To all to whom these Presents
shall come; We whose Names are
hereunto subscribed and Seals affixed do
severally send greeting. Whereas, the
Insurance of Houses from Loss by Fire hath, where the same has been
practised, proved very useful and advantagious to the Publick;
Now know Ye, that we the said Subscribers
hereunto, as well for our own mutual Security, as for the common
Security and Advantage of our Fellow-Citizens and Neighbours, and
for the Promoting of so great and public Good as the Insurance of
Houses from Loss by Fire, upon the most equal Terms, and apart from
all Views of private or separate Gain or Interest; have of our own Motion offered each to the other,
and have unanimously resolved and agreed,
and by these Presents do covenant, promise and agree for ourselves
severally and respectively, and for our several and respective
Executors, Administrators and Assigns, to form, erect and settle an
Office, Society or mutual Contributionship,
by the Name, or Stile of the Philadelphia
Contributionship, for the Insuring of Houses from Loss by
Fire; and to be and continue Contributors unto and equal Sharers in
the Losses as well as the Gains and Advantages arising, accruing
and happening in and by the same, upon the Terms and according to
the Articles and Agreements, and subject to the Provisoes and
Conditions herein after mentioned.
Imprimis, That all and every Person and Persons, now subscribing
to these Presents by him, her or themselves, or by his, her or
their Attorney or Agent, and each and every one who shall hereafter
in like Manner subscribe hereunto, or shall at any Time or Times
hereafter insure in or with this Society, or be allowed so to do;
They, and also their respective Executors, Administrators and
Assigns, being allowed to be and continue as Persons insuring in
this Society, as herein after is mentioned and provided, shall be
taken and deemed as Members thereof to all Intents and Purposes,
and shall be concluded by the Covenants and Agreements herein
contained and shall have and bear his, her and their proportionable
Part and Share of all the Profits and Advantages as well as of all
the Losses and Charges arising in and by the same, for and during
the respective Terms in his, her or their respective Policies.
2. Item, That the Direction and Management of this Society, and
all the Affairs thereof from Time to Time shall be entrusted with
and committed to twelve of the Members thereof, who shall be called
the Directors of the Philadelphia Contributionship for Insuring Houses from
Loss by Fire, and shall have full Power to act and proceed therein,
as hereinafter is more particularly provided and expressed. All and
every which Directors now chosen and appointed, and hereafter to be
chosen and appointed by Vertue and in Pursuance of these Presents,
shall not have; and they are hereby expresly debarred from having,
receiving or taking, for, upon Account or in Respect of their being
Directors, in any Manner whatsoever, any Stipend, Salary, Gratuity
or Allowance, or any Benefit, Profit or Advantage whatsoever, other
than in common and in Equality with all other the Members of this
Society in Proportion to their respective Insurances; and other
than and except the Allowances at their Monthly Meetings, or
otherwise, as herein after mentioned.
3. Item, That The Limits of Insurance shall extend Ten Miles
round Philadelphia within Pensilvania, and as much further as shall
from time to time be agreed upon at the General Meetings of the
Society. Provided, that the Proprietor of
all Houses, that are two Miles, or any greater Distance, from the
Place where the Office shall be kept, shall defray the Charge of
the Surveyor’s Journey to survey the Premises, and shall also
defray the Charge of the Directors’ Journey to estimate the Loss or
Damage, when it shall happen, and the Directors are hereby
impowered to deduct the Charges out of the Money due on such
Loss.
4. Item, That the Insurance to be made by this Society shall be
for seven Years in one Policy.
5. Item, That There shall be insured in one Policy but one House
and Kitchen, except where two or three or more small Houses stand
contiguous together, which do not together exceed the Value of
Three hundred Pounds; and except where a Stable or Coach House, or
both, stand contiguous on the same Lot of Ground with the
Dwelling-house; and in those Cases each Building to be distinctly
valued.
