Our Firemen, The History of the NY Fire Departments
Chapter 54, Part 2
By Holice and Debbie
In May, 1819, rates appeared to have stirred up the Salamanders, for the following was adopted on motion of Mr. Printard, of the Globe: "That a committee of five be appointed to revise the preset rates of premium, and the regulation of the Fire Insurance companies with a view to have the same printed, and the said committee report at the next meeting." The committee consisted of Messrs. Laight, Eagle; Pintard, Mutual; Underhill, Fulton; Harris, Washington; and Lawrence, Merchants'. August 6th, a report on rates and long term policies was made. In it the following:
Say the premium or one year is $100
By this calculation a person insuring for 7 years, #100 yearly premium, would pay $576.75, whereas by the present rate he pays $600.
The committee therefore recommended tht the following discounts should be allowed, which are, fractions excluded, in conformity with the above principle, viz.: for two years, 3-1/2 per cent; three years, 7 per cent; four years, 9-1/2 per cent; five years, 12-1/2 per cent; six years, 15 per cent; 7 years, 17-1/2 per cent.
Insurance made for a shorter term than one year will be charged as follows:
For nine months, 7/8 of the annual premium.
Transcribed by Holice B. Young
HTML by Debbie
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