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Millburn Mutual
Insurance Company

One of the central themes within this community was the Millburn Mutual Insurance Company.

Rev. William Bradford Dodge is said to have influenced the members of the community to join together to share their neighbor's loss, when a neighbor's homestead was destroyed by fire.

The Millburn Mutual Insurance Company was born in 1855. This organization was unique in its time. It was the oldest mutual company in Illinois.

The company celebrated its 75th anniversary in 1930. We have a newspaper article about the history of the company to that time.

Beatrice Anderson presented a history of the company at the 125th anniversary meeting.

The Illinois State Legislature passed an Act in 1865 that made the Company a legal entity.

The strong reputation and success of this company kept Millburn on the map.

The theory behind the operation of the company was really quite simple:

• A property would be examined for value and risk
• Insurance could not exceed two-thirds of the value
• The owner would post a note, legally obligating him to a maximum share of loss
• The premium would be set at one percent of insurance, plus a small additional cost
• When a policy-holder experienced a loss:
  • The Company would determine how much to pay for the loss
  • All policy-holder's would be presented a bill for their share

While preparations were being made for the annual meeting in 1935, the Millburn Church caught fire and burned to the ground. The fire was put out and the meeting held in the Masonic Lodge next door.

Only minutes after being elected President in 1955, Carl Anderson died of a heart attack.

The Millburn Mutual Insurance Company was merged, in recent years, with other businesses and no longer exists as a separate company.

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