administra-
tion. A perusal of the minutes during this pei'iod show
the gradual reference of important matters to the jjresident
"with power" for his final action; and this position was
attained by the influence of his great modesty and deference,
for he continued to refer to the board matters of detail even
after the practice had grown up of leaving all to his decision.
He was a just man and an intelligent underwriter; his
120 A HISTORY OF THE
professioiuil opinions always liad great weight, and his
practical wisdom gave him an inflnence among all classes
of men with whom he associated allotted to but few. When
he assumed the presidency, the year closed with a capital
of 1300,000, and total assets of $426,507.84:. The year of
his resignation found the capital of the company $2,000,000,
and the assets, $6,461,729.70. For some years his health
had been failing, and while deprived of steady participation
in the conduct of the affairs of the company, he never with-
held hearty endorsement to all the growing activities of the
company, and its growth in wealth and position afforded
him keen gratification. He desired to withdi-aw from the
presidency, and the board declined to listen to his apj^eal;
until finally he pressed the matter, and his i-esignation was
finally accepted on 14 January, 1878. But in thus parting
fiom him as president, he still remained a director, and the
board continued to him his remaining years, a practical
acknowledgment of their debt to his wise and faithful
administration. He lived but a few years after; ph^^sically
weak, and becoming more infirm, but busying himself in
kindly thought with all the interests he had been connected
with in his a(;tive life. Added to his office duties, he was
foi- a thii'd of a centui-y vestryman of St. Andi-ew^'s Church,
and some time warden; fbi- man}' ^ears a member of the
Board of Education, and by the election of Councils, a
director of Girard College. He w^as a member of the first
board of managers of the Merchants' Fund Association,
and for a quarter of a century a member and the chairman
of its executive committee; and during the same period he
was a manager of the Union Benevolent Association, and
^^K
^//^ yr€^:
Sixth ruKsiDKNT, 1S45-1S7S.
INSURANCE COMPANY OF NORTH AMERICA. 121
also of the House of Refuge; for over forty years he was
manager and president of tlie Magdalen Society; he was
manager for more than a third of a centuiy of the Pennsyl-
vania Bible Society ; and for many 3'ears a manager of the
Pennsylvania Seaman's Friend Society. His death, 29
July, 1881, was felt far and wide, and both in corporate and
private circles all recognized the loss as that of a christian
friend and a safe counsellor.
9.
Mr. Charles Platt was boi'n in the city of Philadel-
phia, the son of William and Maria (Taylor) Platt, on 10
February, 1829. After pursuing an academic course, he
entered the University of Pennsylvania where he graduated
with honor in 1846. The connections o.f his father's house
with the China trade opened to him an early opportunity
of entering into business. The year after his graduation
he was sent to China in one of his father's ships, the Tartar,
where he was trained in mercantile duties in the house of
Ritchie & Co. at Canton. After passing thi-ee years here,
he left for the United States, journeying in Calcutta and the
Red Sea, and making the tour of Europe, reaching home in
the autumn of 18.')0. In the following Januaiy he was
admitted a jmi'tner in the house of William Platt & Sons.
The large extensions of this eminent fii'in in the China and
California trade and in the ownership of clipper ships, came
to an end in the year 1854. For some years, as the junior
partner, his time was given to settling up the affairs of the
firm, and on 3 January, 1860, he was elected secretary of
122 A HISTORY OF THE
tlu' Insurance Company of Xorth America, and on 13
January, 18G9, its vice-president, and finally on Mr. Coffin's
resignation, Avas elected president 14 Januar}', 1878.
Mr. Piatt on liis entrance upon the company's work in
I860, soon won the esteem and respect of the board com-
posed of men his seniors in years, and in the trying years
in the country's history which followed, was skilful and firm
in the deyelopment of the company's business in all its
branches, in which he had the hearty support and confidence
of his venerated predecessor. His administration has
covered the most active and groAving period in the com-
pany's histor} , and the measures thereunder pursued have
brought the company to the foremost rank of American
institutions; in its fire l)ranch to a national rejxitation, and
in its marine branch to cosmopolitan renown. Of the
directors serving on his election in 1860, only Messrs.
Harrison and Cope survive.
APPENDIX.
I. List of Officers, with their Terms of Service,
II. List of Directors, with their Terms of Service,
III. Location of Offices, ....
IV. List of Original Stockholders.
V. Charter and Supplements,
VI. Marine Business by Decades, .
VII. Fire Business by Decades,
VIII. List op Early Philadelphia Underwriters,
IX. A Philadelphia Marine Policy of 1749,
Page
125
127
136
137
147
163
164
165
167
(123)
AOTOGKAI'H OF .lOHX M. XESBITT, FlK.sT l'R>SIl>EXT. 1792— 179«>.
<^7r^ C-C^^t'-O'l^fT}
AUTOBRAPH OF .rO>KPH BALL, TllIRP I'KKSIDKNT, 179S— 1799.
List of Officers, with their Terms of Service.
PRESIDE]S"TS.
I. John M. Nesbitt, ... 11 December, 1792-13 Januar}', 1796.
II. Charles Pettit, 13 January, 1790-9 January, 1798.
III. Joseph Ball 9 January, 1798-8 July, 1799.
Charles Pettit, 8 July, 1799-3 September, 1806.
IV. John Inskeep, 1 October, 1806-5 April, 1831.
V. John C. Smith, 5 April, 1831-22 June, 1«45.
VI. Arthur G. Coffin 1 July, 1845-14 January, 1878.
VII. Charles Platt, 14 January, 1878.
VICE-PRESIDETsTTS.
I. Charles Platt, 13 January, 1869-14 January, 1878.
II. T. Charlton Henry, 2 November, 1880.
AOTIl^G VICE-PRESI DETsTT.
William S. Davis, 4 June, 1878-5 October, 1880.
(125)
126 A HISTORY OF THE
seco:n"d yioe-presidekts.
I. William S. Davis, 3 March, 1874-5 October, 1880.
II. William A. Platt, 12 January, 1881.
TREASURER
Thomas H. Montgomery.
Elected 23 November, 1880; declined, having accepted vice-presidency of the American Fire
Insurance Con.Dan.v.
SECRETARIES.
I. Ebenezer Hazard, ... 11 December, 1792-13 January, 1800.
II. Roberts. Stephens, . . . . 28 February, 1806-12 June, 1832.
Bookkeeper, 27 February, 1798. First clerk, 21 .January, 1800, to countereign checks.
Resigns, 5 April, 1805, his clerkship.
III. Arthur G. Coffin, 19 June, 1832-1 July, 1845.
lY. Henry D. Sherrerd, 1 July, 1845-1 June, 1858.
Secretary Atlantic Insurance Company, 17 .July, 1837.
President Insurance Company of the State of Pennsylvania, 28 May, 1858.
V. Matthias Maris, 2 November, 1858-3 April, 1860.
VI. Charles Platt, 3 April, 1860-26 January, 1869.
Matthias Maris, 26 January, 1869-12 January, 1881.
VII. Greville E. Fryer, 12 January, 1881.
ASSISTAI^T SECRETARIES.
I. Alexander M. Walker, ... 1 July, 1845-20 February, 1847.
Clerk, 30 October, 1838.
II. Matthias Maris, .... 23 February, 1847-2 November, 1858.
First Assistant— 3 April, 1860-26 January, 1869.
Clerk, 4 January, 1847.
III. F. P. Hollingshead, . . 29 November, 1859-9 February, 1864.
IV. Charles H. Reeves, ... 10 August, 1869-14 January, 1874.
V. Greville E. Fryer, ... 14 January, 1874-12 January, 1881.
VI. Eugene L. Ellison, 16 January, 1884.
INSURANCE COMPANY OF NORTH AMERICA. 127
List op^ Dikectoks, wlth their Tekms of Service.
DIREOTOHS.
106. Adams, Robert, . . . 1807, 1808.
140. Allibone, S.Austin, . ISiMBST.
119. Archer, Samuel, . . . 1816-1828.
55. Ash, James, . . . 1800-1804.
86. Ashley, John, . . . 1803.
142. AspiNWALL, George W., 1851-1853.
110. AsTLEY, Thomas, . . . 1809-1839.
Died 1839, aged 67.
Died 24 Jan., 1830.
Died 1854, aged 40.
58. Baker, John H., .
2. Ball, Joseph, . .
15. Barclay, John,
45. Bayard, Andrew,
42. Bell, Thomas,
121. Bevan, Matthew L.,
23. Blight, Peter,
1. Blodget, Samuel,
31. Breck, Samuel, .
97. BoGGS, James, . .
. 1801.
. 1792-1803.
. 1792, 1793.
. 1798-1805.
. 1797-1800.
. 1822-1841.
. 1794-1800.
. 1792-1799.
. 1795-1797.
. 1805-1808.
Died 2 September,
1825, aged 73.
Third president, 9 January,
1798 to » July, 1799.
(Died 1 June, 1832,
\ aged 71.
Died 1812.
(Died 11 April, 1814,
I aged 59.
Died 7 May, 1809.
128
A HISTORY OF THE
141. BowEN, William E.. .
157- Brockie, William.
130. Brooks, Samuel, . .
93. Brown, Israel, . .
123. Brown, John A.. . ,
16'.). Brown, John A., .
103. Brown, John H., .
171. Buckley, Edward S.
116. C ARROW, John G.,
131. Chaloner, Williaini.
73. Clapier, Lewis, .
149. Clarke, Edward S..
175. Coates, Edward IL. .
138. Coffin, Arthur G., .
59. Comegys, Cornelius,
36. CONYNGHAM, DaVID 1
147 Cope, Francis II,
126. Cope, Thomas P.,
60. CoTTiNEAU, Dennis,
49. Cox, Paul, . . .
51. CoxE, Daniel Wm.,
17. Craig, John, . .
12. Cramond, William,
41. Crawford, James,
I848-I86G.
1M70-
1835-1853.
1803.
1828-1872,
1881-
1807-1816.
1882-
1811-1813.
1836-1838.
1802, 1803.
1862-
1885-
1846-1881.
1801-1804.
1796-1800.
1855-
1829-1854.
1801.
1799.
1800-1805.
1793-1799.
1792. 1795-1800.
1797-1800.
(Died 17 April, 1866,
( aged 68.
Died 1853, aged 75.
(Died 31 December,
( 1872, aged 84.
(Died 1 April, 1858,
\ aged 71.
(Died 4 May, 1837,
I aged 73.
[Died 29 July, 1881,
I aged 90.
I Third secretary, 19 June, 1832.
I Sixth president, I July, 1845 to
L H January, 1S78.
Died 5 March, 1831.
Born 6 June, 1821.
(Died 22 November,
{ 1854, aged 85.
(Died 4 June, 1852,
I aged 88.
Died May, 1807.
Died 25 October, 1843.
INSURANCE COMPANY OF NORTH AMERICA. 129
150. CUMMINGS, WiLLIAxM, . 1863-1861.
170. Cunningham, Graham S., 1881.
155. CusHMAN, Charles W., 1869-1880.
85. Dale, Richard, .
161. Damon, Albert F.,
143. Dickson, James N.,
87. DoNATH, Joseph, .
43. Donnaldson, John,
95. Downing, Jacob, .
115. Dunn, Thomas,
34. Emery, Samuel, .
62. Emslie, Alexander,
90. English, Thomas,
61. Evans, Cadwalader
163. Field, Samuel, .
44. Fisher, James C,
19. Fitzsimons, Thomas,
22. FoRDE, Standish, ,
127. Foster, William, .
37. Francis, Thomas W.
25. Fry, John, Jr.,
63. Gardiner, John, Jr.
39. GouRDON, Ferdinand
156. Griscom, Clement A
56. Haqa, Godfrey, .
124. Harper, Charles A,
9
1803.
Died 24 Feb., 1826.
1874-
1851-1866.
1803-1819.
1798, 1799.
Died 29 Dec, 1831.
1804.
1810-1813.
1795-1797.
1801.
Died 1862, aged 91.
1803-1808.
1801.
Died 1841, aged 79.
1874-1880, 1882-
1798. 1800.
1794. Died August, 1811.
1794-1797.
1829-1840.
1796-1807.
1794-1796.
1801. 1803.
1797.
1870-
1800-1825.
1826-1835.
jDied 2 June, 1815,
( aged 48.
(Died 7 February,
\ 1825, aged 78.
130
A HISTORY OF THE
92.
Harrison, George, .
1803.
140.
Harrison, George L.,
. 1854-
-
109.
Harvey, Isaac, Jr., .
. 1808-
-1810.
