The conditions of insurance are, two shillings per cent. premium, and ten shillings per cent. deposit on brick houses, and double those sums on timber houses in the cities of London and Westminster, and within five computed miles from the same, to be paid on insuring for a term not exceeding seven years.
Houses in the country, beyond five, and so far as twenty computed miles from the said cities are to pay an additional premium of one shilling per cent. on brick, and double on timber; and beyond twenty so far as thirty computed miles from the said cities, being the limits of insurance by this office, an additional premium of two shillings per cent. on brick, and double on timber, the deposit being the same in all places. Houses with party-walls of brick or stone are to be accounted brick, and those which have not such party-walls to be accounted timber houses. Thatched are not to be insured.
Any number of contiguous houses, not exceeding the value of three hundred pounds, may be insured in one policy.
No more than two thousand pounds can be insured on one house in a policy: but halls, hospitals, and other large buildings, divided by brick or stone partitions, may each be insured in several policies.
At the expiration of policies, or whatever time the property in their houses ceases, all persons may on application to the office, receive the deposit, together with the dividends of profit made every year from the premium and interest of money, after the charges of the office are paid, deducting their proportion of contributions towards losses, during the time they have been insured.
Hence it plainly appears, that the whole money paid on insuring, both premium and deposit, is in effect only deposited, to make good losses by fire and the charges of the office; it being all returned, except what is applied to those purposes.
Contributions are laid when fires happen, and dividends made every year by the Directors, which are registered in tables hung up in the office, to be perused by the members.
All the members or persons insured, have the liberty of examining all the books and papers of the office, at seasonable hours, gratis.
No person insured is obliged to pay above ten shillings per cent. Contribution for brick, and double for timber houses, more than the money first deposited. This being now upwards of 80,000l. valuing the public securities at Par, must all be exhausted by losses happening almost together, before any call can be made from the members.
The affairs of the office are managed by twenty-four Directors, without any salary or reward, who are chosen by balloting for three years, from amongst, and by the persons insured, in the way of an annual rotation, eight new ones every year, on the three days immediately preceding the general meeting in November. They meet at the office in Angel court on Snow hill, to transact business, every Tuesday at three in the afternoon.