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Franklin Fire Insurance Company of Philadelphia

$8.00

SKU: 2213br
Product Details

Beautifully engraved antique stock certificate from the Franklin Fire Insurance Company of Philadelphia dating back to the 1930's. This document, which is signed by the company Vice President and Assistant Treasurer, was printed by the American Bank Note Company and measures approximately 11" (w) by 7" (h). 

 

This certificate's vignette features a detailed bust of Ben Franklin.

You will receive the exact certificate pictured.

    Historical Context

    In 1829, a perpetual charter was obtained from the Pennsylvania Legislature for the incorporation of the Franklin Fire Insurance Company. This was passed by an Act of Assembly, approved and signed by Governor J. Andrew Shulze on April 22, 1829. The first meeting of the sale of stock was at Daniel Rubican's Tavern where the stock sale was fully subscribed.

    The company conducted its business on Chestnut Street until 1873, when it moved to 421 Walnut Street. Richard Willing served as its first President.

    Franklin Fire specialized in perpetual insurance, as opposed to the earlier "seven-year" polices, and thus the duration of the policy was without limit except by cancellation. Policies were paid for only once, and these deposits were based on the face value of the policy. The interest that accrued on the initial deposits sustained the policy for the duration of the contract. The company served the Philadelphia area as well as other regions. Businesses that specialized in flammable goods were not covered by the company. The company had strong financial backing, which enabled it to meet enormous losses in the Chicago fire and other devastating fires.