89.
Harwood, Robert, .
. 1803-
-1811.
50.
Hawkins, Henry, . .
. 1800-
-1803.
48.
Henry, Alexander, .
. 1799-
-1847.
151.
Henry, T. Charlton,
. 1864-
-
74.
HoDGBON, Samuel, .
. 1802-
-1813.
26.
Hollingsworth, Jehu,
1794.
139.
HosKiNS, Francis,
. 1846-
-1857.
174.
Houston, Henry H., .
1884-
75.
Humphreys, Abel, . .
1802.
r.4.
Imbert, Felix, . .
. 1801.
47.
Ingraham, Francis, .
. 1799,
1800.
76.
Inskeep, John, . . .
1802-
-1834.
176.
Jenks, John H., . .
1885-
152.
Jessup, Alfred D., .
1866-
-1873.
104.
Jones, Samuel W., .
1807-
-1873.
98.
Keith, Samuel, . .
1805,
1806.
118.
Krumbhaar, Lewis, .
1812,
1813.
54.
Large, Ebenezer, . . .
1800-
■1804.
101.
Large, John, . . . .
1806-
1815.
108.
Latimer, Thomas, . .
1808-
1824.
13.
Leamy, John, . . . .
1792-
1806.
Died 6 July, 1845.
Died 1861, nged 90.
(Died 16 November,
\ 1815, aged 62.
f Died 13 August,
( 1847, aged 82.
(Died May, 1819,
I aged 91.
rDied 18 December,
\ 1834, aged 76.
I Fourth president, 1 October,
^ lS06to5 April, 1831.
Born 11 Sept., 1781.
Died 7 November,
1873, aged 92.
Died 4 April, 1852.
Died November, 1810.
INSURANCE COMPANY OF NORTH AMERICA. 131
111. Leedom, Richard,
113. Leibert, John, . .
173. Lewis, Robert M,, .
29. McCall, Archibald,
6. McConnell, Matthew,
65. McCrea, James, , .
166. McKean, Thomas,
114. McKissiCK, John, . .
20. McMurtrie, William,
154. Madeira, Louis C,
in. Markoe, Francis,
145. Mason, John, . .
77. Meeker, Samuel,
96. MiEFLiN, Samuel, .
66. Mifflin, Thomas,
83. Miller, John, Jr.,
3. Miller, Magnus, .
67. MiLLIGAN, JaMKS, .
9. Moore, Thomas L.,
7. Moylan, Jasper, .
1809-1813.
1809-1813.
1882-
1794-1807.
1792.
1801.
1877-
1810-1813.
1794, 1795.
1867-1880.
1812, 1813.
1854-1874.
1802, 1803.
1804-1809.
1801, 1802.
1803.
1792-1799.
1801.
1792-1799.
1792.
(Died 13 April, 1843,
\ aged 75.
jDied 1 April, 1807,
\ aged 69.
f Died 1 September,
I 1874, aged 72.
Died April, 1820.
Died September, 1813.
( Died 1 1 February,
\ 1812, aged 53.
68. Nairac, Peter,
135. Neff, John R.,
5. Nesbitt, John M.,
168. Newbold, John S.,
. 1801.
. 1841-1863.
. 1792-1795.
. 1881-
(Died 24 JuU', 1863,
( aged 74.
I Died 22 January,
1802, aged 74.
First president, 11 December,
1792 to 13 January, 1796.
132
A HISTORY OF THE
30. NiCKLiN, Philip, . . . 1704-1800.
69. North, Joseph, . . . 1801,1802.
4(5. Oldden, James, . . . 1798-1800.
Died Nov., 1806.
107. Palmer, John, . .
84. Parker, Jeremiah,
78. Pearce, Mathew,
120. Perry, Charles, .
102. Pettit, Andrew, .
8. Pettit, Charles, .
158. Platt, Charles, .
70. Poyntell, William,
4. Prager, Michael,
35. Pratt, Henry, . .
162. Price, Thomas C,
16. Ralston, Robert,
112. Ramsay, William,
57. Read, James, . .
40. Read, William, .
91. Rhoads, Samuel, .
165. Rogers, Charles II
10. Ross, John, . . .
38. RuNDLE, Richard,
32. Sansom, William,
53. Simpson, John,
1808, 1809.
1803.
1802, 1803.
1817-1822.
1806-1837.
1792-1806.
1872-
1801. 1805-1811.
1792, 1793.
1795.
1874-1881.
1793-
1809-
1800-
1797-
1803-
1877-
1792-
1796.
1799.
■1813.
-1822.
■1800.
-1807.
•1884.
-1796.
Died 6 March, 1837.
r Died 3 September,
I 1806, aged 69.
^ Second president, 13 January,
1796 to 3 September, 1806.
(Omit 9 Januarj', 1798 to 8 July,
^ 1799.)
f Sixth president, 3 April, 1860.
I Vice-president and secretary, 13
\ Jan., 1869.
I Vice-president, 12 Jan., 1870.
tSeventlx president, 14 Jan., 1878.
Died 10 Sept., 1811.
Died 1793.
( Died 6 February,
t 1838, aged 76.
Died 11 August, 1836.
Died 31 Dec, 1884.
Died 26 May, 1826.
1795-1797.
1800.
INSURANCE COMPANY OF NORTH AMERICA. 133
105.
Smith, Edward, . .
. 180t-1857.
129.
Smith, John C, . .
. 1831-1845.
24.
Smith, Robert, . .
. 1794-1800.
128.
Smith, Samuel F., .
51830-1835.
• (1838-1862.
T9.
Sperry, Jacob, . . .
. 1802, 1803.
33.
Sterett, Samuel, . .
. 1795-1798.
11.
Stewart, Walter, .
. 1792-1790.
52.
Stille, John, . . .
f 1800,1803,1804
• (1806-1840.
80.
Stokes, William, . .
. 1802.
14.
SwANWiCK, John, . .
. 1792-1794.
81.
Tagert, Joseph, . .
. 1802-1813.
132.
Taylor, Charles,
. 1836-1873.
88.
Taylor, James, . .
. 1803-1808.
184.
Thomas, Jacob M., .
. 1840-1853.
28.
Tingey, Thomas, . .
. 1794.
148.
Trotter, Edward II.,
. 1858-1872.
160.
Trotter, William H.,
. 1873-
21.
Yaughan, John, . .
. 1794-1798.
100.
Waln, Jacob S., . .
. 1805-1824.
144.
Waln, S. Morris,
. 1852-1870.
82.
Waln, William, . .
. 1802.
n.
Warder, John, . .
. 1801.
(Died 7 June, 1859,
\ aged 76.
(Died 22 June, 1845.
] Fifth president, 5 April, 1831 to
(^ 22 June, 1845.
(Died 23 August,
\ 1862, aged 84.
Died February, 1803.
j Died 14 January,
\ 1874, aged 75.
(Died October, 1853,
\ aged 53.
(Died 3 May, 1872,
( aged 58.
Died 30 Dec, 1841.
Died 4 April, 1850.
j Died 21 December,
1 1870, aged 63.
[Died February, 1826,
( aged 50.
134
A HISTORY OF THE
122.
Weir, Silas E,, . .
. 1823-
-1828
1G7.
"Welsh, John Lowbeii.
1879-
-
137.
Welsh, William, . .
1842-
-1878.
18.
West, Francis, . .
1793-
-1799
94.
Wharton, Robert, .
1804,
1805
164.
Wheeler, Charles, .
1874-
-1883
133.
White, Ambrose. . .
1839-
-1873.
124.
White, John, . . . ,
1825-
-1848.
153.
White, John P., . . .
1867,
1868
1T2.
Whitney, George,
1882-
-1885.
T2.
WiKOFF, Jacob C, .
1801-
-1831.
2T.
Wilcocks, John, . . .
1794.
99.
Willing, Richard, .
1805,
1806
159.
WiNSOR, Henry. . .
1873-
-
136.
Wood, Richard 1> , . .
1841-
-1869.
(Died 11 February,
( 1878, aged 70.
Died 29 June, 1843.
Died July, 1883.
(Died 29 December,
( 1873, aged 93.
(Died 14 February,
"^ 1848, aged 66.'
Died 6 March, 1885.
Died 23 May, 1834.
(Died 18 June, 1858,
( aged 84.
(Died 6 April, 1869,
( aged 70.
^Number of Directors Elected Axxually
Fifteen— 1792, 1793. 1814-1845.
T wenty-five— 1 7 94-1 8 1 3.
Nineteen— 1852, 1853, 1877-1880.
Eighteen- 1851, 1854-1857, 1866. 1867, 1869, 1870, 1872-1874. .
Seventeen— 1862-1865, 1868, 1871, 1875, 1876.
Sixteen— 1846-1850. 1858-1861.
Twenty— 1881-
INSURANCE COMPANY OF NORTH AMERICA. 135
Teems of Directoks' Service over Twexty Years
TO 1885.
Samuel W. Jones, , <'7 yt'
Edward Smith, 51
Alexander Henry, ^ 49
John A. Brown, 48
Thomas Astley, 40
John Stille, 38
Charles Taylor, ■ 38
William Welsh, ' 37
Arthur G. Coffin, 36
Ambrose White, 35
John Inskeep, 33
Andrew Pettit, 32
Jacob C. Wikoff, 32
George L. Harrison, .... 32
Samuel F, Smith, 31
Francis R. Cope, 31
Richard D. Wood, 29
Thomas P. Cope, 2G
Edward S. Clarke, 24
John White, 24
John R. Neff, 23
James Read, 23
John Mason, 21
Matthew L. Bevan, 20
Jacob S. Wain, 20
T. Charlton Henry, 22
136 A HISTORY OF THE
3.
Location of Offices.
Organized in Independence Hall, November, 1792.
Officers chosen, "City Tavern," 11 December, 1792.
I. 119 South Front street (now 213), 14 December, 1792-February,
1794.
II. Southeast corner of Walnut and Front streets, February, 1794-
December, 1797.
III. Southwest corner of Walnut and Front streets, December, 1797-
April, 1804.
IV. 98 South Second street (now 204), April, 1804-January, 1810.
V. 40 Walnut street (now 136), January, 1810-25 August, 1834,
VI. Walnut above Dock (now 21 G), 25 i^ugust, 1834-11 December, 1851.
VII. 60 Walnut street (now 232), 11 December, 1851.
56 and 58 Walnut street (now 228 and 230). The New Building
embracing these three numbers was occupied 6 December, 1881,
INSURANCE COMPANY OF NORTH AMERICA. 137
List of Original Stockholders of the Insuraxce
Company of North America.
A damson, Seth
Addison, Mathew
Ames, Dndley
Ames, John
Ames, Nathaniel
Anderson, Alexander
Andrews, Abraham
Andrews, Joseph
Appleton, Nathaniel, Jr.
Appleton, Nathaniel Walker
Ash, James
Ashton, George
Atkinson, John
Atwood, James
Austie, Thomas
Ball, Joseph
Ballantine, Thomas
Ballard, John
Balstead, J.
Barclay, John
Barnes, John
Barnes, Philip
Barnes, William
Barnet, Joseph
Bartleson, Abner
Barton, William
Barry, James
Beal, William
Beaman, Ephraim
Beates, Frederick
Beckford, William
Bell, Thomas
Bentley, Zach.
Biddiford, Preston
Biddle, William M.
Blanford, Charles
Blanford, William
Blodget, Samuel, Sen.
Blodget, Samuel, Jr.
Borland, Jolui
Bourn, Shearjashub
Brackstone, Chandler
Bradford, James
Bradley, Charles
Brakstone, James
Bridges, Lawrence
Bringhurst, George
Broome, Hendrecksou and
Sumarl
138
A HISTORY OF THE
Broome, Jacob
Brown, Philip
Bruce, Jonas
Branson, Carter
Brunswick, Christoplier
Buckle.y, Thomas
Burgess, William
Burrows, "William W.
Burton, William
Butler, Hannah
Byrnes. Joseph
Cabot, Humphrey
Caldwell, John E.
Camberwell, Thomas
Cambridge, William
Campbell, David
Campbell, James
Campbell, William
Cane, Patrick
Cannada, Joseph
Carey, Joseph
Carnes, Adam
Carne}-, Peter
Carroll, David
Carter, Francis
Carter, George
Carter, Henry
Carter, J
Carter, James
Carter, John
Carter, Zebulon
Center, Charles
Chalmers, Samuel
Chaloner, John
Chester, John
Clark, John
Clarkson. George
Clarkson, Rebecca
Clarkson, William
Clesse}-, Mj'les F.
