Philadelphia Contributionship
Template:Use American English Script error: No such module "Unsubst". Template:Short descriptionScript error: No such module "Infobox".Script error: No such module "Check for unknown parameters".
.jpg){kind=link}
The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire is the oldest property insurance company in the United States. It was organized by Benjamin Franklin in 1752 and incorporated in 1768.[1][2]
The Contributionship's building, at 212 S. 4th Street between Walnut and Locust Streets in the Society Hill neighborhood of Philadelphia, was built in 1835-36 and was designed by Thomas U. Walter in the Greek Revival style, with Corinthian columns. The portico was replaced in 1866 by Collins and Autenreith, who also expanded the living quarters on the top two floors by adding a mansard roof. A marble cornice between the third and fourth floors was also added.[1] The building was listed on the National Register of Historic Places in 1971 and was designated a National Historic Landmark in 1977.[3][4]
History
The Philadelphia Contributionship (TPC) was founded in 1752, largely through the efforts of Benjamin Franklin. It was structured as a mutual insurance 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 not constructed to specified standards were rejected for coverage, and rates could be raised for unsafe living practices, such as storing combustible materials in wooden buildings. The company was also the first to establish a financial reserve to pay claims.[4]
Franklin's newspaper, The Pennsylvania Gazette, 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." [5][6]
The company directors first met in taverns and other public meeting spaces, with larger organizational meetings at the courthouse. Its directors finally purchased land for a permanent headquarters in 1835.[4]
Current Day
The Philadelphia Contributionship is still up and running today, offering Homeowners Condo & Renters, Landlord Property, and Umbrella Liability Insurance Policies among other unique coverages. The network of agents has since expanded to serve in Pennsylvania, New Jersey, Delaware, Maryland, and Virginia.[7]
TPC staffs over 120 employees and has been named a Top Workplace in Philadelphia by The Philadelphia Inquirer for 5 years.[8]
Early directors
| Name | Occupation |
|---|---|
| William Coleman | judge |
| Benjamin Franklin | printer |
| Samuel Rhoads | architect / master carpenter |
| Philip Syng | silversmith |
See also
Script error: No such module "Portal".
- History of insurance
- History of cooperatives in the United States
- List of National Historic Landmarks in Philadelphia
- National Register of Historic Places listings in Center City, Philadelphia
References
Notes
<templatestyles src="Reflist/styles.css" />
- ↑ a b Cite error: Script error: No such module "Namespace detect".Script error: No such module "Namespace detect".
- ↑ Script error: No such module "citation/CS1".
- ↑ Cite error: Script error: No such module "Namespace detect".Script error: No such module "Namespace detect".
- ↑ a b c Script error: No such module "Citation/CS1". and Template:NHLS url (32 KB)Script error: No such module "Check for unknown parameters".
- ↑ The Pennsylvania Gazette, February 18, 1752, p2
- ↑ The Pennsylvania Gazette, March 17, 1752, p2
- ↑ The Philadelphia Contributionship. (2023, August 8). https://1752.com/
- ↑ The Philadelphia Inquirer - Top Workplaces 2023. The Philadelphia Inquirer. (2023a, August 29). https://sponsored.inquirer.com/philadelphia-inquirer-top-workplaces-2023-hub/
Script error: No such module "Check for unknown parameters".
External links
- Template:Sister-inline
- Script error: No such module "Official website".Script error: No such module "Check for unknown parameters".
- Key events in the history of Contributionship – official website of the Contributionship Companies
- Historic American Buildings Survey (HABS) No. PA-1457, "Philadelphia Contributionship, House Fire Insurance, 212 South Fourth Street, Philadelphia, Philadelphia County, PA", 7 photos, 2 data pages, 1 photo caption page
Template:Society Hill Template:National Register of Historic Places in Pennsylvania Template:Benjamin Franklin
- Pages with script errors
- Pages with reference errors
- Pages with broken file links
- Financial services companies established in 1752
- Buildings and structures on the National Register of Historic Places in Philadelphia
- Historic American Buildings Survey in Philadelphia
- National Historic Landmarks in Pennsylvania
- Office buildings completed in 1836
- Society Hill, Philadelphia
- 1768 establishments in Pennsylvania