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
A present payment of 98.45-$100 payable I year hence.
A present payment of 87.34-$100 payable 2 years hence.
A present payment of $81.62-$100 payable 3 years hence.
A present payment of $76.28-$100 payable 4 years hence.
A present payment of $71.29-$100 payable 5 years hence.
A present payment of $66.33-$100 payable 6 years hence.

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.
For six month 3/4 of the annual premium.
For five months, 2.3 of the annual premium.
For three months 1/2 of the annual premium.
For two months 2.5 of the annual premium.
For one month 1.3 of the annual premium.
The classes of hazards and rate of insurance were:

 

-

Addition to rate of House.

Special Premium.

Apothecaries

25

-

Bakers

37-1/2

-

Boat Builders

25

-

Booksellers (Stock only)

12-1/2

-

Bookbinders

37-1/2

-

Brick Kilns

-

75

Brownstone Works

25

-

Cabinet Makers

25

-

Carpenters

12-1/2

-

Chair makers

12-1/2

-

Confectioners

12-1/2

-

Chinaware (stock unpacked)

25

-

Chocolate Makers, with stove

12-1/2

-

Colormen (Stock only)

12-1/2

-

Coopers

25

-

Couch Makers

25

-

Chip and Straw hats

12-1/2

-

Corn in Stock

-

50

Druggists

25

-

Dyers

25

-

Flax

12-1/2

-

Founders

25

-

Farmers, Viz.:

-

-

Dwelling houses

-

50

Stables

-

75

Dead Stock therein

-

75

Live Stock therein

-

50

Stock in stacks

-

50

Glass, unpacked

25

-

Glass, in packages

12-1/2

-

Grocers

12-1/2

-

Hay in Stacks

50

-

Hemp

12-1/2

-

Houses, building or repairing

25

-

Looking-glass, in packages

12-1/2

-

Looking Glass, unpacked

25

-

Malt Houses with Kiln

50

-

Mills, viz.:

-

-

Bark Mills

-

75

Corn and Grist Mills, no kiln

-

87-1/2

Corn and Grist mills, with kiln

-

125

Cotton Mills

- -

Flour Mills

- -

Fulling Mills

-

100

Metal Mills

12-1/2

-

Oil Mills, with stove

-

150

Paper Mills, with stove

-

150

Paper Mills, no stove

-

75

Saw Mills

-

75

Snuff Mills

-

150

Woolen Mills

-

150

Transcribed by Holice B. Young

HTML by Debbie

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