Coaster, Francis
Coddner, William
Codner, Joseph
Cod wise, Charles
Coggeswell, Abraham
Colden, Christopher
Cclhoune, Archibald
Collin, Joseph
Collins, James
Collins, John
Collins, Nathaniel
Collins. William
Colman. James
Colson, John
Comegys, Cornelius
Comm3'ns, James
Commyns. William
Conner, Lewis
Conyngham, David H.
Conjngham, Xesbitt «fc Co.
Cooledge, Joseph
Cope, Joseph L.
Cordace, William
Correy, Mary
Corre\-, Robert
Corry, Israel
Colrain, James
Cotton, James
Cowderrv. William
INSURANCE COMPANY OF NORTH AMERICA. 139
Coyle, John
Cox, Paul
Craig, John
Craigie, Robert
Cramond, William
Cranmore, Richard
Cranestown, Andrtw
Crawford, James
Crawford, Peter
Creighton, J.
Cummings, Charles
Curwen, Joseph
Dale, Richard
Dallas, Alexander James
Dalling, Joseph
Dalton, George
Darner, Paul
Dana, Stephen
Danna, Richard
Davidson, Jonathan
Davidson, Joseph
Davidson, Peter
Davidson, Philemon
Davidson, William
Davis, Abner
Davis, Charles
Davis, J.
Davis, Leonard
Davis, William
Davison, Samuel
Dawson, Nicholas
Dean, Michael
Dearing, William
De Hart, Lewis
Delaforest, Antoinc R. C. M.
Deunling, Frances Ch.
Dickenson, Philemon
Doughty, John
Douglas, Joseph
Duar, John
Dunbar, James
Duncan, Isaac
Duncan, Matthew
Dunlap, Samuel
Dunn, Arthur
Dunning, Joseph
Dunovan, John
Durnell, Thomas
Dwelling, Joseph
Dwight, Peter
Eddy, Peter
Ely, John
Erskine, Jonathan
Farmer, Thomas
Farrington, William
Field, Joseph
Fish, George
Fisk, R.
Fitzjames, James
Fitzpatrick, Donell
Fleischer, Baltics
Flint, Jeremiali
Forman, Ezekiel
Forsythe, David
Fox, Edward
Francis, Tench
Franks, David S.
140
A HISTORY OF THE
Frazer, Nicholas
Frazer, William
Frazier, Xalbro & John
Freemen, Jonathan
Freemen, Zebulon
Frobisher, William
Fry, John, Jr.
Furber. Thomas
Garrets, Peter
Gerrets, T.
Ge3-er, George
Gilford, Charles
Gill, Joseph Hewes
Gilman, Peter
Glentworth, James
Glentworth, Peter
Glover, Moses
Goodale, Richard
Goodnow, Peter
Gould, Henr}'
Granger, Jacob
Granger, Joseph
Green, Ashbel
Gregory, John
Hale. Thomas
Hall, J.
Hall, John
Hall, John K.
Hall, J. L.
Hall, Phillips
Hall, Thomas
Hamilton, George
Hamilton, Joseph
Hammatt, Benjamin
Harnis, James
Harrison, George
Hart, Ann
Hart, Solomon
Harthung, Jonathan
HarveA', Phillips
Hastings, Samuel
Hatch, Jabez T.
Haven, Nathan A.
Hawthorne, David
Hawthorne, James
Hawthorne, John
HajTies, Richard
Hays, Moses
Hazard, Ebenezer
Hemphill, William
Henderson, John
Henry, Alexander
Higgins, Francis
Higginson, Nathaniel C
Hill, James
Hilton, Closes
Hodgson, A.
Hoffman, Jacob
Hoit, Lewis
Hollingsworth, Jehu, & Co.
Houston, John
Hunt, John
Hunt, Zacheies
Huntingdon, Jeremiah
Huntingdon, John
Hurst, Wenworth
Ingraham, Francis
INSURANCE COMPANY OF NORTH AMERICA. 141
Irwin, George
Irwin, John M.
Irwin, Matthew
Jackson, David
Jackson, J.
Jacobs, Moses
Jacobs, Samuel
James, George
James, Isaac
James, William
Jamieson, John
Jamieson, William
Jenkins, P.
Jenkins, Peter
Jenkins, Samuel
Jenkins, William Pitt
Jenks, Theodore
Jennys, Samuel
Johnsone, John
Joice, Andrew
Jones, Arthur
Jones, Charles
Jones, David
Jones, Isaac
Jones, John 11.
Jones, Richard
Jones, Samuel
Jones S. P.
Jones, Sylvester
Jonstone, David
Kames, William
Kean, Peter
Keble, John
Kemble, Theophilus
Kendall, Thomas
Kendrick, James
Kenedy, Andrew
Kenedy, Samuel
Ketland, John
Ketland, Thomas, Jr.
Kidd, William
Kintzing, Abraham, Jr,
Kissick, John M.
Knogle, Abraham
Langdon, William
Larnard, Tristram
Laughton, James
Laughton, Richard
Lauman, George
Lawes, Robert
Lawrence, John
Leamy, John
Lee, William, Jr.
Lendall, Zachariah
Lewis, James Carter
Lewis, Samuel
Liman, Philemon
Lisle, John, Jr.
Livingtone, William G.
Loder, William
L3Mich, Dominick
McAdam, Charles
McCall, Archibald, Jr.
McClenachan, Blair
McClintock, James
McClintock, Joseph
H2
A HISTORY OF THE
McConnell, Matthew
McCrea, James
McCree, John
McDonnaugh, Michael
McHeiirv, John
McHeniv, James
McHcniv, Walter
Mclntyre, Andrew
McKenzie, Colin
McLanc, William
McMullin, Samuol
McNeil, Daniel
McNeil, William
McQueen, Thomas
McRea, James
McWilliams, John
Mackey, Gershom
Macomb, John
Macon, Peter
Macpherson, William
Madison, Charles
Malborne, James
Mann, Abraham
Mansfield, George
Mansfield, William
Marsden, Moses
Marsden, AVilliam
Marston, David
Martin, J.
Martin, James
Mason, Andrew
Mason, James
Mason, Joseph
Mason, Noah
Mason, Paul
Mather, James
Mather, Timothy
Matlock, Joseph
Matthews, John
Maxwell, Leonard
Maj'nard, James
Maynard Robert
Maynard, William
Meade, Robert
Means, John
Means, Peter
Means, Richard
Mecklin, Christopher C.
Mecklin, Philip
Mecklin, Thomas
Mecklinburg, Gerard
Medfield, Simon
Meeker, Cochran «.t Co.
Melcker, John
Melchior, Nehemiah
Melcher, Jacob
Melmooth, Philip
Mendez, Benjamin
Mendez, George
Mendez, Jonah
Merline, John
^Ierr3'man, William
Meservor, Paul
Meverick, Samuel
Meyer, Conrad
Miers, Henr}-
Miers, Moses
Miers, Richard
Miers, Samuel F.
Miers, Samuel J.
INSURANCE COMPANY OF NORTH AMERICA. 143
Miller, Magnus
Miller, Moses
Miller & Murray
Miller, William
Milligan, Catharine
Milligan, James
Milligan, Margaret
Milligan, Lewis
Milligan, Samuel
Mills, Sarah
Minor, Richard
Moore, Patrick
Moore, Thomas L.
Moreland, Francis
Morrill, J.
Morrill, Peter
Morris, William
Morton, Tliomas
Moses, Solomon
Mo3'lan, Jasper
Mulenbergen, Peter
Mulock, Edward
Mumford, James
Murray Alexander
Nelson, Samuel
Nesbitt, John Maxwell
Nilson, James
Nixon, John
Nunez, Benjamin
Nunez, Jacob
O'Donnell, Patrick
Oldden k, Comegys
Oldden, James
Oliver, Peter
Otis, Samuel A.
Pain, James
Pain, George
Pay son, George
Payton, Richard
Peirsol, Jeremiah
Pendleton, Samuel
Penrudoch, George
Perkins, Samuel
Perrin, William
Perrj', Samuel
Pettit, Charles
Phelps, David
Phelps, Ebenezer
Phelps, James
Phelps, Samuel
Phillips, Alexander
Phlemer, Samuel
Pike, William
Potter, Richard
Prager, Mark, Jr.
Prager, Michael
Pragers & Co.
Pratt, Henry
Preston, Joseph
Preston, Philip
Preston, William
Prime, William
Porter, Andrew
Porter, Charles
Porter, James
Porter, Richard
Porter, Thomas
144
A HISTORY OF THE
Pulsforcl, Alexander
Ralph, Micah
Ralston, Robert
Ramsay, John
Read, James
Read, "William
Redwood, Cliarles
Redwood, John
Reid, James
Reinhart, Jacob
Rhea, Ebenezer
Richards, George
Richards, William, Jr.
Ritchie, Alexander
Rivington. J.
Rivington. Xathaniel
Roe, David
Rogers, Sarah
Rogers, William
Rogers, William (J.
Ross, John
Ross, Joseph
Ross, R. H.
Rnssellcr, Sarah
Rutgers, John
Sayers, James
Shaw, Thomas
Shoemaker, James
Simpson, George
Simpson, Sampson
Smith, Adam
Smith, John
Smith, Richard
Smith, William, South Carolina
Smith, William, 3d
Smith, William Moore
Smith, Y.
Smithson, Thomas
Smock, Robert
Small, Reuben
Snowden, Isaac, Jr.
Soams, Samuel
Springer, Samuel
Sproat, John
Stanley, Edward
Stamitz, P. K.
Stedley, Mar}'
Steel, Edward
Steele, Leonard
Steinmetz, John
Stewart, Archibald
Stewart, James
Stewart, Walter
Stickney, Thomas
Stimpson, Charles
Stimpson, Frederick
Stokes, Joseph
Stoodley, Jomes
Storey, John, Ji-.
Stoughton, Johu
Stuart, James, Jr.
Stuart, Rebecca R.
Summers, J.
Swanwick, John
Sykes, Peter
Taylor, John
Taylor, John M.
INSURANCE COMPANY OF NORTH AMERICA. 145
Taylor, Paul
Templeman, John
Thompson, Joseph
Thorp, Charles
Thorp, William
Tisdale, Lemuel
Todd, Eliphalet
Todd, John
Tracey, Richard
Treat, Robert
Turnbull, Charles
Turnbull, Walter
Yan Dorp, Gerard
Vane, William
Vanhorn, William
Van Wyck, Abraham
Van Zandt, Guilian
Waite, John
Wallingford, Thomas
Walters, Timothy
Watson, John
Weed, Elijah
Weed, George
Weed, Mercer
Weed, William
Welch, Francis
Welch, Jacob
Welch, John
Welladvise, Moses
Wells, James
Wells, Peter
Welsh, Henry
Wendell, Thomas
Wentworth, Thomas
West, Francis and John
West, Zebulon
Wharton, Kearney
Wharton, Lloyd
Wheatly, Philip
Wheatly, Thomas
Wheaton, Gerard
Whitaker, James
Whitaker, Samuel
White, Abraham
White, Caleb
White, David
White, Henry
White, John
White, Jonathan
White, Xathaniel
White, Philemon
White, Philip
White, Samuel
Whiteford, Sampson
Wilkins, James
Wilks, Charles
Williams, Absolam
Williams, George
Williams, James
Williams, Lawrence
Williamson, James
Williamson, Jethro
Williamson, Nathaniel
Willington, James
Willington, Thomas
Willis, James
Willis, Joseph
Willis, Samuel
146
A HISTORY OF THE
Wills, Isaac
Wills, Richard
Wills, Thomas
Wilmot, Simon
Wilmot, Christopher
Wilson, Charles
Wilson, Francis
Wilson, George
Wilson, James
Wilson, John
Wilson, T.
Wilson, Thomas
Wilson, W.
Wilson, William
Woods, Joseph
Woods, Michael
Wordle}', James
Worthington, Charles
Woolf, Lewis
Wricrht, Charles
Wright, Christopher
Wright, J.
Wright, Stephen
Wrighton, Charles
Young, Charles
Young, Joseph
Zanting, Adam W.
INSURANCE COMPANY OF NORTH AMERICA. 147
Charter aistd Supplemetstts.
A'N ACT
TO INCORPORATE THE SUBSCRIBERS
TO TIIK
IisrsuRAisrcE Company of JN^orth America.
