. Bulletin of the Department of Agriculture. Agriculture; Agriculture. S^J^^mTU. Washington, D. C. V May 8,1917 THE ORGANIZATION AND MANAGEMENT OF A FARMERS' MUTUAL FIRE INSURANCE COMPANY. Ey V. N. Valorem, Investigator in Agricultural Insurance. CONTENTS. Introduction 1 Purpose of the company 2 Business territory 3 Membership and voting privilege 3 Board of directors 5 Officers and committees 6 Applications for insurance 8 Inspection of risks 10 Form and term of policy 10 Limiting the size of individual risks 11 Evils of blanket insurance 12 Liability of the company and of the
. Bulletin of the Department of Agriculture. Agriculture; Agriculture. S^J^^mTU. Washington, D. C. V May 8,1917 THE ORGANIZATION AND MANAGEMENT OF A FARMERS' MUTUAL FIRE INSURANCE COMPANY. Ey V. N. Valorem, Investigator in Agricultural Insurance. CONTENTS. Introduction 1 Purpose of the company 2 Business territory 3 Membership and voting privilege 3 Board of directors 5 Officers and committees 6 Applications for insurance 8 Inspection of risks 10 Form and term of policy 10 Limiting the size of individual risks 11 Evils of blanket insurance 12 Liability of the company and of the 13 Reduction and cancellation of insurance 14 Fees and assessments 15 Classification of risks 16 Settlement of losses 17 Reserve 18 Amendment of by-laws and articles of incor- poration 18 Suggestive organization and business 19 INTRODUCTION. Farmers' mutual fire insurance companies represent one of the most successful efforts at rural cooperation in the United States. Nearly 2,000 such companies are in existence, with a total amount of insur- ance in force exceeding o\ billion dollars. These companies are increasing rapidly in number and size. In some States of the Middle West fully three-fourths of all insurable farm property is now insured in the farmers' own companies. Organizations of this kind are found in every State except Florida, Mississippi, Louisiana, New Mexico, Arizona, and Nevada. The organization of a farmers' mutual insurance company should be preceded hj a certain amount of preparatory work. The legal Note.—This bulletin is intended mainly for two classes of readers—those contem- plating the organization of a farmers' mutual fire insurance company and those desiring to improve the methods and practices of an existing company. It aims to outline principles and methods developed by successful companies of this kind and to set forth the advanced ideas held by their officers, rather than to discuss the subject theoretically. 78934°—Bull. 530—17-. P
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