This bridge, considered in itself, is not only a great ornament to this metropolis, and of the most singular advantage to the city of Westminster; but it has entirely changed the appearance of that city; new and beautiful streets have been erected; those that were before narrow, crooked and ill built, have been widened,rendered straight and rebuilt with regularity and elegance. And new plans of improvement are daily formed, and continually putting in execution.
Westminster Fire Office, in Bedford street, Covent Garden, was originally kept at Tom’s coffee-house, in St. Martin’s lane; the deed of settlement was executed on the 13th of February, 1717, and two days after was inrolled in the high court of chancery. Maitland.
This office was erected for insuring only houses from fire, and, like the Hand-in-Hand fire office, is a joint copartnership, every one insuring becoming an equal sharer in the profits and loss, in proportion to his or her respective insurance.
The conditions of insurance are,
I. No house is insured at more than 2000l. but such sums of money as the directors, or any three or more of them shall think proper, may be insured upon the wing or wings of any house, having a brick wall between the wings and the body of the house, by a separate policy; provided such sum do not exceed three fourths of the value of the wings.
II. New houses may be insured when tiled in; but not at more than two thirds of their value.
III. The limits of insurance in this office extend to twenty-five miles distance from it; but the proprietors of all houses that are five miles, or a greater distance, are to defray the charge of the surveyor and messenger’s journey, to survey the premises, and set up the mark; and also to defray the charge of the director’s journey to estimate a damage, when and after such loss happens, and the directors are impowered to deduct the charges out of the money due on such loss.
IV. All whose houses are insured pay 12s. deposit and 4s. per cent. premium, on all brick houses, and double for all timber buildings; as a pledge for the performance of their covenants, to be returned at the expiration of their policies, with the yearly dividends of profits, incident charges and contribution to losses first deducted. Persons paying for each policy, besides the stamps; 4d. for all houses within, and 1s. without the bills of mortality.
V. Each policy is to contain but one house, unless where two, three or more small houses stand together, in which case 500l. may be insured upon them, each being distinctly valued.
VI. Every insurance is for seven years; and such insurance is to continue in force till six o’clock of the evening of that day seven years, on which the same is dated; and in the mean time such insurers property in the premises insured ceases, when such insurer or legal representative, may receive the return of deposit due upon the respective policy or policies, the same being delivered up to the office to be cancelled. But the deposit-money on policies expired, not demanded within two years after, is sunk to the society, and all policies either new or to be renewed, directed to be made out and not taken away in three months after, are cancelled. The earned money paid for such new policies is sunk; and the stamp and charge of such renewed policies are deducted out of every insurer’s deposit-money.