The Philadelphia Contributionship for the Insurance of Houses from Loss by Fire is the oldest property insurance company in the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

. It was organized by

Benjamin Franklin Benjamin Franklin (April 17, 1790) was an American polymath: a writer, scientist, inventor, statesman, diplomat, printer, publisher and Political philosophy, political philosopher.#britannica, Encyclopædia Britannica, Wood, 2021 Among the m ...

in 1752 and incorporated in 1768. The Contributionship's building, at 212 S. 4th Street between Walnut and Locust Streets in the Society Hill neighborhood of

Philadelphia Philadelphia ( ), colloquially referred to as Philly, is the List of municipalities in Pennsylvania, most populous city in the U.S. state of Pennsylvania and the List of United States cities by population, sixth-most populous city in the Unit ...

, was built in 1835-36 and was designed by Thomas U. Walter in the

Greek Revival style Greek Revival architecture is a architectural style, style that began in the middle of the 18th century but which particularly flourished in the late 18th and early 19th centuries, predominantly in northern Europe, the United States, and Canada, ...

, with

Corinthian columns The Corinthian order (, ''Korinthiakós rythmós''; ) is the last developed and most ornate of the three principal classical orders of Ancient Greek architecture and Roman architecture. The other two are the Doric order, which was the earliest, ...

. The portico was replaced in 1866 by Collins and Autenreith, who also expanded the living quarters on the top two floors by adding a mansard roof. A marble cornice between the third and fourth floors was also added. The building was listed on the

National Register of Historic Places The National Register of Historic Places (NRHP) is the Federal government of the United States, United States federal government's official United States National Register of Historic Places listings, list of sites, buildings, structures, Hist ...

in 1971 and was designated a

National Historic Landmark A National Historic Landmark (NHL) is a National Register of Historic Places property types, building, district, object, site, or structure that is officially recognized by the Federal government of the United States, United States government f ...

in 1977. and

History

The Philadelphia Contributionship (TPC) was founded in 1752, largely through the efforts of

. It was structured as a

mutual insurance A mutual insurance company is an insurance company owned entirely by its policyholders. It is a form of consumers' co-operative. Any profits earned by a mutual insurance company are either retained within the company or rebated to policyholders ...

organization, providing fire insurance to a limited area in and around Philadelphia. It introduced several key principles that underpin modern insurance techniques, including inspecting properties to be insured and setting rates based on a risk assessment. Buildings not constructed to specified standards were rejected for coverage, and rates could be raised for unsafe living practices, such as storing combustible materials in wooden buildings. The company was also the first to establish a financial reserve to pay claims. Franklin's newspaper, ''

The Pennsylvania Gazette ''The Pennsylvania Gazette'' was one of the United States' most prominent newspapers from 1728 until 1800. In the years leading up to the American Revolution, the newspaper served as a voice for colonial opposition to British colonial rule, esp ...

'', first began to advertise the upcoming (April 13, 1752) organizational meeting in its issue of February 18, with a notice that "All persons inclined to subscribe to the articles of insurance of houses from fire, in or near this city, are desired to appear at the Court-house, where attendance will be given, to take in their subscriptions, every seventh day of the week, in the afternoon, until the 13th of April next, being the day appointed by the said articles for electing twelve directors and a treasurer." The company directors first met in taverns and other public meeting spaces, with larger organizational meetings at the courthouse. Its directors finally purchased land for a permanent headquarters in 1835.

Current Day

The Philadelphia Contributionship is still up and running today, offering Homeowners Condo & Renters, Landlord Property, and Umbrella Liability Insurance Policies among other unique coverages. The network of agents has since expanded to serve in Pennsylvania, New Jersey, Delaware, Maryland, and Virginia. TPC staffs over 120 employees and has been named a Top Workplace in Philadelphia by

The Philadelphia Inquirer ''The Philadelphia Inquirer'', often referred to simply as ''The Inquirer'', is a daily newspaper headquartered in Philadelphia, Pennsylvania. Founded on June 1, 1829, ''The Philadelphia Inquirer'' is the third-longest continuously operating da ...

for 5 years. The Philadelphia Inquirer - Top Workplaces 2023. The Philadelphia Inquirer. (2023a, August 29). https://sponsored.inquirer.com/philadelphia-inquirer-top-workplaces-2023-hub/

Early directors

References

Notes

External links

* *
Key events in the history of Contributionship
– official website of the Contributionship Companies * {{Benjamin Franklin Financial services companies established in 1752 Buildings and structures on the National Register of Historic Places in Philadelphia Historic American Buildings Survey in Philadelphia National Historic Landmarks in Pennsylvania Office buildings completed in 1836 Society Hill, Philadelphia 1768 establishments in Pennsylvania

History

Current Day

Early directors

See also

References

External links