Philadelphia Contributionship | |
 The Philadelphia Contributionship in 2013 | |
    | |
| Location | 212 S. 4th Street Philadelphia,Pennsylvania, U.S. |
|---|---|
| Coordinates | 39°56′49″N75°08′54″W / 39.946825°N 75.148249°W /39.946825; -75.148249 |
| Built | 1835-36 |
| Architect | Thomas U. Walter Collins and Autenreith[1] |
| Architectural style | Greek Revival[1] |
| NRHP reference No. | 71000732 |
| Significant dates | |
| Added to NRHP | May 27, 1971[3] |
| Designated NHL | December 22, 1977[4] |
| Designated PHMC | December 17, 1954[2] |
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ThePhiladelphia Contributionship for the Insurance of Houses from Loss by Fire is the oldest property insurance company in theUnited States. It was organized byBenjamin Franklin in 1752 and incorporated in 1768.[1][5]
The Contributionship's building, at 212 S. 4th Street between Walnut and Locust Streets in theSociety Hill neighborhood ofPhiladelphia, was built in 1835-36 and was designed byThomas U. Walter in theGreek Revival style, withCorinthian columns. The portico was replaced in 1866 by Collins and Autenreith, who also expanded the living quarters on the top two floors by adding amansard roof. A marble cornice between the third and fourth floors was also added.[1] The building was listed on theNational Register of Historic Places in 1971 and was designated aNational Historic Landmark in 1977.[4][6]
The Philadelphia Contributionship (TPC) was founded in 1752, largely through the efforts ofBenjamin Franklin. It was structured as amutual insurance 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.[6]
Franklin's newspaper,The Pennsylvania Gazette, 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."[7][8]
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.[6] The company placed its "four hands"fire insurance mark on buildings it insured.
As part of its effort to encourage minimization of risks in its insureds, in 1781 the Contributionship required its customers to cut down trees growing in front of their houses, which could impede fire-fighting activities and catch fire themselves. This proved an unpopular policy, particularly as it went against William Penn's "Green Country Town" idea for Philadelphia. In response, a rival insurance company was formed. The Mutual Assurance Company for Insuring Houses from Loss by Fire allowed its customers to keep trees in their yards, and it became known as "The Green Tree" company. Its fire insurance mark featured a green tree.[9]
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.[10]
TPC staffs over 120 employees and has been named a Top Workplace in Philadelphia byThe Philadelphia Inquirer for 5 years.[11]
| Name | Occupation |
|---|---|
| William Coleman | judge |
| Benjamin Franklin | printer |
| Samuel Rhoads | architect / master carpenter |
| Philip Syng | silversmith |
Notes
{{cite journal}}:Cite journal requires|journal= (help) andAccompanying 9 photos, exterior and interior, from 1972 and 1977 (32 KB)
Media related toPhiladelphia Contributionship at Wikimedia Commons