6. Item, That no one House shall be insured in this Society for
more than Five hundred Pounds, or such other Sum as by the General
Meetings of this Society shall be settled and appointed.
7. Item, That new, and unfinished Houses may be insured in this
Society, when tiled or shingled in; Provided the Sum insured on
them doth not exceed two thirds of the Value of such new and
unfinished House; and a Clause be inserted in the Policy, that the
same shall be void, if it appears that such unfinished House took
Fire within. But no wooden Houses built after this present Year,
nor any Sugar-house, Brew-house, Bake-house, Still-house, Coopers
or Joyners Shop, or other House or Shop wherein any of the
Hazardous Trades or Businesses following are carryed on, to wit,
Apothecaries, Chemists, Ship-Chandlers, Tallow Chandlers, Stable
Keepers, Inn-holders, Malthouses, Oyl and Colour Men, or which are
used as Stores for the following hazardous Goods, to wit, Hemp,
Flax, Tallow, Pitch, Tar, Turpentine, Hay, Straw and Fodder of all
Kinds and Corn unthrasht, shall be insured in this Office on the
Terms mentioned in the Table referred to by the 8th Article, but on
such Terms only as shall be concluded on by special Agreement with
the Directors; And no Policy shall be extended or construed to
extend to the Assurance of any Sugar House, Brew-house, Bake-house,
Still-house, Coopers or Joyner’s Shop, or other House or Shop
wherein any of the Hazardous Trades or Businesses abovementioned
are carried on, or wherein any large Quantities of the hazardous
Goods before enumerated are stored or lodged, unless the same is
expresly mentioned in the Policy, and a proportionable Deposit
paid.
8. Item, Every Person insuring shall deposit in the Hands of the
Treasurer, as a Pledge for the Performance of his Covenants, a
certain Sum for every one hundred Pounds insured, according to the
greater or less Hazard of the Building on which the same is insured
agreable to the Table hereto annexed; which Deposite Money shall be
returned to the Person or Persons so depositing it, his, her or
their Executors, Administrators or Assigns, at the Expiration of
his, her or their Respective Policies, together with a
proportionable Dividend of the Profits in the mean Time, after
Deduction of Losses and incident Charges only. Provided and it is
hereby agreed, That for the better and more certain adjusting the
Accounts of this Society, the said Deposite Money shall be demanded
within one Year next after the Expiration of each respective
Policy: and in Default thereof, the same deposite Money shall
become forfeit, and be sunk to the Benefit of this Society.
9. Item, Every Person
insuring in this Society, shall pay for each Policy, and other the
Services incident thereto, the Sum of Five Shillings; and for the
Entry of every Transfer, the Sum of one Shilling and six Pence.
10. Item, All Persons
applying to the Office of this Society for Insurance, shall before
the Surveying of his, her or their House or Houses, pay Ten
Shillings per Policy, Earnest Money, towards the Charges of such
Insurance; which Earnest Money shall be taken in Part of the
Charges of the Insurance, in Case the same shall be agreed to be
made, and the Policy or Policies thereof to be taken up within
three Months then next after: and in Case the said Policies shall
not, thro’ the Default or Neglect of the Person or Persons so
applying, be taken up within that Time, then for the better keeping
up and determining the Accounts of this Society, the said Policies
shall from Time to Time be cancelled by the Directors, and the said
Earnest Money shall be sunk to the Benefit of this Society. But in
case the Directors for the Time being, shall not agree to make the
Insurance so applied for, then the Earnest Money paid shall be
returned. And as to such old Policies, which shall be directed to
be renewed, and shall not be taken up within three Months then next
following, the same Policies shall also in such Case be in like
Manner cancelled, and the Charge of the Policy and Survey shall be
deducted out of the deposite Money of every such old Insurer.