Whereas it is conceived that if a cori^oration, with a compe-
tent capital, and under proper regulations, were established, for
the purpose of effecting insurances and transacting business
connected thcrewitli, advantages Avould result therefrom to the
community in general, and to the mercantile interest in particular,
by retaining in the State, as well the capital necessary for such a
purpose, as also large sums of money which would otherwise be
drawn from the country, for premiums and commissions to
foreign correspondents, for effecting insurances, and also by
more effectually securing the assured from the risques and
dangers incident to the policies and assurances of private and
particular persons: And whereas a number of the citizens of
this commonwealth have hy their petition to the legislature
prayed that they may be incorporated for the purj^oses aforesaid :
Section 1. Be it enacted by the Senate and House of Representa-
tives of the Commonwealth of Pennsylvania, in General Assembly
met, and it is hereby enacted by the authority of the same, That the capital stock of the
capital stock of the Insurance Company of North America shall o? North AmerTr""''
amount to the sum of six hundred thousand dollars ; that the
same shall be divided into sixty thousand shares, of ten dollars Numi>er and amount
each share, and the persons, co-partnerships, or bodies politic, °
who have thereto subscribed, and have paid four dollars on each
respective share, shall pay the residue of the sum and sums of
148
A HISTORY OF THE
money due and payable for the share or shares by them respect-
How sharps are to be ively subscribed, in the manner following;, that is to say; two
di)llars on each share shall be paid on the second Monday of
July, in the year one thousand seven hundred and ninety-four;
two dollars on the second Monday of Janviarv, and two dollai-s
on the second Monday of July, in the year one thousand seven
Forfeitures in case of hundred and ninety-five. And any pei^son or ])ei"sons, co-r)art-
default ill paying the , . i j- v.- i .• e • j. ii
instalments. ncrships, or bodics poutic, ncglectuig or relusnig to pay all or
any of the said several sums of money, at the time and times
l)rescribed for jiayment thereof, shall respectively forfeit to the use
of the company, all the monies previously ])ai(l on the accoimt
of the share and shares respectively, in payment whereof such
default shall be made as aforesaid, together with all right, title,
interest, emolument, profit, claim and demand, of, in, to and out
of the funds of the said company, and the profits arising there-
from, by reason of such forfeited share and shares : And the
funds of the said company shall, from time to time, be vested in
securities for or evidences of debts due by the United States, or in
the stock of the Bank of Pennsylvania, or of the Bank of the
United States, or of the Bank of North America, or of the
Schuylkill and Delaware Canal Company, or of the Schuylkill
and Susquehanna Company, or of the Lancaster and Philadel-
phia Turnpike Company, ov of any other company that now is
or hereafter may be incorporated by the State, in such manner,
and in such sums, as the President and Directors of the said
Deposits (if monies, company shall judge proper. Provided always. That all deposits
of Pennsylvania. for the Safe keeping of the monies and securities of the said
comiiany shall V)e made respectively, in the Bank of Pennsylvania.
Funds, how to be
vested.
Corporate style.
And powers.
Sect 2. And he it further enacted hij the authority aforesaid, That
the subscribers to the said company and their successors and
assigns shall be, and they are hereby erected into a corporation,
or l)ody politic in law and in fact, under the name, style and title,
of "The President and Directors of the Insurance Company of
North America"; and by the said name, style and title, shall
have perpetual succession and all the powei-s, ])rivileges and
franchises, incident to a corporation; and shall be capable of
taking, holding, and disposing of their said capital stock, and the
increase and profit thereof; and shall have full power and
authority to make, have and use a common seal \vith such
device and inscription as they shall deem proper, and the same
to break, alter, and renew, at their pleasure; and by the name,
style and title aforesaid, shall be able and capable in law to sue
and be sued, plead and be impleaded, in any court or courts^
before any Judge or Judges, Justice or Justices, in all manner of
suits, pleas and demands whatsoever; and they are hereby
INSURANCE COMPANY OF NORTH AMERICA. 149
authorized and empowered to make rules, bye-laws and ordinan-
ces, and to do every thing needful for the good government and
support of the allairs of the said corporation: Provided always, Bye-iawsnot tobere-
That the said rules, bye-laws and ordinances, or any of them, shall tion"and "aws of"tiie
not be repugnant to the Constitution and laws of the United state! ^ *^° ^
States, and of this State.
Sect. 3. Andbeit further enacted by the authority aforesaid, Thaivo^-ev to hold real
the said Corporation shall have a right and power to purchase,
take, and hold real estate, and the same to demise, grant, sell,
assign and convey, in fee simple, or otherwise : Provided, That Limitation of the in-
,,, ,. „, , 111111 -1 come thereof.
the clear yearly income or the real estate to be held by the said
Corporation, shall not, at any time exceed ten thousand dollars.
Sect. 4. And be it farther enacted by the authority aforesaid. That
for the well ordering the affairs of the said Corporation, there
shall be twenty-five Directors (l)eing Stockholders in the said com- of the election of Di-
pany) chosen by ballot on the second Tuesday of January, in'^^*' '^'
each and every year, by a plurality of the votes of the Stock-
holders present in person, or by proxy; and the Directors so
chosen shall serve for one year next ensuing the elections re- Their time of service,
spectively, and until others shall be chosen, and no longer; and
at their first meeting after each election shall choose one of their of tiie president,
number as President: Provided always nevertheless, That John
Maxwell Nesbitt, shall be the present President, and Joseph Ball, present Directors.
John Craig, John Leamy, John Swanwick, Walter Stewart, Samuel
Blodget, the younger, Magnus Miller, Thomas Fitzsimons, William
M'Murtrie, John Vaughan, Charles Pettit, John Ross, Robert
Ralston, Francis West, Standish Ford, Peter Blight, Thomas
Lloyd Moore, Robert Smith, John Fry, the younger, Jehu Hol-
lingsworth, John Wilcox, Thomas Tingey, Archibald M'Call, and
Philip Nicklin, shall be the present Directors, and shall continue
in office until the second Tuesday in January next; Provided
aho. That in case it shall at any time happen that an election ofEiectionnotmadeon
Directors shall not be made upon any day, when, pursuant to dissolution of tiie'cor-
this act, it ought to have been made the said corporation shall
not for that cause be deemed to be dissolved, but it shall be
lawful on any other day, within ten days thereafter, to hold and
make an election of Directors, in such manner as shall have
been regulated by the bye-laws and ordinances of the said Cor-
poration ; and that in case of the death, resignation, or absence of vacancies in the
from the State, of a Director, or in case any Director shall be
chosen a Director of any other Insurance Company, and shall
act as such, the place of such Director shall be filled up by a new
choice for the remainder of the year, in manner aforesaid, at
such time and place as shall be appointed by the Board of
150
A HISTORY OF THE
Directoi-s, twenty days notice of such election having been given
in two of the public newspapers of the City of Philadelphia.
Sect. 5. And he it farther enacted by the authority aforesaid, That
Of the ready money the Said Company shall be obliged by force and virtue of this act,
stock of t le rpora- ^^^^^^ ^j^^^^ ^^ time, to causc such a Stock of ready money to be
provided and reserved, as shall be sufficient to answer all just
demands upon their policies of insurance, for any losses which
Of payment of losses, shall happen, and shall ratify, i)ay and discharge all such de-
mands, according to the tenor and effect of such policies of
Stock and effects iusuraucc; and in case of refusal or neglect to pay such losses,
after thirty days notice thereof, the stock and effects of the said
Company shall be liable to the party injured, upon judgment and
execution obtained.
on judgment
and execution.
poration.
Sect. 6. And be it farther enacted by the authority aforesaid, That
Of the appointment the Directors for the time being shall have poAver to appoint
the officersof the Cor- such officcrs, clcrks and servants, under them, as shall be nec-
essary for executing the business of the said Corporation, and to
allow them such compensation for their services, respectively, as
shall be reasonable ; and shall be capable of exercising such other
powers and authorities, for the well governing and ordering of
the affairs of the said Corporation, as shall be described, fixed
and determined V)v the laws, regulations and ordinances of the
Fundamental rules.
Of voting by the
stockholders.
Sect. 7. And be it further enacted by the authority aforesaid, That
the following rules, restrictions, limitations and provisions, shall
form and be fundamental articles of the Constitution of said
Corporation, to wit:
First, The Stockholders shall be entitled, on all questions
coming before them, to one vote for each share of the stock by
them respectively held, to the number of fifty shares; and for
every ten shares above fifty, one vote; but no Stockholder, either
in his own right, or as pi"Oxy, shall have nujre than one hundred
votes; nor shall any Stockholder vote at any election for Di-
rectors, unless the stock shall have stood in his or her name in
the books of the Company, at least three months preceding the
time of such election. All Stockholders may vote in elections,
or on any question touching the business of the Corporation, by
proxy; jjrovided the proxy l)e derived directly from such Stock-
holders, and the vote be given by a citizen of this Commonwealth,
Of compensation to Second, No Director shall be entitled to any emolument, unless
the same shall have been allowed liy the Stockholders, at a
INSURANCE COMPANY OF NORTH AMERICA. 151
general meeting; but the Stockholders shall make such compen-
sation to the President, for his extraordinary attendance on the And President.
business of the Corporation, as shall appear to them reasonable.
Third, The Directors shall divide themselves into committees,
each committee to consist of three Directors; and the com-
mittees shall attend, in a weekly rotation, at the office of the of the weekly com-
company, and, together with the President, shall have full power
and authority, in the name and on behalf of the Corporation, to Their power to insure
. , . 1 1 1 T . and lend money, and
make such insurances upon vessels and merchandise at sea, oron whatobjetts;
going to sea, or upon any goods, wares or merchandise, or other
personal property, going or gone by land or water, or in dwelling-
houses, ware-houses or stores, or upon buildings, against the
risque arising from fire, or upon the life or lives of any person or
persons, and to lend money upon bottomry and respondentia, and,
generally, to transact and perform all the business relating to the
objects aforesaid; but the said committees shall always act in Subject to the reguia-
conformity to such regulations as the Stockholders shall make. Board of Directors,
and subject to the orders and instructions of the Board of
Directors.
Fourth, There shall be stated meetings of the Board of Directors, of meetings of the
at least once a fortnight and occasional meetings at such other
times, as the President shall think proper. The President shall
preside at all meetings of the Corporation, but he shall have no
vote (except in cases of election) unless there is an equality of in what case the
votes, when he shall decide the question. In case of the sickness "^^ ' *" '"*^
or the necessary absence of the President, his place may l)e How his absence shall
supplied by any other Director, whom the Board of Directors, ''^"''P"''*-
shall for that purjiose appoint. Seven of the Directors, (whereof or a quorum of the
the President shall always be one) shall form a quorum of the
Board of Directors; but in the absence of the President, a
majority of the whole number of Directors shall be requisite to
form a quorum. And all questions before the Board shall be
decided by a plurality of votes, but no vote shall be reconsidered of the decision of aii
by a smaller number of Directors than was present when such Board""* ^
vote was passed.
Fifth, A number of Stockholders, who, together, shall be of calling a Rcnerai
' • , e j^ ^ ^^ ■ xi i i ^ i meeting of the Stock-
proprietors or not less than six thousand shares, or upwards, holders,
shall have power at any time to call a general meeting of the
Stockholders, for purposes relative to the institution, giving at
least six weeks notice in two public gazettes of the City of Phila-
delphia, and si^ecifying in such notice the object or objects of
such meeting.
152 A HISTORY OF THE
Sixth, The Corporation shall not, directly or indirectly, engage
in the business of banking, nor deal nor trade in any thing except
Restrictions on the the objects herein before specified, bills of exchange, gold or
atioii. silver bullion, or in the sale of goods really and truly pledged for
premiums due and not paid, or of goods, whicli shall be the
[)roduce of its lands.
Of transfers of the Seventh, The stock of the said Corporation shall be assignable
and transferable, according to such rules as shall be instituted in
that behalf l)y the laws and ordinances of (he same.
Eighth, The Directors shall, on the second Monday of January,
and on the second Monday of July, in each and every year,
declare a dividend of so much of the profits of the Corporation
ofdividencifl. as to them shall appear advisable, and the dividend so declared
shall be jjaid to the respective proprietors in ten days after the
same shall be made, but the monies received as premiums on
risques, which shall be undetermined and outstanding at the time
of making such dividend, shall not be considered as a part of the
profits of the Corporation; and in case of any loss or losses
whereby the capital stock of the Company shall be lessened, no
subsequent dividend shall be made until a sum equal to such
diminution, and arising from the profits of the Corporation, shall
have been added to the cai»ital.
