By Capt. Franklin Ellis 229
In accordance with the provisions of an act of the Legislature, passed April 17, 1857, the citizens of this town met on the 5th day of November, 1857, and adopted articles of association and became incorporated. The affairs of the association are conducted by a board of directors, consisting of nine members. It was agreed that subscribers should have one vote for every $250 insured; that the amount of risk allowed to be taken on any one member's property should be limited to $2000; that the fee for issuing policies should be five shillings each; that in case of loss by fire the president should receive $4 for his services in notifying and convening directors, and in notifying members; that the value of property insured be fixed by three appraisers, to receive $1 each for each day's service, not to exceed, however, $3 in each year; that the expenses of issuing policies and of adjusting losses be paid by the holder to the policy; that the secretary write out the policies, receiving twenty-five cents for each one; fill out undertaking for six cents each, make statements of the condition of the affairs of the company, whenever necessary, receiving $1 for each statement, and received and pay out all sums assessed on members to liquidate losses.
The officers elected were John I. Johnson, president; William H. Hawver, secretary; Jacob Conklin, Samuel L. Myers, Solomon Avery, appraisers; and these, together with Killian A. Smith, Rensselaer Platner, Abram d. Miller, and Peer C. Wheeler, were the directors.
It began operations with thirty-seven members, holding policies representing buildings and personal property insured to the amount of $51,155.