11. Item, All and every
Person and Persons insuring in this Society, shall have one or more
Policy or Policies for the same, under the Hands and Seals of three
at least of the Directors. All which Insurances shall be esteemed
good and valid from the Time the Charges of Insurance and the
deposite Money shall be paid, and the Person or Persons insuring
having duly signed, sealed and delivered this present Deed of
Settlement. All and every such Policies at their respective
Expirations, and the returning or accounting for the deposite Money
and the mean Profits, shall be delivered up to this Society to be
cancelled.
12. Item, All and every
Person or Persons insuring in this Society shall stand and be
obliged to pay his, her and their Proportion of all Losses and
Charges happening and incurring in and to this Society, and for
that Purpose shall sign and execute these Presents: Yet so as no
Person or Persons shall be obliged beyond his, her or their
deposite Money, to pay a Sum exceeding one half the said Deposite
for his, her or their Proportion and Contribution towards the Loss
which shall be occasioned by any single Fire that shall happen. A
single Fire being understood to be a Fire beginning in one House
and damaging or destroying one or more Houses. And if it should
ever happen that a Loss occasioned by any single Fire shall amount
to more than the Company’s whole Stock; in such Case the several
Sufferers insured in this Office shall receive, towards making good
their respective Losses a just and proportionable Dividend of the
said whole Stock, according to the Sums by them respectively
insured.
13. Item, In Case any
Member or Members of this Society shall asign or transfer his, her
or their Policies, such Assignment or Transfer shall be brought to
the Office to be entered within Four Weeks next after such
Assignment or Transfer; and on Default thereof, the Benefit of
Insurance shall be lost; Provided
nevertheless, That such Assignment or
Transfer may be admitted to be entered after the Expiration of the
said Four Weeks, if the Directors shall allow of the same and not
otherwise; and in that Case the Benefit of Insurance shall not be
lost.
14. Item, That all and
every the Members of this Society, who shall sustain any Loss or
Damage by Fire, shall give immediate Notice thereof to the
Directors or to the Clerk of this Society at their Office, to the
End that the Directors, their Officers, or Agents may view, enquire
and examine into the same.
15. Item, That the
Directors for the Time being, shall with all convenient Speed upon
all Alarms of Fire, repair to and convene together at some
convenient Place, near the Place where the Fire shall be, there to
consult and determine upon such Methods as may in such Cases most
conduce to the safety of this Society and the Service of the
Public.
16. Item, That the
Directors for the Time being shall with all convenient Expedition
after any Loss sustained, settle a Rate of Contribution, and set up
the same in their Public Office, and publish the same in the
Gazette, or in such other public NewsPapers, and in such other
Manner as they shall think fit; and such Rates shall be settled and
approved by a major Part at least of the Directors at two
successive weekly Meetings. And if any Member or Members of this
Society shall think him or themselves aggrieved thereby; then He or
they may thereupon at any Time or Times within Fourteen Days next
after the Publication of such Rate or Rates as aforesaid, inspect
the Books and Accounts of the Office and the whole State thereof;
and may offer his or their Exceptions with the Reasons thereof to
the Directors; and in Case the same shall not be agreed between the
Directors and such Member or Members who shall so except; then the
same shall stand referred to the next General Meeting for their
final Determination. Yet nevertheless it is hereby declared and
agreed, that in the mean Time, when such Rate or Rates shall exceed
the deposite Money, all and every the Members of this Society shall
be obliged to pay into the Hands of the Treasurer his, her and
their proportionable Parts and Shares of all and every such Rate
and Rates within thirty Days next after such Publication of the
same respectively as aforesaid; and in Default of such Payment, He,
she and they, and every of them making such Default therein, shall
forfeit double the said Rates; and neglecting to pay the said
Forfeitures ten Days more, shall or may by the Directors, for the
Time being, be excluded, and debarred all Benefit and Advantage of
his, her and their Insurance and Insurances respectively, and all
Right to the Stock of this Society, and shall notwithstanding be
liable to the Payment of the said Rates pursuant to his, her and
their Covenants and Engagements in these Presents contained.
