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The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire is the oldest property insurance company in the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...
. It was organized by
Benjamin Franklin Benjamin Franklin ( April 17, 1790) was an American polymath who was active as a writer, scientist, inventor, statesman, diplomat, printer, publisher, and political philosopher. Encyclopædia Britannica, Wood, 2021 Among the leading int ...
in 1752, and incorporated in 1768. The Contributionship's building, at 212 S. 4th Street between Walnut and Locust Streets in the Society Hill neighborhood of
Philadelphia Philadelphia, often called Philly, is the largest city in the Commonwealth of Pennsylvania, the sixth-largest city in the U.S., the second-largest city in both the Northeast megalopolis and Mid-Atlantic regions after New York City. Since ...
, was built in 1835-36 and was designed by Thomas U. Walter in the Greek Revival style, with
Corinthian columns The Corinthian order ( Greek: Κορινθιακός ρυθμός, Latin: ''Ordo Corinthius'') is the last developed of the three principal classical orders of Ancient Greek architecture and Roman architecture. The other two are the Doric ord ...
. The portico was replaced in 1866 by Collins and Autenreith who also expanded the living quarters on the top two floors by the addition of a
mansard A mansard or mansard roof (also called a French roof or curb roof) is a four-sided gambrel-style hip roof characterised by two slopes on each of its sides, with the lower slope, punctured by dormer windows, at a steeper angle than the upper. The ...
roof. A marble cornice between the third and fourth floors was also added. The building was listed on the
National Register of Historic Places The National Register of Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures and objects deemed worthy of preservation for their historical significance or "great artistic ...
in 1971 and was designated a
National Historic Landmark A National Historic Landmark (NHL) is a building, district, object, site, or structure that is officially recognized by the United States government for its outstanding historical significance. Only some 2,500 (~3%) of over 90,000 places liste ...
in 1977. and  


History

The Philadelphia Contributionship was founded in 1752, largely through the efforts of
Benjamin Franklin Benjamin Franklin ( April 17, 1790) was an American polymath who was active as a writer, scientist, inventor, statesman, diplomat, printer, publisher, and political philosopher. Encyclopædia Britannica, Wood, 2021 Among the leading int ...
. It was structured as a
mutual insurance A mutual insurance company is an insurance company owned entirely by its policyholders. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders in the form of dividend distributions or re ...
organization, providing fire insurance to a limited area in and around Philadelphia. It introduced several key principles that underpin modern insurance techniques, including inspecting properties to be insured, and setting rates based on a risk assessment. Buildings that were not constructed to specified standards were rejected for coverage, and rates could be raised for unsafe living practices, such as the storage of combustible materials in wooden buildings. The company also was the first to establish a financial reserve from which to pay claims. Franklin's newspaper, ''
The Pennsylvania Gazette ''The Pennsylvania Gazette'' was one of the United States' most prominent newspapers from 1728 until 1800. In the several years leading up to the American Revolution the paper served as a voice for colonial opposition to British colonial rule, ...
'', first began to advertise the upcoming (April 13, 1752) organizational meeting in its issue of February 18, with a notice that "All persons inclined to subscribe to the articles of insurance of houses from fire, in or near this city, are desired to appear at the Court-house, where attendance will be given, to take in their subscriptions, every seventh day of the week, in the afternoon, until the 13th of April next, being the day appointed by the said articles for electing twelve directors and a treasurer." ''The Pennsylvania Gazette'', March 17, 1752, p2 The company directors at first met in taverns and other public meeting spaces, with larger organizational meetings taking place at the courthouse. Its directors finally purchased land for a permanent headquarters in 1835. Although the company has not innovated in insurance practices since its early days, it continues to function as an insurer in the Philadelphia area.


Early directors


See also

*
History of insurance The history of insurance traces the development of the modern business of insurance against risks, especially regarding cargo, property, death, automobile accidents, and medical treatment. The insurance industry helps to eliminate risks (as whe ...
*
History of cooperatives in the United States The history of cooperatives in the United States extends to pre-independence times. With the exception of credit unions and mutual banking institutions, most cooperatives have held a comparatively light footprint on the economic history of the Un ...
*
List of National Historic Landmarks in Philadelphia There are 67 National Historic Landmarks within Philadelphia, Pennsylvania. See also the List of National Historic Landmarks in Pennsylvania, which covers the 102 landmarks in the rest of the state. Current listings ...
* National Register of Historic Places listings in Center City, Philadelphia


References

Notes


External links

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Key events in the history of Contributionship
– official website of the Contributionship Companies {{Benjamin Franklin Financial services companies established in 1752 Buildings and structures on the National Register of Historic Places in Philadelphia National Historic Landmarks in Pennsylvania Office buildings completed in 1836 Pennsylvania state historical marker significations Society Hill, Philadelphia 1768 establishments in Pennsylvania