Philadelphia Contributionship Insurance Company

Founded by Benjamin Franklin in 1752, Philadelphia Contributionship Insurance Company boasts as being the oldest insurance company in the United States. Alongside his fellow firefighters, Franklin formed this company as a mutual insurance company, where all the policyholders came together to share the risk amongst themselves. At that time, Philadelphia Contributionship took an insurance model resembling that of the Amicable Contributorship of London, which has since been manipulated to suit the changing market trends. Close to 16 years following its founding, the company was incorporated in 1768 with its headquarters in Philadelphia.

During those times, Philadelphia was a comparatively small town with around 15,000 residents, and only 8 volunteer fire companies. As such, fire prevention and its elements played a pivotal role in the city planning; streets were made relatively wider than usual and stone or brick were the most preferred building elements. However, fire still occurred and caused massive losses to both homeowners and business people. This is when insurance came in handy and Franklin was quick to grab the opportunity.

To curb on failure-before-start rhetoric in the corporate world, the company took precautions like sending surveyors out to inspect and analyze the state of each building in town just to make sure that it can be fully covered in case of a casualty. After a thorough review of the submitted reports, the directors set various rates of payment for particular policies. However, intent on changing its operations, the Philadelphia Contributionship Insurance Company changed to a perpetual policy in 1810 where insurance remained permanently until it was cancelled later in the year.

The quickly transforming insurance industry landscape drove this company into a series of changes throughout the nineteenth century, each phase better than the other. Some of the changes include extension of coverage endorsements, permission to house automobiles in garages, and widening of the geographical limits of insurance. In the following century, this company formed a subsidiary, Germantown Insurance Company to support and strengthen its operations. In recent ages, this company has developed to increase its operations through mergers and acquisitions. It currently deals even with home security businesses.

But, the most contemporary changes of the company are structural, for instance, the Philadelphia Contributionship Mutual Holding Company is the overall umbrella organization which owns the companies as well as Vector Security Holdings. Noticeably, a comparison between the company name and the logo reveals the constant mission of the company several years following incorporation. The company has maintained provision of insurance protection for its neighbors in the urban community. Also, age comes with wisdom, and in the case of this company, trusts too; prospective clients are therefore urged to contact this insurance company and compare notes.

If you need to report a claim to the Philadelphia Contributionship Insurance Company, contact them at:

Email: claims@contributionship.com Fax Number: (215) 627-8871 Phone Number: 800-269-1409