17. Item, Every House
that is by Means of Fire destroyed from the First Floor upwards,
shall be deemed as demolished; and it shall be lawful for the
Directors in such Case, either to order the Money, insured thereon,
to be paid within three Months after Notice given of the Loss as
aforesaid, or to rebuild the same with all convenient Speed,
Guilding, History-Painting and Carving excepted.
18. Item, That the
Directors for the Time being shall make up and report to the
General Meeting to be held in April yearly, the General State of
the Office and its Accounts, and shall ascertain and report the
Dividends of Profits or the Contributions to Losses, which have
arisen or been incurred in the preceding Year.
19. Item, The Net
Profits arising by Interest or otherwise shall be divided yearly to
every Member in Proportion to his Insurance; for which each
Member’s Account shall have Credit in the Society’s Books, to be
paid at the Expiration of their Policies.
20. Item, Contributions to Losses shall likewise be stated
yearly, and every Person insuring shall contribute in Proportion to
his Insurance according to Article the 12th of these Presents; and
every Year’s Account shall commence the twenty fifth Day of March,
and end the twenty fifth Day of March following.
21. Item, For the better and immediate Forming and Establishing
this Society, and providing for and securing the good and regular
Management of the Affairs thereof, Twelve of the present
Subscribers hereto shall be the first Directors, to wit, Benjamin
Franklin, William Coleman, Philip Syng, Samuel Rhodes, Israel
Pemberton Junr., John Mifflin, Joseph Morris, Joseph Fox, Jonathan
Zane, William Griffitts, Amos Strettell, Hugh Roberts and so shall
be and continue Directors of this Society until the Second Munday
in April next, and until others shall be duly chosen in their Room;
which said present Directors, and all future Directors of this
Society, or the major Part of them, shall have Power, and are
hereby impowered to provide a Seal for this Society, and to alter
the same if they shall see Occasion; and from Time to Time as Need
shall be to take a House or Room for an Office within the City of
Philadelphia at such Rent or Rents, for such Term or Terms, and
under such Covenants as they shall judge meet; and also to appoint
one or more Clerks or Book Keepers, Surveyors, Messengers and other
Servants, and their respective Fees and Salaries, as Occasion shall
require, and as they shall think fit; and to take such Securities
from them as they shall think proper and sufficient, for the due
Discharge of their respective Trusts, Offices and Places, And they
the said Directors shall and may also from Time to Time direct and
order the making and giving out Policies; and from time to time,
apply, dispose of, place out, take in, secure and improve the Stock
of this Society, and the Interest, Profit and Produce thereof, for
answering the contingent Charges of this Society, and satisfying
all such Losses and Damages as shall or may happen in or to the
same; and shall and may also purchase and provide Books for
Accounts and all other Things needful and requisite for this
Office, and for the Affairs thereof, and the carrying on the same.
And the said Directors shall and may and are hereby impowered to
suspend, displace or remove all or any of the Officers and Servants
above mentioned, as they shall see Cause; and from time to time to
supply and fill up any Vacancy which shall happen on the Death or
Removal of them or any of them: so that such displacing be agreed
to by the major Part at least of all the Directors. And the said
Directors are hereby impowered to do, perform and execute all other
Acts, Matters and Things, needful, incident or relating to the
Premises, or any of them, which they shall judge fit and
reasonable, and which shall be according to the Tenor and true
Meaning of the Rules, Orders and Agreements in and by these
Presents declared.