Members of the Cor- Ninth, Any member of the Corporation may nevertheless
poration mav he in- , i i i i i i
sured. " becomo assuretl thereby on any vessel, goods, wares, merchan-
dise, or lives, in the same manner, and with the same effect, as if
such member had no interest in the Corporation.
Of the hooks to he Tenth, The Directors shall keep fair and regular entries in a
ei> y 1 irec or . j^^^j^ ^^ books (for that purpose to be provided) of their proceed-
ings, and submit the same, if required, to the inspection of the
Stockholders at eveiy of their stated meetings.
Of a book containing Eleventh, A book. Containing the names of the Stockholders,
stockholders. shall be kept, and shall at all reasonable times be open to any
Stockholder requiring the same.
Penalty, in c-ise of Sect. 8. And he it further enacted h>/ tJir (vdli-07'if}/ aforesaid, Th^t
trading contrary to .„ . .' ' 'p '. .i
thisatt. II the said Corporation, or any person or j)ersons lor or to the use
of the same, shall engage in the business of l)anking, or deal or
trade in buying or selling any goods, wares, merchandise or com-
modities whatsoever, contrary to the provisions of this act, all
and every person or persons, who shall have given any order or
direetif)!! for so engaging, dealing and trading, and all and every
INSURANCE COMPANY OF NORTH AMERICA. 153
person and. persons, who shall have lieen concerned, as parties or
agents therein, shall forfeit and lose treble the value of the
monies discounted, and of the goods, wares, merchandise and
commodities traded or dealt in, one-half thereof to the use of the
informer, and the other half to the use of the State, to be
recovered with costs of suit.
Sect. 9. And he, it further enacted by the authoritij afore>iaid, That Limitation . of the
.1 • i 1 11 1 1 .• • /- -1 ' 1 ' ,1 1 „cliarterto the first of
this act shall be and continue in torce until the first day oi January, isis.
January, which will be in the j-ear of our Lord one thousand
eight hundred and fifteen: Provided always, That for the liquida-
tion and settlement of all the past transactions and accounts of
the said company, the corporate powers thereof shall be and
continue effectual to all intents and purposes : And provided also,
That nothing in this act shall be taken or construed to affect the
rights of any person, persons or bodies politic before the passing
of this act.
GEORGE LATIMER, Speaker
Of the House of Representatives.
ANTHONY MORRLS, Sjjeaker
Of the Senate.
Approved, the fom-teenth of April, nojf,.
THOMAS MIFFLIN, Governor
Of the Cominoiiweulth of Pennsylvania.
A SUPPLEMENT
To the Act entitled "An Act to Incorijorate the Subscriliers to tlie Insurance
Company of North America."
Section 1. Be it emu-ted, by the Senate and House of Representa-
tives of the Commonwealth of Pennsylvania, in General Assembly met,
and it is hereby enacted by the author ity of the same, That from and
after the passing of this act, the funds of the said C(jmpany may
from time to time be vested in securities for, or evidence of debts The tunda may be
due by the United States, or in the stock of any Bank or other of debt of uS
institution, which is or may be incorporated in the State ofstoc'k^&c.^^''''
Pennsylvania, in their own stock, or in bills of exchange, or may
154
A HISTORY OF THE
be loaned to the State of Pennsylvania, or on the security of
real estate within the same.
Sect. 2. And he it further enacted by the authority aforesaid, That
for the "well ordering the afiairs of the said corporation there
shall hereafter be fifteen Directors (stockholdei-s in said com-
pany) chosen by ballot, on the second Tuesday of January,
annually, by a plurality of votes of the stockholders, present or
by proxy. And the Directors so chosen shall serve for one year
next ensuing the elections, respectively and luitil others shall be
chosen, and no longer; and at their first meeting after each
election shall choose one of their number President; and in
How vacancies to be case of the death, resignation, or absence from the State (six
months at one time) of a Director, or in case any Director shall
cease to be a stockholder, or be chosen a Director of any other
Insurance Company and shall act as such, the place of such
Director may be filled by a new choice for the remainder of the
year, by a majority of the Board of Directors.
Fifteen Directors to
be chosen.
Term of service.
Sect. 3. And he it further enacted hythe authority aforesaid, Tliat
five Directors, whereof the President to be one, shall form a
How many Directors quorum of the Bt)ard of Directors; but in the absence of the
President, a majority ot the whole number of Directors shall
be requisite to form a quorum.
to form a quorum.
Sect. 4. And he it further enacted hy the authority aforesaid, That
No transfer to be no Stockholder indebted to the said company shall be permitted
made or dividend , , ^ ,. ,. , ■ ^ i • ' i- • i i ^i
received by a Stock- to make a transter oi his stock, or receive a dividend thereon
holder until his debts ., i i i , . t i i ^- c ^ -^ i
are paid or secured, until such debt IS discharged, or satistactory security be given
to the Board of Directors for the same.
Charter extended
until 18.3.5.
Sect. 5. And be it further enacted by the authority aforesaid, That
the charter of the said Insurance Company of North America,
as altered and amended by this supplement, be, and the same is
hereby extended and continued in full force, until the first day
of January, which will be in the year of our Lord, one thousand
eight hundred and thirty-five, with all the powers, provisions
and-restrictions, contained in the said original charter ; excepting
only, that so much of the act to which this is a supplement, as is
hereby altered and supplied, and no more, be and the same is
hereby repealed : Provided alway:^, Tliat after the said first day of
January, one thousand eight hundretl and thirty-five, the cor-
porate powei-s of the said company shall remain and continue
for the liquidation and settlement of their past transactions and
Proviso for annulling accounts, and for iio Other purpose whatsoever: And provided
thecharter. , „,..,., ,, , , , i • •^ ^ \
cdso, Tliat it It shall a2)i)ear that the charter and privileges hereby
Proviso for liquida-
tion of accounts.
INSURANCE COMPANY OF NORTH AMERICA. 155
renewed and granted are injurious to the citizens of this com-
monwealth, the Legislature shall have full power to revoke and
cancel them at any time they may think jiroper.
JOHN TOD, Speaker
Of the House of Representatives.
P. C. LANE, Speaker
Of the Seriate.
Approved the twenty-eighth day of January, one thousand
eight hundred and thirteen.
SIMON SNYDER.
EXTRACT
From An Act to incorporate the " Charabersburg Insurance Company," Ac.
Section 1. Be it enacted by the Senate and House of Rrpresenta-
tives of the Commonwealth of Pennsylvania, in General Assembly met,
and it is hereby enacted by aidhority of the same, That an act entitled
"An Act to Incorporate the subscribers to the Insurance Cora- charters extended
pany of North America," passed the fourteenth day of April, firlt"ofjan^a^™835.
seventeen hundred and ninety-four, and the supplement thereto,
entitled "a supplement to the act entitled an act to incorporate
the subscribers to the Insurance Company of North America,"
passed the twenty-eighth day of January, one thousand eight
hundred and thirteen, be and the same are hereby continued in
full force and virtue for the term of twenty years from and after
the first day of January, one thousand eight hundred and
thirty-five.
Sect. 33. And be it further enacted by the authority aforesaid.
That the Legislature reserve the right to revoke or alter the
charters extended or granted by this act in any way that may be
deemed conducive to the interests of the State.
SAM'L ANDERSON, Speaker
Of the House of Representatives.
JESSE R. BURDEN, Speaker
Of the Senate.
Approved the third day of April, A. D. one thousand eight
hundred and thirty-three.
GEORGE WOLF.
156
A HISTORY OF THE
EXTRACT
From an Act to incorporate the Washington Insurance Company of Philadelphia,
and for other purposes.
Additional privileges Sect. 20. In addition to the privileges heretofore granted it
^"^ * shall and may be lawful for the Insurance Company of North
America to invest their capital stock and other funds in the
public stocks or loans of any of the United States or of any city,
company, or institution, now or that hereafter may be incorpor-
ated by the United States or any individual State, or in ground
rents, mortgages, or other good and sutficient securities in this
State, and the said investment from time to time to alter, change,
and renew, as the interests or circumstances of the Company
may render expedient.
LEWIS DEW ART, Speaker
Of the House of Representatives.
CHARLES B. PENROSE, SpmA;«-
Of the Senate.
Approved the tenth day of April, one thousand eight hundred
and thirtv-eight.
JOSEPH RITNER.
A FURTHER SUPPLEMENT
Charter perpetual.
Legislature may
annul.
To the Act entitled "An Act to Incorporate the Subscribers to the Insurance
Company of North America," and the Supplements thereto.
Section* 1. Re it enacted by the Senate and House of Representa-
tives of the Commonwealth of Penn-vjlvania, in General Assembly
met, and it is hereby enacted by the authority of the same: That the
Charter of the President and Directors of the " Insurance Com-
pany of North America"' shall be perpetual ; subject, nevertheless,
to the right of the Legislature to alter, annul, or repeal the same
whenever it may be deemed conducive to the interests of the
State.
WM. HOPKINS, Speaker
Of the House of Representatives.
CHARLES B. PENROSE, Speaker
Of the Senate.
Approved the eleventh day of October, eighteen hundred and
thirty-nine.
DAVID R. PORTER.
INSURANCE COMPANY OF NORTH AMERICA. 157
A FURTHER SUPPLEMENT
To the Act entitled "An Act to Incorporate the Subscribers to the Insurance Com-
pany of North America."
WHEREAS, The President and Directors of the Insurance
Company of North America, have made request that they may
be permitted to reduce the amount of their capital: Therefore,
Section 1. Be it enacted by the Senate and House of Representa-
tives of the Coinmonwealth of Pennsylvania, in General Assembly met,
and it is hereby enacted by the authority of the same, That it shall
be lawful for the said Insurance Company, whenever a majority
in number and value of the Stockholders shall deem it exjiedient
and express their assent thereto in writing, to reduce the capital Capital North Amen-
stock of the said Comi^any to the sum of three hundred thousand pany reduced,
dollars, and the i>ar value of the shares of the said stock to five
dollars each, and if at any time it shall be ascertained that the
assets of the Company exceed the said sum of three hundred
thousand dollars, such excess shall be divided among the Stock-
holders in proper proportion, according to the number of their
shares, in such manner and at such times as shall be deemed by
the Directors consistent with a j^roper attention to the judicious
collecti(jn and conversion of the assets, and the prudent manage-
ment of the business of the Company.
Sect. 2. That such assent in writing may be signed l)y the Assent of stock-
Stockholders or their attornej's duly constituted, and may be
recorded in the office for recording deeds, in the city and county
of Philadelphia, and a certified coj^y or exemplification of such
record shall in all cases be received in evidence, and be as valid
and effectual as the original instrument.
Sect. 3. That when such assent in writing shall be given and
expressed as aforesaid, the capital stock of the Company and the
par value of the shares, shall l)e thenceforth reduced in the
manner and to the sums mentioned in the first section of this
act, and notice thereof shall be given by advertisements for four public notice to be
weeks in two at least of the daily newspapers of the city of^^*^"
Philadelijhia : Provided nevertheless. That the whole of the amount
of the capital stock of the said Company existing at the date of
the said advertisements, shall be liable for contracts of insurance
existing with said Company at that time.
Sect. 4. That the President of the said Company shall, upon a
vote of the Board of Directors to that effect, or on the application
of a number of Stockholders, who together shall be proprietors
158 A HISTORY OF THE
Meeting of Stock- of six thoui^and shares, call a general meeting of the Stock-
*'^' lioklers, giving at least two weeks' notice in two of the daily
papei^s of the City of Philadelphia, and specii^ang in such notice
the object or objects of such meeting.
Sect. o. That deposites, for the safe keeping of the moneys
and securities of the said Comi)any, may he made in any of the
incorporated banks in the city and county of Philadelphia.
Sect. 6. That so much of any act relating to the said Company
as is hereby altered or supplied, be, and the same is hereby
rej)ealed.
Sect. 7. That no pei-son shall l)e allowed to vote by proxy at
any election of said Corporation, and no stock which Is hypothe-
cated, shall entitle the holder thereof to vote at any such
elections.
JAMES ROSS SXOWDEX, Speaker
Of the House of Repnsentcitii'es.
JOHN STROHM, Speaker
Of the Se)iaie.
Approved the sixth day of April, one thousand eight hundred
and fortv-two.
DAVID R. PORTER.
A FURTHER SUPPLEMENT
To the Act entitled "An Act to Incorporate the Insurance Company of North
America."
Section 1. Be it emicfed by the Semite and House of Representa-
tives of the Commonwealth of Pennsylvania, m General Assembly md ,
and it is hereby enacted by the authority of the same, That the In-
surance Company of North America be, and they are hereljy
Directors Increased to authorized to increase the number of Directors of the said Corn-
twenty.
