See my notes following ***
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From: Research and writing about Virginia genealogy and family history.
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Sent: Friday, July 25, 2008 9:52 AM
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Subject: [VA-ROOTS] Mutual Assurance Insurance policies qiestion
While comparing early Mutual Assurance Society (MAS) insurance policies
against those of Henrico Deed Books (HDB), I came across various date and
owner discrepancies. I find title deeds to houses issued to an owner years
before they have an insurance policy issued by MAS.
****It may be that the owner of record waited until the later years to buy
insurance, as insurance on houses was yet something of a novelty. Then too,
you may be seeing a policy that followed or preceded a policy of a different
insurance company. There were but a few until late in 19th Century.
Sometimes I find co-owners or owners on policies not seen on deeds!
And you may well find the same today; upon the sale of, say, one half (or
some other fraction) as an interest in any structure. Indeed, I have an
insured business building belonging to my partner and me; that, though I am
the sole owner of the real estate. Almost without exception we insure
structures and not the land upon which those are located.
Questions:
1) Was it normal in the early years (pre 1850) to have delayed policies
issued and if so, why? *** As now, if an owner feels that the policy
premiums exceed the replacement costs or probability of loss, the structure
goes uninsured.
2) Were policies mandatory? ****
Nope, however, again as now, a lessor may require some measure of insurance
as a condition of the lease or rental contract.
I say that because there is a house around the
corner from me situated on E. Marshall Street (then ' I ' Street) built in
1814 that I have never seen a MAS policy on. *** Insurance is almost always
at the election of an owner, lessor or mortgagor.
3) Was there other companies issuing policies in Richmond during this time
frame and if so, who were they and are their records available to look at
like MAS?
**** Try these sites either as a browse subject or at VA Library
Thanks for any info you can provide concerning these puzzles.
Eric
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