22. Item, That there shall be a General
Meeting of the Members of this Society on the second Munday
in April in every Year, or oftner, if the Directors for the Time
being shall think fit, or any twenty Members insuring to the Value
of ten Thousand Pounds or upwards shall require the same. At which
General Meetings, all the Members of the Society shall have Right
and Liberty to be present. Of which General Meetings, and of the
Matters therein intended to be moved, proposed or transacted,
Notice shall be given by the Directors at least seven Days before
the Times of such Meetings, in the Gazette and otherwise as they
shall see fit. Which General Meetings shall be capable of Acting
and Managing the Affairs of the Society that shall then come before
them; and they shall begin an Hour at least after the Time
appointed for Meeting, and shall chuse a Chairman, and after the
Choice of a Chairman shall continue for the Space of one Hour at
least. And if any Chairman of the said General Meetings shall
refuse or neglect to put or offer to the Consideration and
Determination of the said General Meetings, any Question or Matter,
which shall be then and there proposed, seconded and insited on;
then the General Meeting shall; and they are hereby impowered to
chuse another Chairman in the Room of him so refusing or neglecting
as aforesaid. And all and every the said General Meetings may, and
are hereby declared to have, full Power to consider, treat of and
determine of and concerning all or any the Matters and Things
relating to this Society, and the Support, Preservation and good
Order thereof; and to alter and amend the present Articles, and
make any additional Rules or Articles for the better and more
orderly and successful or satisfactory management of the Affairs of
this Society. At all which Meetings the Determination of a Majority
of the Members present, shall be conclusive and binding on the
whole society.
23. Item, At the
General Meeting in April Yearly, twelve Members of this Society
shall be chosen by Ballot to be Directors
for the Year insuing; and one other of the Members shall also be
chosen Treasurer for the insuing Year by
Ballot as aforesaid. The Election to begin on the first Day of the
Meeting, to be continued by Adjournment, if necessary, as the
Directors for the Time being shall appoint. And the Directors shall
appoint two of their own Body, and three other Members not
Directors to be Judges and Managers of the Election; who shall
under their Hands, or under the Hands of the major Part of them,
report the Names of the Persons duly elected Directors and
Treasurer respectively to the General Meeting; and when the
Election is over, the General Meeting may proceed to other
Business, and not before.
24. Item, John Smith
shall be the present Treasurer to this Society, and so shall
continue until the second Munday in April next, and until another
shall be chosen in his Stead: Which Treasurer, and all other future
Treasurers of this Society, shall have the Custody of the Cash,
Securities and Purchase Deeds belonging to this Society; and shall
from Time to Time pay, dispose and deliver the same, according to
the Orders and Directions of the Directors or a major Part of them;
and shall keep regular and fair Books of Accompt of all Cash,
Securities, Deeds, Writings and other Things by him received, or
committed to his Custody, and of all Cash, Securities, Deeds,
Writings and other Effects by him paid and delivered. And such
Treasurer shall, before he enters on his Office, give such Security
for the due and faithful Discharge of his Trust, and for accounting
for, and delivering up to this Successor in the said Office, all
such Moneys, Securities, Deeds and Effects, as shall have come to
his Hands or Custody, and which shall not have been paid or
delivered by the Order of the Directors, as the Directors shall
appoint and require: Which Security the Directors for the Time
being are hereby required to see given, before any Treasurer shall
enter upon his Office, or before he shall receive the Cash or
Effects of the said Society. And if thro’ the Default or Neglect of
the Directors, Security is not given by the Treasurer as aforesaid,
the Directors shall be accountable for him, and make good to the
Society all Damages that may happen for Want thereof, until
Security be given as aforesaid. And the Treasurer for the Time
being shall have and receive out of the Society’s Stock One per
Cent. for all Moneys by him received, and One per Cent. for all
Moneys by him paid and no more. And if by Reason of Death, Removal,
Disability or Refusal longer to act, it should become necessary to
chuse a new Treasurer, within the Year, the Directors shall call a
General Meeting for that Purpose.
25. Item, That the
Directors for the Time being, shall meet when, where and as often
as they shall think proper, but at least once every Month on the
first Tuesday in each Month; and being seven in Number at least,
they shall and may enter upon, order, direct and dispatch all such
Matters and Things relating to this Office, as shall then lye and
come before them; and such their Proceedings shall be esteemed good
and valid in all the Affairs and Business of this Society, except
in such Cases here mentioned where a greater Number is required.
