NO. R-141. Senate concurrent resolution congratulating the Vermont Mutual Insurance Company on the occasion of the corporation's 175th anniversary.
Offered by: Senator Doyle of Washington County, Senator Cummings of Washington County and Senator Scott of Washington County.
Whereas, on November 10, 1827, Governor Ezra Butler signed Act No. 27, “An Act to Incorporate the Vermont Mutual Fire Insurance Company,” and
Whereas, original members of the company included Daniel Baldwin, the company’s founder, and also the future founder of the National Life Insurance Company, former governor Jonas Galusha, future governor and U.S. Senator, Samuel C. Crafts, former U.S. Senator and gubernatorial candidate Isaac Tichenor, former U.S. Representative Martin Chittenden, and other prominent Vermonters, many from the Montpelier area, including Thomas Reed Junior, James H. Langdon, Chester Hubbard, George Worthington, Ezekiel P. Walton, Richard M. Ransom, Israel P. Dana, Joseph Howes, Timothy Merrill, Denison Smith, Chapin Keith, Dan Carpenter, Joshua Y. Vail, Araunah Waterman, Israel Dewey, Joel Warren, Dudley Chace, Elijah Paine, Lebbeus Egerton, Jeduthun Loomis, Pearley Davis, Sylvanus Baldwin, D.A.A. Buck, Josiah Dana, James Bell, George B. Shaw, Benjamin F. Bailey, John Francis, Elijah Smith Junior, Darius Pride, and Truman Chittenden, and
Whereas, the company was chartered “for the purpose of insuring their respective dwelling houses, stores, shops and other buildings, household furniture and merchandize, against loss or damage by fire, whether the same shall happen by accident, lightning, or by any other means, excepting that of design in the assured, or by the invasion of any enemy, or insurrection of the citizens of this or of any of the United States,” and
Whereas, the company was formally organized on January 21, 1828 and is the oldest mutual insurance company chartered in Vermont, and the ninth oldest in the United States, and
Whereas, a mutual insurance company is designed to be financially organized around the premiums of the policyholders and not rely on the resources of outside investors, and
Whereas, the company’s first corporate home was a modest clapboard building on State Street which was not fireproof, nor did it contain a safe for the storage of corporate funds, and
Whereas, a building believed to have been Daniel Baldwin’s home served as the company’s next headquarters, and as the location where the National Life Insurance Company was founded in 1850, and
Whereas, in 1869, the Vermont Mutual Fire Insurance Company moved once again, while remaining on State Street, to the first edifice constructed specifically for its own use and remained in that structure until the current facility, which has been expanded on a number of occasions, opened in 1954, and
Whereas, the Vermont Mutual Fire Insurance Company was renamed the Vermont Mutual Insurance Company in 1967, in order to accurately reflect the broad array of coverage services, and
Whereas, the “Old Vermont,” as the company has been commonly called, is proud of its business history in the state of Vermont and looks forward to an optimistic future as it celebrates 175 years of service, now therefore be it
Resolved by the Senate and House of Representatives:
That the General Assembly congratulates the Vermont Mutual Insurance Company on the occasion of its 175th anniversary, and be it further
Resolved: That the Secretary of State be directed to send a copy of this resolution to the Vermont Mutual Insurance Company in Montpelier.