])anv to twenty.
FINDLEY PATTERSON, Speaker
Of the House of Representatives.
WILLIAM P. AVILCOX, Speaker
Of the Senate.
Approved the eleventh day of February, one thousand eight
hundred and forty-five.
FRS. R. SHUNK.
INSURANCE COMPANY OF NORTH AMERICA. 159
A FURTHER SUPPLEMENT
To the Act entitled "An Act to Incorporate the Subscribers to the Insurance Com-
pany of North America."
Whereas the President and Directors of the Insurance Com-
pany of North America, are desirous to be permitted to increase
their capital stock, and restore the par vakxe of the shares of
their stock to tlie original amount and value. Therefore,
Section 1. Beit enacted by the Senate and House of Representa-
tives of the Commonwealth of Pennsylvania, in General Assembly met,
and it is hereby enacted by the authority of the same. That it shall
be lawful for the said Insurance Company of North America,
whenever a majority of the Stockholders, at any meeting
regularly convened, shall deem it expedient, and express their
assent thereto, to increase the capital stock of the said Company increase of capital
to the sum of five hundred thousand dollars, and the par value par value of shares'|?o.
of the shares of said stock to ten dollars each : Provided, That
the amount of the effective funds of the said Company, shall be
equal to five hundred thousand dollai-s beyond reservations and
claims for existing business, and be invested and set apart as
their capital.
Sect. 2. That so much of any act relating to the said Company
as is hereby affected, altered, or supplied, be, and the same is
hereby repealed.
J. S. McCALMONT, Speaker
Of the House of Representatives.
V. BEST, Speaker
Of the Senate.
Approved the eighth day of May, one thousand eight hundred
and fifty.
WM. F. JOHNSTON.
A FURTHER SUPPLEMENT
To the Act entitled "An Act to Incorporate the Subscribers to the Insurance Com-
pany of North America."
Section 1. Be it enacted by the Senate and House of Representa-
tives of the Commonwealth of Pennsylvania, in General Assembly met,
and it is hereby enacted by the authority of the same, That the Presi-
dent and Directors of the Insurance Company of North America
be, and they are hereby authorized and empowered to appoint
160 A HISTORY OF THE
agents or officers to effect insurances in any of the other States
of the Union, or without its Umits, and that contracts of insur-
ance etfected by such agents or officers, shall be as valid and
binding as if the same were effected by the President and
Directors aforesaid, in the State of Pennsylvania, and the said
Insurance Company of North America shall have all the other
powers and privileges conferred on or exercised by the Union
Mutual and Delaware Mutual Safety Insurance Companies, of
Philadelphia.
E. B. CHASE, Speaker
Of the House of Representatives.
M. McCASLIN, Speaker
Of the Senate.
Approved the twenty-seventh day of February, one thousand
eight hundred and fifty-four.
WM. BIGLER.
A FURTHER SUPPLEMENT
To an Act entiUed "An Act to Incorporate the Subscribers to the Insurance Com-
pany of North America."
Section 1. Be it enacted by the Senate and House of Representa-
tives of the Commomvealth of Pennsylvania, in General Assembly met,
and it is hereby enacted by the authority of the same. That it shall be
lawful for the said Insurance Company of North America,
whenever a majority of the Stockholders at any meeting
regularly convened shall deem it expedient and express their
assent thereto, to increase the capital stock of the said Company
to the sum of one million dollars; the par value of the shares
of the said stock to twenty (20) dollars : Provided, That the said
amount of one million dollars beyond reservations and claims
for existing business shall be invested and set apart as the capital
of the Company.
Sect. 2. Tliat the stated meetings of the Board of Directors
shall be held once every month, and occasional meetings at such
other times as the President shall think proper.
Sect. 3. The officers of the Company, or any of them, when
authorized by the Board of Directors, shall have full power and
authority in the name and on behalf of the (Corporation, to
make all kinds of marine insurance, all kinds of insurance by
INSURANCE COMPANY OF NORTH AMERICA. 161
inland transportation, all kinds of insurance against fire, in city,
town and country, upon the life or lives of any person or persons,
and to lend money upon bottomry and respondentia, and
generally to transact and perform all the business relating to the
objects aforesaid, but the said officers shall always act in con-
formity to such regulations as the Directors may prescribe.
Sect. -i. That so much of any Act relating to the said Com-
pany as is hereby affected, altered or supplied, be and the same
is hereby repealed.
JAMES H. WEBB, Speaker
Of the House of Representatives.
WILLIAM H. WALLACE, Spedker
Of the Senate.
Approved the fourteenth day of March, Anno Domini one
thousand eight hundred and seventy-one.
JNO. W. GEARY.
EXTRACT
From an Act entitled "A Supploineiit to an Act entitled 'An Act to Establish an
" Insurance Department,' approved the fourth day of April, one thousand
"eight hundred and seventy-three, providing for the incorporation and regu-
"lation of Insurance Companies, and relating to Insurance Agents and Brokers
"and to Foreign Insurance Couipanies."
Section 27. Any existing fire or fire and marine insurance
company, and any stock company formed under this act, may
at any time increase the amount of its capital stock, if authorized
so to do by the stockholdei's holding the larger amount in value
of the stock, at a meeting specially called for that purpose, of
which at least sixty days' previous public notice shall have been
given. At such meeting of the stockholders and at all other
meetings thereof, each stockholder shall be entitled to cast either
in person or by proxy, subject to such regulations, as to voting
by proxy, as the by-laws of the company may prescribe, one vote
for each sliare of stock that shall have stood in his or her name
on the b()f)ks of the company for at least three inonths previous
thereto, increase of capital stock as aforesaid may be made by
11
162 A HISTORY OF THE
increasing the numher of the share? of stock or by increasing
the par vakie of the same, and such increased shares or increased
par vahie shall be allotted ^^/-o rata to the stockholder of said
company according to their interest, and may be paid in whole
or in part out of the accumulated reserve of the company in case
the condition of the company warrants such allotments, or the
same may be disposed of as is pro\'ided in this act for the organi-
zation of stock companies. Xo portion of the funds of a
company shall be regarded as accumulated reserve sul)ject to
allotment under this section, except such amounts as may
remain after charging the entire amount of premium receipts on
undetermined policies in addition to capital stock and all other
lialnlities, before any such company as aforesaid shall be author-
ized to increase its capital stock as herein pro\-ided, it shall file
with the Insurance Commissioner a certificate setting forth the
amount and manner of such desired increase and the proceed-
ings of the stockholders authorizing the same, and thereafter
such company shall be entitled to have the increased amount of
capital fixed by said certificate, and the examination of securities
composing the capital stock thus increased shall be made in the
same manner as is pro\-ided in this act for capital stock originally
paid in. Wlienever any existing fire or fire and marine insurance
company shall, by a resolution of its board of directors, accept
of the pro^•isions of this section of this act as a part of the
charter of the said company, and a duly certified copy of such
resolution shall have been filed in the office of the Insurance
Commissioner, the charter of said company shall be deemed and
taken to have been amended by the addition thereto of this
section, which shall have the same force and effect as if a part of
the company's original charter or constituting a supplement
thereto.
SAMUEL F. PATTERSOX, Speaker
Of the House of Representatives.
JOHN LATTA. President
Of the Senate.
Approved the first day of May, Anno Domini one thousand
eight hundred and seventy-six.
J. F. HARTRANFT.
Approved and adopted l\v the stockholders at a meeting held
the tenth day of July, one thousand eight liundred and seventy-
six.
MATTHIAS MARIS,
Secretary.
INSURANCE COMPANY OF NORTH AMERICA. 163
6.
Maeine Busijstess by Decades.
Premiums. Losses.
1 'DTcSer^Ts^,} ''304,637 48 1,583,830 47
1 January, 1813 1 33 5^^ (,^^
1 December, 1822,) ' '
1 January, 1823 | jg ^gg ^^ 33^ ,3-^ -^
1 December, 1832,) '
1 January, 1833, | 428,584 16 358,332 78
I December, 1842,) ^
1 January, 1843 > 2,855,189 98 2,153,079 9G
31 December, 1852,)
1 January, 1853, 7 3,102,440 79 2,866,197 28
31 December, 1862,) ' ' ' '
1 January, 1863 \ 6,082,496 86 4,582,561 37
31 December, 1872,) ' ' ' '
1 January, 1873, ) 16,862,964 89 14,281,263 72
31 December, 1882,) ' ' ' '
$37,170,673 87 $31,890,267 7S
1883 and 1884, 3,032,960 49 2,012,928 49
3
3
3
3
$40,203,634 36 $33,903,196 27
164
A HISTORY OF THE
i.
Fire Busixess by Decades.
15 December. ITSU,
31 December. 1802.
1 Januar\ . iSOo.
31 December, 1812,
1 January, 1813,
31 December, 1822.
1 January. 1823,
31 December. 1832.
1 Januarv, 1833,
31 December, 1842.
1 Jauuary. 1843,
31 December. 1852.
1 Jauuary. 1853,
31 December. 1862,
1 Januarv. 1863.
31 Decfnii)er, 18T2.
1 Januarv. 1^73.
31 December. 1882.
Premiums.
$81,253 76
98,647 95
69,224 20
61,639 33
114,326 34
554,267 08
1,138,164 24
8,687,020 03
15.516,731 90
$26,321,274 83
1883 ami 1884, 4,482,661 29
$30,803,936 12
Losses.
$30, lie, 59
23.878 30
1,569 44
17,973 87
78,948 27
382,407 43
424,448 32
5,193,242 87
X, 7(11. 920 24
§14,854,500 33
2,768,244 74
$17,622,745 07
INSURANCE COMPANY OF NORTH AMERICA. 165
8.
List of Early Philadelphia Underwriters.
Names of some of the early Philadelphia Underwriters on Policies
issued from the offices of Joseph Saunders, Thomas Wharton, Walter
Shee, and Kidd & Bradford.
I am indebted to Mr. C. R. Hildeburn for many of these policies.
Those of Kidd & Bradford's clients are derived from their books as
enumerated in Mr. Wallace's Table of Gontenta of Colonel Bradford's
papers in possession of the Historical Society of Pennsylvania, Philadel-
phia, 1878.
Aspden, Mathias
Bache, Theophylact and Richard
Baynton, John
Baynton & Wharton
Bell, John
Benezet, Philip
Beveridge, David
Bright & Bechin
Bringhurst,
Bryan, George
Caldwell, Andrew
Chalmers, James
Chevalier, John and Peter
Child & Stiles
Clark, Daniel
Conyngham & Nesbitt
Cox, Isaac
Coxe, William
Davis, William
Emlen, George, Jr.
Emlen, George & Caleb
Emlen k Wai'der
Evans, William
Francis, Tench
Francis & Relfe
Franks, David
Harrison, Henrj-
Harvey, William
Hicks, Augustus, 1749.
Hodge & Bayard
Howell, Samuel, & Sou
Hughes, John
166
A HISTORY OF THE
James & Drinker
Jones, Aquilla
Jones, Charles
Judah, Abraham
Kelly, William
Lightfoot, Thomas & William
Lev}', Isaac
McCall, Archibald, 1749.
McCall, Samuel, 1749.
MeClanachan, Blair
McMurtrie, David
McMurtrie, William, & Co.
Mease, John
Mease, Mathew
Mease & Caldwell
Meredith, Reese
Mifflin, John, 1749.
Mifflin & Massey
Mifflin, Samuel
Moore, Philip
Moore, William
Morris, Robert
Morton, John
Nesbitt, John M.
Nixon, John
Oldman, Samuel
Pemberton & Edwards
Pringle, John
Purviance, Samuel
Reed & Pettit
Riche, Thomas
Robinson & Reynolds
Ross, John
Rundle, Daniel
Scott & McMichael
Shee, John
Smith, George
Stedman, Charles, & Co.
Stocker, Anthony
Strettell, Amos
Warder, Jeremiah
White, Townsend
Wilcocks, John
Willing, Morris & Co.
Willing, Thomas, and Company
Yorke, Dennis
Yorke, Thomas
John Alsop and James Jauncey, of New York, also underwrote in
Kidd & Bradford's office.
One of Joseph Saunders' policies of 1749 follows; the written portion
is given in small capitals. The endorsement (also written) gives the
record in Mr. Saunders' book, vide p. 1 7.
INSURANCE COMPANY OF NORTH AMERICA. 167
9.
A Philadelphia Marine Policy of 1749.
