London and Its Environs Described, vol. 6 (of 6): Containing an Account of Whatever is Most Remarkable for Grandeur, Elegance, Curiosity or Use, in the City and in the Country Twenty Miles Round ItAnonymous
History
London and Its Environs Described, vol. 6 (of 6): Containing an Account of Whatever is Most Remarkable for Grandeur, Elegance, Curiosity or Use, in the City and in the Country Twenty Miles Round It
Anonymous
London (England) -- Description and travel -- Early works to 1800; London (England) -- Gazetteers -- Early works to 1800
This office was erected for insuring only houses from fire, and,
like the Hand-in-Hand fire office, is a joint copartnership, every
one insuring becoming an equal sharer in the profits and loss, in
proportion to his or her respective insurance.
The conditions of insurance are,
I. No house is insured at more than 2000_l._ but such sums of money as
the directors, or any three or more of them shall think proper, may
be insured upon the wing or wings of any house, having a brick wall
between the wings and the body of the house, by a separate policy;
provided such sum do not exceed three fourths of the value of the wings.
II. New houses may be insured when tiled in; but not at more than two
thirds of their value.
III. The limits of insurance in this office extend to twenty-five miles
distance from it; but the proprietors of all houses that are five
miles, or a greater distance, are to defray the charge of the surveyor
and messenger’s journey, to survey the premises, and set up the mark;
and also to defray the charge of the director’s journey to estimate
a damage, when and after such loss happens, and the directors are
impowered to deduct the charges out of the money due on such loss.
IV. All whose houses are insured pay 12_s._ deposit and 4_s._ _per cent._
premium, on all brick houses, and double for all timber buildings; as
a pledge for the performance of their covenants, to be returned at the
expiration of their policies, with the yearly dividends of profits,
incident charges and contribution to losses first deducted. Persons
paying for each policy, besides the stamps; 4_d._ for all houses within,
and 1_s._ without the bills of mortality.
V. Each policy is to contain but one house, unless where two, three or
more small houses stand together, in which case 500_l._ may be insured
upon them, each being distinctly valued.
VI. Every insurance is for seven years; and such insurance is to
continue in force till six o’clock of the evening of that day seven
years, on which the same is dated; and in the mean time such insurers
property in the premises insured ceases, when such insurer or legal
representative, may receive the return of deposit due upon the
respective policy or policies, the same being delivered up to the
office to be cancelled. But the deposit-money on policies expired,
not demanded within two years after, is sunk to the society, and all
policies either new or to be renewed, directed to be made out and not
taken away in three months after, are cancelled. The earned money paid
for such new policies is sunk; and the stamp and charge of such renewed
policies are deducted out of every insurer’s deposit-money.
Public-domain text, read in full here on John Shaqi.
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