And in Case any of the Directors herein nominated and appointed or
hereafter to be elected or appointed, shall happen to dye or remove
out of this Province, or shall refuse to act as Director or
Directors; or shall for the Space of two Kalendar Months wholly
omit and neglect to attend the Affairs and Business of this
Society; then and in such Case, the Directors for the Time being,
or seven of them at least, all agreeing (regular and timely Notice
having been given all) may elect and chuse other and others in the
Room and Stead of such who shall dye, remove or refuse or neglect
to act as aforesaid; and such Choice being confirmed by a second
Meeting or Board of the Directors; the Member or Members so chosen
shall be Director or Directors until the next General Election.
26. Item, That the
Directors for the Time being, or the major Part of them, shall and
may and are hereby impowered to lend, advance or lay out upon
Mortgage of Houses or Lands, such Sum and Sums of Money as from
time to time they shall think fit and order; So always, and
provided, That upon all such Loans, the Resolutions and Orders of
the Directors thereupon, be had and made at two several Monthly
Meetings or Boards, of a major Part at least of the Directors; and
so that the Titles and Conveyances relating to such Loans be first
approved by Counsel learned in the Law; and provided also, That not
more than Five hundred Pounds shall be lent on one Security, nor
more than half the Value of the mortgaged Premises.
27. Item, The Orders of
a Major Part of the Directors on the Treasurer, shall be complied
with by the Treasurer, and shall be good Vouchers to indemnify him
for the Payment and Delivery of the Cash and Effects of this
Society.
28. Item, That the
Directors of this Society shall always stand and be indemnified and
saved harmless by this Society in and for their giving out and
signing Policies and all their other lawful Acts, Deeds and
Transactions done, performed and executed in Pursuance of and by
Vertue of these Presents; And the Stock, Securities and Effects of
this Society shall in the first Place be appropriated and applied,
and the same is and are hereby declared to be appropriated to
exonerate and discharge, indemnify and save harmless, them and
every of them of and from all such Costs, Charges, Damages and
Expences, which shall or may happen or arise, or which they or any
of them shall reasonably expend or be put unto or sustain in, for
or concerning the Trusts aforesaid, or any of them, or the
Execution or Performance thereof: Nor shall any of the said
Directors be answerable for the Defaults, Neglects or Misdoings of
the others of them.
29. Item, That if any
Member or Members of this Contributionship shall be hereafter
desirous to enlarge his, her or their first Insurances, not to
exceed Five hundred Pounds and the Directors shall judge that the
House or Houses insured, from Improvements since made, or
otherwise, will bear an additional Sum; that then the Accounts
shall be made up with such Member or Members, and their old policy
shall be cancelled and a new Policy granted for the entire Sum to
be insured.
30. Item, That a
publick Table shall be kept at the Office of all Fees, Salaries and
Rewards allowed by this Society; and another publick Table of the
yearly Dividends of Profits and Losses, which every Member may
peruse and take Notes of at Pleasure.
31. Item, That the
Directors shall have Power to reward, out of the Company’s Stock
such as are voluntarily active in dangerous Cases to extingquish
Fires.
32. Item, Altho upon
Application made to the Directors for the Insuring any House or
Building such House or Building should come under the Description
of any of those mentioned in the Table referred to by the 8th
Article, or of any other Kind of Buildings mentioned in these
Presents: Yet it from its Situation or any other Circumstances, it
shall appear to the Directors to be more than commonly hazardous,
the Directors for the Time being, shall have, and they are hereby
declared to have a discretionary Power, either to enlarge the
Deposite Money to be paid for insuring the same, beyond what is
herein mentioned, or wholly to refuse the Insuring the same, as
they shall judge fit.
Dated the Twenty fifth day of March One
thousand seven hundred and fifty two.