In the name of GOD, Jmen, I John Kidd of the City of Philadelphia,
Merchant have made Aflurance, and caufe to be allured (Loll or not Loft) at
and from the Port of Philadelphia to London upon all kind of lawful
Goods, Cash or Merchandize, laden or to be laden upon the good Ship called
the Griffin of the Burthen of Tons, or thereabouts, whereof is Mafter
under GOD, for this prefent voyage Joseph Arthur or whofoever elfe fhall go
for Mafter in the faid Ship, or by whatfoever other Name or Names the fame
Ship, or the Mafter thereof, is, or shall be named or called, beginning the
Adventure upon the faid lawful Goods or Merchandize, at and from the
Port of Philadelphia aforefaid and fo lliall continue and endure until the
faid Goods and Merchandizes fhall be fafely landed at London aforefaid. And
it fhall and may be lawful for the faid Ship, in her Voyage, to proceed
and fail to, touch and ftay at any Ports or Places, if thereunto obliged by
ftrefs of Weather, or other unavoidable Accident, without Prejudice to this
Infurance. Touching the Adventures and Perils, which we the Affurers
are contented to bear, and do take upon us in this Voyage, they are, of
the Seas, Men of War, Fires, Enemies, Pirates, Rovers, Thieves, Jettefons,
Letters of Mart and Counter Mart, Surprifals, Taking at Sea, Arrests, Restraints
and Detainments of all Kings, Princes or People of zohat Nation, Condition or
Quality foever, Baratry of the Mafter and Mariners, and all other Perils, Loffes,
and Misfortunes, that have or fhall come to the Hurt, Detriment or Damage of
the faid Goods or Merchandize or to any Part thereof. And in case of any
Loffes or Misfortunes, it (hall be lawful to and for the AiTured Factors,
Servants and Affigns, to fue, labour and travel for, in and about the Defence,
Safeguard and Recovery of the faid Goods and Merchandize, or any Part thereof,
without Prejudice to this Infurance; to the Charges whereof we the Affurers
will contribute each one, according to the Rate and Quantity of his fum herein
afTured. And it is agreed by us the Affurers that this Writing or Policy of
Affurance, shall be of as much Force and Effect, as the fureft Writing or Policy
of Affurance heretofore made in Lombard-Street, or elsewhere in LONDON,
and fo we the affurers are contented, and do hereby promife and bind ourfelves
168 A HISTORY OF THE
each one for his own Part, our Heirs, Executors and Goods, to the Allured their
Executors, Adminiilrators and Affigns, for the true Performance of the Premiifes,
confefling ourfelves paid the Confideration due unto us for this Affurance, by the
faid AfTured or his Afligns, at four ^ Cent.
In IVttnefs Whereof, WE the Alfurers have fubicribed our Names and fums
Aflured in Philadelphia, the Twenty-fifth Day of April, one Thoufand
Seven Hundred and Forty-MNE.
Memorandum. // is agreed by and between the Affured and AJjfurers, that in Cafe
of any Lofs above Five per Cent., there Jhall be no Abatement. But that in
Cafe of any Average Lofs not exceeding Five Pounds per Cent., the Affurers,
by Agreement, are not to pay or allow any Thing towards fuch Lofs.
It is further agreed. That if any Difpute Jhall arife, relating to a Lofs on this
POLICT, it Jhall be referred to two indifferent Perfons, one to be chofen by the
Affured, the other hy the Affurer or Affurers, who Jhall have full Power to
adjujl the fame ; but in Cafe they cannot agree, then fuch two Perfons Jhall
chufe a Third, and any two of them agreeing, Jhall be obligatory to both
Parties.
It is agreed afso between the Ajjured and Affurers, That in Cafe of Lofs the Money
Jhall not be paid until the Expiration of three Months after Proof is made
of the fame.
£200. Two Hundred Pounds, John Mifflin.
£100. One Hundred Pounds, Sam: M'Call, Jun'.
£50. Fifty Pounds, Aug' Hicks.
£100. One Hundred Pounds for Arch' M'Call — Sa.vi : M'Call, Jun'.
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his residence, 78.
N. & J., insurance brokers, 26.
French Spoliations, claims thereunder, 52-58.
Friendly Sons of St. Patrick, Mr. Nesbitt member
ol, 93.
Fritz, Frederick, first agent at Reading, Pa., 67.
Fry, John, Jr., a Director, 129.
on committee to wait on Secretary of
State, 53.
to arrange claims, 54.
to consider fire insur-
ance, 61.
to consider life insur-
ance policies, 73.
Frye, Senator, introduces Frencli Spoliation bill
in Senate, 58.
Fryer, Greville E., Assistant Secretary and Secre-
tary, 126. '
Garrigdes, William, fire surveyor appointed, 62.
Garrisim, John, purchaser of Company's property,
89.
Germantown, Company moves to, in yellow fever
season, S3, 84.
Girard College, Mr. Coffin director in, 120.
Graydon, Alexander, son-in-law of Col. Pettit, 114.
Greene, General, Charles Pettit Assistant Quarter-
master General to, 110.
Greensburg, Pa., first ajjeucy at, 66.
Green Tree Insurance Company. (See Mutual
Assurance Company.)
Griscom, Mrs., her scliool at Clermont, 78.
Guardians of the Poor, Mr. Hazard member of, 106.
Hand-in-Hand Fire Company, 28, 30.
Insuiance Company. (See Contri-
butionship, Philadelphia.)
Harbert, Lawrence, second fire policy issued to, 62.
Hardit's Tavern, Mutual Assurance Company meets
there, 87.
Hairison, George L., a Director, 122, 130.
Henry, an early Philadelphia under-
writer, 24.
Thomas, seeks insurance in Pliiladelphia,
19.
Hartshorne, William, son-in-law of Joseph Saun-
ders, 19.
Harvard College, Mr. Coffin at, 118.
Havens & Smith, Mr. Cotfin bookkeeper to, 118.
Hay, Jacob, first agent at Yorktown, Pa., 66.
Hazard, Anna, dies of yellow fever. 102.
Ebenezer, friend of Mr. Blodget, 10.
receives subscriptio.is to Com-
liany at his house, 12.
is chosen Secretary, 35.
writes the first policy, 47.
Col. Pettit an intimate friend
of, 112.
sketch of his life, 96-107.
Erakine, son of Ebenezer, 107.
Samuel, father of Ebenezer, 96.
Samuel, Jr., son of Ebenezer, 100, 107.
Thomas, ancestor of Ebenezer, 96.
Willis P., grandson of Ebenezer, 107.
Heath, Cliarles V., fire insurance clerk, 85.
Heath's Mansion House, Mutual Assurance Com-
pany meets there, 87.
Henry, Alexander, a Director, 130.
visits Hariisburg on charter
amendments, 45.
addresses Board on extension of
business, (15.
friend of Cul. Pettit, 113.
T. Charlton, Vice-President of Company,
125.
descendant of Col. Pettit, 113.
Hewlings, Sarali, marries John luskeep, 117.
Hibernia Fire Company, 21, 28.
Hibernia Socieiy, successor to the Friendly Sons of
St. Patrick, 94.
Hicks, Augustus, an early Philadelphia under-
writer, 19.
Historical Society of Massachusetts, Mr. Hazard
member of, 106.
New York, Mr. Hazard
member of, 106.
Pennsylvania, its file of
underwriters' MSS.,26.
Hoar, Senator, introduces French Spoliation bill
in Senate, 57.
Hobart, Robeit E., insurance broker, 27.
Holker, John, applies for life i)olicy, 73.
Hollinshead, Forman P., A.ssistant Secretary, 126.
Holmes, E|diraini, first agent at Briilgcton, N. J.,65.
" Hopewell," not insured by William Penn, 14.
172
A HISTORY OF THE
Hopkinson, Francis, member of Hiinii-in-Ha:ul
Fire Company, 30.
House of Refuge, Jlr. Cotlin nutnager of, 120.
Howard, Thomas, first agent at Riclimond, Ind., 66.
Hubbell. Capt. Samuel, insures against capture by
pirates, 72.
Hunt, Jesse, first agent at Cincinnati, 66.
In"ckxi)1.vi;i.-m. Reward oftered for apprehension, 64.
Independence Hall, meeting of Tontine subscribers
at, 11.
the Company here organized, is.
Ingersoll, .Tared, marine polic.v submitted to, 49.
executor of General Reed's will, 1 1 :!.
marries daughter of Col. Pettit,
114.
Inskeep, Abraham H., son of President Inskeep,
117.
John, President, sketch of his life, 116, 117.
visits Harrisburgon charter amend-
ments, 44.
John, of Bradford ondon, 67, 68.
of New York, 60.
Royal, its Philadelphia office, 91.
State of Pennsylvania, origin of, 43.
incorporation, 44.
conferred with on claims
against France, 54.
ISSUR.\NCE COMP.VME,s:
State of Pennsylvania, U. I). Sherrerd, Presi-
dent of, 126.
references to, 60, 86.
Sun Mutual, New York, 60.
fnion, incorporation, 44, 115.
references to, 60, 65. 87, 160.
United, New York, 60.
United States, 59, 87.
Washington, 156.
Washington Mutual, New York, no.
J.v.MEs & Drinker, early IMiiladelphia under-
writers, 24.
Jennings, John, first Cleik of the Green Tree, 32,
34.
Jones, .\quila, early Philadelphia underwriter, 24.
Samuel W., a Director, 130, 135.
on building committee, 1851, 90.
Capt.William, first President American Fire,
87.
Judah, .A^hraham, early Philadelpliia underwriter,
lM.
Ke.\x, Mrs. Marj', rents Company an office in yel-
low fever season, 83.
Keim, George, has the first Reading policies, 67.
Keimer, S., publishes Mr. Rawle's book, 1725, 15.
Kidd & Bradford's insurance office, 21, 22, 26.
John, his policy from Joseph Saunders' office,
19.
an early Philadelphia underwi-iter, 2.3.
Knox, General, appoints Mr. Hazard one of ap-
praisers on West Point, 100.
L.VTIMER, George, President of the Union Insur-
ance Company, 115.
Leamy, John, member of the first Board, 13.
on coininiltee to ]>rovide offices, 36.
on committee to wait on the .Senate,
36.
the third policy issued to him, 47.
President Marine and Fire Insurance
Company, 87.
Lee, Peter, first agent at Washington, Pa.. 66.
Lewis, David, President Phceni.x Insurance Com-
pany, 20, 8(1.
his residence, 77.
Mordecai, son-in-law of Josepli Saunders,
l;p.
his residence, 78.
Lexington, Ky., to extend fire business tliere, 65.
the fii-st .igency at, 66.
Levy, Moses, sells his residence to American Fire
Insurance Company, 87.
Lightfoot, Thomas and William, early under-
writers, 24.
Life l)usiness of the Company, 72-74.
Lines on marine risks, .52.
Livingston, Gov. William, Col. Pettit aiile-de-carap
to, 109.
Logan, James, on William I'cnn's insurances, 14.
of Stenton, 20.
his daughter marries Hon. John
Smith, 30,
INSURANCE COMPANY OF NORTH AMERICA. 173
London, the great fire of 1748, 31.
Coffee House tit I'hiladeliiliia, 21.
Loss, first marine, 48.
Lottery tickets insured, IS.
Louisville, Ky., tbe first agency at, 66.
AlACKlE, Thomas, the Company rents its first office
of, 36.
Magdalen Society, Mr. Coffin manager of, 12U.
" Margarita," brig, third policy issued on, 47.
Marine business of the Company, 47-6(1.
policy drafted, 36.
Maris, Matthias, Secretary, 126.
Masson, A., builder of Company's building, 18.'>1 , 'JO.
McCall, Archibald, a director, 131.
an early underwriter, I'J.
becomes director in the State of
Pennsylvania, 44.
Samuel, Jr., an early underwriter, 19.
Thomas, first agent at Lexington, Ky., 66.
McConnell. Matthew, member of the first Board, 12.
on Tontine Committee, 11.
McCoy, John, first agent at ChiUicothe, O., 66.
McBowell, John, first agent at Stcubenville, O., 66.
McKeever, Capt. John, rents his building to Com-
pany, 8.5.
McMurtrie, AVilliani, a Director, 13].
on committee to consider poli-
cies against pii-acy, 72.
Meade, George, applies for life insurance, 74.
Mease, Dr. James, rents office from Company, 82.
Merchants' Fund, Mr. Coffin manager of, 12ii.
Meredith, Jonathan, an early underwriter, 19.
Reese, his wharf, 17.
William, the Company buys his properly,
86.
