Union Fire Office, is a very handsome building, erected for that purpose in Maiden lane, near Cheapside, where goods and merchandize, but not houses, are insured from loss by fire, by a mutual contribution.
This office, like that of the Hand-in-Hand Fire Office, was erected by a considerable number of persons, who mutually agreeing to insure one another’s goods and merchandize from loss by fire by an amicable contribution, entered into a deed of settlement for that purpose, on the 16th of February, 1714–15, and had it inrolled in chancery on the 3d of July following, and this deed being signed by all persons desirous of becoming members, they are thereby admitted to an equal share in the profit and loss, in proportion to their respective policies.
This office insures for all merchants, traders, housekeepers, and others in the cities of London and Westminster and within ten miles round, merchandize, goods, wares, utensils in trade, houshold furniture, and wearing apparel; except plate, pictures, glass and china ware not in trade; except also ready money, jewels, books of account, tallies, writings, barns, ricks and stacks of corn, hay, straw and horses. The term of insurance to be seven years, or less if desired.
The terms and methods of insurance are as follows
I. For the policy and mark are paid 8s. 6d. over and above all other expences.
II. Every person designing to insure, shall before surveying the goods, pay 10s. earnest money, to go towards the charge of insuring, if agreed to, and the policy be taken up within three months after, otherwise the said 10s. is sunk to the society: but if the directors do not agree to such insurance, the earnest money to be returned. Also old policies directed to be renewed, and not taken away within three months are also to be cancelled, and the charge of the policies and stamps of such renewals deducted out of the deposit-money of such insurers.
III. For every 100l. insured on goods inclosed within brick or stone, 2s. premium, and 10s. deposit; and on goods not so inclosed, 3s. premium, and 15s. deposit. And so in proportion within part brick part timber.
IV. For insurances deemed hazardous, as to situation, or kind of goods, each 100l. inclosed in brick or stone, 4s. premium, and 1l. deposit; in timber, 6s. premium, and 1l. 10s. deposit. Hazardous Insurances both by situation and kind of goods, if inclosed in brick or stone, 6s. premium, and 1l. 10s. deposit; in timber 9s. premium, and 2l. 5s. deposit. And so in proportion within part brick part timber.
V. Those who insure above 1000l. not exceeding 2000l. in one policy, to pay double the premium that others do, but the same deposit; and from 2000l. to 3000l. on the following terms, viz. For every 100l. insured on goods inclosed in brick or stone, 6s. premium and 10s. deposit, and on goods not so inclosed, 9s. premium, and 15s. deposit. Insurances deemed hazardous, as to situation or kind of goods, each 100l. inclosed in brick or stone, 12s. premium, and 1l. deposit; in timber 18s. premium, and 1l. 10s. deposit. Hazardous insurances, both by situation and kind of goods, if inclosed in brick or stone, 18s. premium, and 1l. 10s. deposit; in timber 1l. 7s. premium, and 2l. 5s. deposit; and so in proportion within part brick part timber. Since the 15th of November 1738, the society have enlarged their insurances to 4000l. on the following terms, viz. For every 100l. insured on goods inclosed in brick or stone, 6s. premium, and 10s. deposit; and on goods not so inclosed, 9s. premium, and 15s. deposit; and the hazardous insurances in the same proportion as the 3000l. insurances; and so in proportion within part brick part timber, and since to 5000l.
VI. If more than twenty pounds weight of gunpowder is kept on the premises insur’d, the policy is to be void.