Home Insurance Company
Home Insurance Company
- Only 1 available!
- Inventory on the way
|Company||Home Insurance Company
|Certificate Type||Capital Stock
|Date Issued||December 15, 1932|
|Printer||American Bank Note Company
10 3/4" (w) by 7 1/4" (h)
||Show the exact certificate you will receive|
The Home Insurance Company was originally incorporated in New York on April 13, 1853.
Simeon Loomis was Home's first president. Loomis brought some insurance experience with him when he came to New York from Hartford, Connecticut. After two years, Loomis left Home over matters of policy, and was replaced by secretary Charles J. Martin. Martin led Home Insurance for the next 33 years.
One of Home's most significant contributions to the insurance industry was its popularization of the insurance agency system. Insurance companies were warned by state commissioners not to expand too widely. The comptroller of the state of New York cautioned mutual companies against selling insurance outside of their own counties. The promoters of Home, however, named 18 agencies in the first month of operations, and 128 throughout the United States and Canada by the end of the year. Only one other company in New York used independent agents to sell its insurance in 1853, and the concept caught on quickly. Thirty years later, in 1883, Home's president, Charles Martin, reported that 37 of the city's 57 insurers sold through agencies.
Another innovation in property insurance instituted during Home's early years was the concept of safety engineering and risk management. A position for a surveyor was included in the company's original bylaws. Among the surveyor's duties was attending "to the interests of the company in surveying buildings and watching risks which the company may be insured."
Over the years, Home Insurance acquired a number of smaller agencies, including the Paul Revere Fire Insurance Company in 1948.
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