Mifflin, John, an early underwriter, 19, 24.
owner of first office of Company, 36.
Samuel, an early underwriter, 24.
Miller, Magnu-s, member of first Board, 12.
on committee to prepare talde of
lates, 36.
on committee to wait on the Gover-
nor, 36.
Montgomery, Thomas H., elected treasurer, 126.
Moore, Thomas L., member of first I'oard. 12.
on committee to jirovide offices.
456.
on committee to wait on Senate,
36.
William, an early underwriter, 21.
Morris, Koliert, an early underwriter, 23.
organizes Bank of North America,
95.
Joseph Ball interested in liis finan-
cial plans, 115.
Thomas, son-in-law of Joseph Saunders, li).
Morse, Samuel, F. B., related to Mr. Hazard, 99.
Morton, John, his residence, 78.
Moylan, Jasjier, member of first Board, 12.
agent of the Universal Tontine, 10.
on committee to petition Legisla-
ture, 35.
on committee to wait on Gover-
nor, 36.
his residence, 77.
Murray, James, a clerk, ill, 84.
special compensation for faithful
services, 85.
Mutual Assurance Company. iSee Insurance Com-
panies.;
N.^SHVILLE, Tenn., first agency at, 66.
Neff, John R., a director, 131.
on building committee 1851, 9o.
Nesbitt, -Alexander, member of City Troop, 93.
James, legatee under Mr. Nesbitt's will, 95.
John M., agent of the Universal Tontine, 10.
suggests making the Tontine an
insurance company, 11.
memljer of the first Board, 12.
elected Presiilent, 35.
on committee to consider pro-
posals of Assembly, 78.
on committee to purchase lot and
building, 81.
his residence, 77.
sketch of his life, 93-95.
Neutrality proclamation of Washington, April,
1793, 53.
New Brunswick, N. J., first agency at, 66.
New York insurance companies, 60.
Nixon, Col. John, an early underwriter, 24.
Noel, Garrett, jiartner of Mr. Hazard, 97.
Offices of the Company, 77-91.
hours adopted, 51.
Oldman, Samuel, an early underwriter, 24.
Otis, Samuel A., correspondent of Mr. llasard, lol.
Owen, Robert, second clerk of the Contribution-
ship, 18.
P.^LMER, John B., treasurer Mutual Assurance
Company, 87.
Pancoast, Mary, marries John Saunders, 19,
Paschall, Benjamin, his Second street building, 86.
Peale, Charles, W., jiaints Col. IVttit's portrait, 114.
Pembcrton, Rev. Ebenezer, married Mr. Hazani's
parents, 96.
Israel, his residence, 17.
James, 17.
Penn, William, insurances on his ve.s.sels, 14.
Pennell, Joseph, etches first office building, 77.
I'ennsylvania Company lor Insurance on Lives
organizeil, 74.
Perpetual policies authorized, 70.
Peters, Richard, anecdote of, 94.
executor of Mr. Nesbitfs will, 95.
Pettit, Andrew, a ilirector, 113, 114, 132.
Col. Charles, member of first Board, 12.
on committee to prepare table
of premiums, 36.
on committee to wait on Ilmise,
36.
on committee to wait on
Assembly members, 41.
on committee to consider i)ro-
l)osals of A.s.seml)ly, 78.
on committee to purchase lot
or building, 81.
sketch of his life. 109-114.
John, father of Charles. 109.
Pierce, President, vetoes French Spoliation liill. 57.
174
A HISTORY OF THE
Philips, John, receives subscriptions to the Green
Tree, 32.
Phillip's Academy, Mr. Coffin pupil at, 118.
PhiloMjphical Society, American, Mr. Hazard cura-
tor of, 106.
Platl, Charles, sketch of his life, 121, 122.
William, & Sons, 121.
William A., Second Vice-President, 126.
Pleasants, Israel, President United States Insurance
Company, 87.
Point-no- Point road, Mr. Ball's residence on, 115.
Policy, marine, drafted, 36.
first issued, 36.
first fire, issuenerian, Secord, Church, of Philadelphia, Mr.
Hazard memler of, 105.
Presbyterian, Fitst, Church, of New York, Mr.
Hazard memt-er of, ia5.
Price's tables for life insurance employed by Com-
pany, 74.
Princeton College, Mr. Hazard graduate of, 97.
Proposals for fire insurance prepared, 61.
distributed through the city, 63.
Protection to projierty at fire-, society for, 65.
Ptxrviauce, Samuel, an early underwriter, 24.
Ealstox, Robert, a Director, 132.
on committee to memorialise
Delaware Legislature, 38.
on committee to wait on
Assemliiy members, 41.
on committee to wait on Secre-
tar>- of State, 5.X
on committee to arrange claims,
54.
Secretary writes him of removal
of office, 83.
his residence, 78.
bis wife a cousin of Mr. Hazard,
104.
Bandolph, Joseph, first jiresident of African Insur-
ance Company, 88.
Kawle, Francis, suggests insurance offices, 16.
Bead, Jame:;, a Director. 132.
on comiiiitioe on extension of fire
business, CC.
Reading, Pa., first agency al, 66, 67.
Redwood, William, son-in-law of Joseph Saunders,
19.
Reed, Andrew, daughter marries Col. Pettit, 113.
Gen. Josepli. C«.>1. Pittit executor of, 113.
& Pettit, eaily undei-wiiters, 24, 113.
Reeve, Hannah, marries Joseph Saunders, 19.
Peter, an early underwriter, 24.
Reeves, Charles II., As.sistant Secretarj-, 126.
R»ily, John, insures lottery tickets, 18.
Remsen. Henry, of Xew York, writes Mr. Hazard
on life insurance, 74.
Respondentia, loans on, 52.
Reward for detection of incendiari.sm, 64.
Richards, Benj. W., Mayor of Pliilailelphia, 116.
Riche', Thomas, his policy in Wharton's office, 20.
Sliee's office, 21.
Richmond, Ind., first agent at, 06.
Ritchie & Co , of Canton, Mr. Piatt in their house,
121.
James S., witness to Mr. Xesbitt's will, 95.
Rockwood, Ebenezer, marries Elizabeth Hazard,
107.
Ross, Andrew, first agent at Washington, D. C, 66.
John, member of first Board, 12.
on committee to prepare table of pre-
miums, 36.
to provide offices, 36.
to wait on House, 36
owner of Custom House building, 77.
Rules for conducting marine business adopted, 49.
Rush, Benjamin, M. D., member of Hand-in-Hand
Fire Company, 30.
St. Asdrew's Church, Mr. Coffin warden of, 120.
St. Patrick, Friendly Sons of, 93.
St. Paul's Church lottery tickets insured, 18.
Sansom, William, a Director, 79.
purchases the Hazard mansion,
100.
Saunders, Joseph, his insurance offices, 17-19.
first clerk of the Coutribution-
sliip, 13.
sketch of his life, 19.
Saving Fund Society of Philadelphia, its building,
91.
Schuylkill Navigation Company, Mr. Hazard,
author of proposals for, 106.
Scott & McMichael, early underwriters, 24.
Seal of Company adopted, 49.
Seamen's Friend Society, Mr. Coffin manager of, 121.
Sergeant, Jonathan D., classmate of Mr. Hazard. 97.
Sherrerd, Henry D., Secretary of the Company, 126.
Shoemaker &. Berrett, insurance brokers, 27.
Jacob, insurance broker, 27.
Shnte, Attwood, an early underwriter, 23.
Shee, Bertles, associated with his brother, 21.
Walter, insurance ollice, 2o.
Simpson, Henry, his Lives of Eminent Philadel-
phians,94.
Smith, John, his MS. journal, 17.
founder of Contributionship, 29-31.
John C, sketch of his life, 117-118.
liobert, a Director, 133.
on committee to wait on Secretary
of State. 53.
Samuel, historian of Kew Jersey, 29.
Samuoi F., President Philndeipliia Bank, 118.
Widow, Van Dam's office in her house, 22.
William, M. D., father of John C, 117.
William, D. D., Provost, father-in-law of
Samuel Blodget, 10, 108.
INSURANCE COMPANY OF NORTH AMERICA. 175
Smith, William, D.D., Provost, memberoftheHand-
In-Hand Fire Company, 30.
Spanish captures, 58.
Stedman, Alexander, an early underwriter, 23.
Cliarles, an early underwriter, 23.
Stephens, Robert L., Secretary, 105.
reports to Stockholders, 68.
remains in city during yellow
fever, 84.
additional compensation for
faithful services, 85.
Steubenville, O., first agency at, 66.
Stewart, General Walter, agent of the universal
Tontine, 10.
member of first Board
of Directors, 12.
on committee to petition
Legislature, 35, 36.
on committee to petition
Delaware Legisla-
ture, 38.
on committee to wait on
Assembly members,
41.
Stockholders, list of original, 137-146.
Strettell, Amos, an early underwriter, 24.
Stuart, Gilbert, paints Col. Pettit's portrait, 114.
Swanwick, John, member of first Board, 13.
on committee to consider fire in-
surance, 61.
Symonds, M., her store on Chestnut street, 18.
T.\TE, William, first agent at Nashville, 66.
Taylor, James, a Director, 133.
on committee on extension of busi-
ness, 65.
John, insurance liroker, 27.
Robert, son-in-law of Mr. Inskeep, 117.
Tennent, Rev. Gilbert, baptizes Mr. Hazard, 96, 97.
Term Insurance, fire, rates for, 62.
Thomson, Charles, writes about Mr. Hazard, 100.
his translation of bible revised
by Mr. Hazard, 105.
Tilghman, Chief Justice, member of the Hand-in-
Hand Fire Company, 30.
William, marine policy submitted to, 49.
Todd, Alexander, leases office from Company, 81.
Tontine, Boston, 9.
Universal, 9-11.
changed into Insurance Com-
pany, 11.
Tousard, Colonel, applies for life insurance, 73.
Trenton, N. J., agency at, 65.
Troop, First City, Mr. Nesbitt member of, 93.
Underwriters, early Philadelphia, their number
39.
list of, 165, 166.
Underwriting, early fire, in Philadelphia, 28-34.
early marine, in Philadelphia, 14-27.
referred to in petitions to Assembly,
37, 39, 42.
Union Benevolent Association, Mr. Coffin manager
of, 120.
University of Pennsylvania, Dr. Smith provost of,
108.
Mr. Piatt alumnus of,
121.
V.4JJ Dam, Anthony, of New York, his insurance
office, 22.
Vaux, Mrs. George, owns the Hazard property, 79,
101.
Vermilye, Thomas, Esq., D. D., son-in-law of Mr.
Hazard, 107.
Walker, Alexander M., Assistant Secretary, 126.
Washington, General, his letter to Judge Peters, 94.
Mr. Hazard's address to, 103.
Mr. Blodget on his staflT, 107.
D. C, founded by Mr. Blodget, 108.
first agent at, 65.
Pa., first agency at, 66.
Watson, John F., rents office after Company, 86.
Wells & Morris, fire policy No. 7 issued to, 03.
West, Francis, a Director, 134.
his residence, 7S.
executor to Mr. Nesbitfs will, 95.
Westcott, Thompson, account of the Hand-in-Hand-
Fire Company, 30.
Wharton, Isaac, insurance broker, 20.
his office, 77.
Robert, receives applications for Green
Tree, 87.
Samuel Lewis, insurance broker, 20.
Thomas, insurance office, 19.
and Isaac, insurance office, 20.
and John, insurance brokers,
20, 88.
Wheeler, Gerv'ase, architect of Company's build-
ing, 1851, 90.
Wheeling, W. Va., fii-st agency at, 66.
White, Bishop, member of Hand-in-Hand Fire
Company, 30.
pays additional premium for plant-
ing trees, 33.
Col. Thomas, his letter to Thomas Harri-
son, 19.
Whitefield, Rev. George, organizes Second Presby-
terian Church, 98.
AVhitesides, John, fire policy No. 6 issued to, 62.
Wilcocks, John, an early underwriter, 24.
Williams, Gen. Jonathan, friend of Col. Pettit, 112.
writes his obituary, 113.
Willing, Morris & Co., early underwriters, 24.
Thomas, an early underwriter, 23.
& Co., early underwriters, 23.
Wilson, Hon. James, member of Haud-in-Hand
Fire Company, 30.
Womrath, Mr., purchases the Hazard property, 79,
101.
Yellow fever in Philadelphia, and office ari-ange-
ments, 78-80, 83, 84, 101.
Yorktown, Pa., first agency at, 66.
Young, Samuel, first Surveyor of Company, 47.
V
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