OF THE
MILLBURN MUTUAL INSURANCE COMPANY
Sec. 1. All annual meetings shall be held at
Millburn, on the first
Saturday after the first Monday in January of each year, at which time
all officers shall be elected by ballot.
§ 2. All meetings of the Company shall be
published in one or more of the newspapers of the County, at least one
week before the time of holding the same.
§ 3. The President shall preside at all
meetings of the Company, and shall, in conjunction with the Secretary,
immediately on presentation, examine all applications for insurance,
sign and issue policies, or reject the same; also, call special
meetings of the Company or Directors.
§ 4. The Secretary shall attend all meetings
of the Company or Directors, and shall keep a full record of all
proceedings at such meetings; also, a record of all policies issued or
cancelled, and all assessments made, in such a manner as the Directors
may order. He shall publish all calls for meetings of the Company, as
required in Section 2, and at each annual meeting, present a statement
in writing, showing the amount of property insured, number of policies
issued, and all transactions of the Company for the preceding year, and
shall sign policies and call meetings as provided in Section 3. He
shall receive all monies and premium notes from agents for risks taken,
at the close of each quarter, and shall keep a record of all monies and
premium notes received from agents, and shall deliver to the Treasurer
at the close of each quarter, all monies received
from agents, and upon order of the
Directors shall make out assessment receipts, showing the amount of
each policy-holder's assessment, and deliver the same to the Treasurer,
and do all business required of the Secretary.
§ 5. The Treasurer shall give a bond with
such security as the Directors may determine, for the faithful
performance of his duties. He shall collect and receive all monies
belonging to the Company, and shall only pay out monies on the written
order of the Directors, countersigned by the Secretary. He shall keep a
record of all monies received and paid out, and shall present at each
annual meeting a written statement, showing the amount of money
received and paid out the preceding year, with vouchers for the
same.
§ 6. There shall be three Directors, who
shall have a general supervision of the officers of the Company, and
over the manner of keeping its funds and records. They shall examine
the risks taken, and may cancel the same, if the interests of the
Company require it. When a Director shall be notified of a loss by
fire, he shall notify the other Directors, and they shall proceed,
within ten days, to adjust damages and make an assessment on the
premium notes, which they shall cause to be collected by the Treasurer
and paid to the loser, within sixty days from the time of adjustment.
They may employ special agents to conduct suits or other business of
the Company, and shall appoint a suitable number of agents to take
applications for insurance, under such rules as they may establish.
Said agents shall in all cases make a personal examination of the
premises. The Directors may fill all vacancies that occur among the
officers of the Company.
§ 7. The following kinds of property only
shall be insured in this Company, to-wit: Dwelling houses and household
property therein, barns and other farm buildings, with their contents
including stock.
§ 8. Policies may run from one to five
years, at the option of the insured, and the rate of the insurance
shall be one per cent per year on the amount insured, to be secured by a
premium note, and the insured shall pay the agent for the survey and
policy, the sum of one dollar and ten cents, when the amount insured
shall not exceed on hundred dollars; and ten cents on each one hundred
dollars one all sums over that amount, and for the necessary revenue
stamps.
§ 9. No property shall be insured for over
two-thirds its cash value, and no risk shall be taken for over three
thousand dollars, and all buildings situated within six rods of each
other shall be included in the same risk, and no risk shall be taken
upon buildings within six rods of other buildings not included in the
risk; provided that corn-cribs, sheds, hog-houses, milk rooms and other
similar buildings, shall not be considered as buildings within the
meaning of this section unless fires shall be used in the same; and
the distance to railroad tracks shall be the same as to other risks,
six rods.
§ 10. During the time buildings insured are
being altered, repaired or finished, this Company will not be
responsible for any loss occasioned thereby.
§ 11. All stovepipes shall have at least one
elbow, unless passing directly into the side of the chimney, and where
passing through a roof, they shall extend three feet or more above it,
and be well secured by safes through all wood work. Ashes and matches
shall be kept in safe places, and any person permitting fires to be
built in outbuildings, or in places endangering such buildings, or
allowing his fire apparatus to remain out of repair, or being negligent
about fires and losses thereby, his policy shall become void.
§ 12. When any buildings are altered, or
another built within six rods, so as to increase the risk of property
insured, the holder of the policy shall notify, in writing, an agent,
who shall make an examination of the premises, and send his action
thereon, by mail or otherwise, to the Secretary within three days, for
which the agent shall receive one dollar from the applicant, said
application to be subject to the same rules as policies.
§ 13. Any person may surrender his policy
and receive his premium note after having paid all assessments due or
pending at the time of surrendering the same, and property insured in
this Company may be insured in another Company, provided the aggregate
of all insurance shall not exceed two-thirds the cash value of the
same, but in cases of loss, this Company will only pay its portion
according to the amount insured, and the person so insured shall notify
the Secretary, in writing, stating the name of the company and the
amount of insurance.
§ 14. Assessments on premium notes shall be
in proportion to the amount insured, and when a Director shall be
interested in any loss, the other Directors shall, for the adjustment
of such loss, associate with them either the President or
Secretary.
§ 15. In case of loss by fire where the
insured and Directors cannot agree upon damages, a settlement shall be
made by arbitration, in accordance with the laws of the State and
provision of the charter of the Company, which shall be final, and no
suit shall be commenced against the Company until after the expiration
of ninety days from the time of adjustment, and all premium notes shall
contain a clause binding the maker to settle all disagreements
according to this rule.
§ 16. The President, Directors and Treasurer
shall receive two dollars per day, with one dollar added where the use
of team or horse is necessary, for all time necessarily spent in the
service of the Company. The Secretary shall receive forty cents on each
policy issued, and the same pay as other officers for attending all
meetings of the Company or Directors, and shall receive no other
compensation.
§ 17. All other By-Laws heretofore existing
are hereby repealed.
January 10, 1880.
LIMITS of the
MILLBURN
MUTUAL
INSURANCE
COMPANY, established June 3, 1865 -- "The limits of the
Company shall be coextensive with the limits of the County of Lake,
excepting incorporated towns."
Jan'y 12, 1884, the Company voted that Insurance
on Grain shall cover it in the stack. Also, that Insurance on Stock
shall cover it in the barnyard.
