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| "The concept of mutual assurance for mutual risk is as valid today as it
was in the 18th century. Today the Society seeks to have Virginia homeowners mutually insure
each other for the same primary purpose of minimizing their exposure to losses at a reasonable
cost."
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| The Society Today |
| The Society is a mutual assessment property and casualty insurance company and is
operated as a pure mutual for the sole benefit of its member policyholders. The Society
conducts its business on the assessment plan whereby the Society’s Board of Directors
establishes the initial premiums to be charged each policyholder and thereafter the Board
levies an annual assessment. The annual assessment cannot exceed two hundred percent of the
policy premium. |
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| Uniquely, the Society issues a perpetual homeowners policy, i.e., there is no policy
expiration date, and as long as the conditions of membership are satisfied the policy shall
remain in effect, subject however to the cancellation provisions of the policy and the
Society’s bylaws. |
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| Conceptually, the advantage of this type of organization is lower insurance costs
developed through the mutual sharing of risks, through conservative underwriting of risks
and through sound investment of the Society’s funds. It is our hope that once your home is
insured by the Society a mutually satisfactory relationship will develop so that the Society
will be able to continue to insure your home as long as you own it. |
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| From its inception in 1794 until 1955, the Society provided only fire insurance on
selected buildings throughout Virginia. In 1955, the Society amended its charter to permit it
to write extended coverage and again in 1965 its charter was amended to permit the issuance of
the homeowners package policy. Since 1955, the Society has specialized in residential
property insurance and at the present time writes fire and allied lines, homeowners, inland
marine and personal umbrella liability insurance. The Society continues its tradition of
physically inspecting every property prior to binding coverage or issuing a policy, a
tradition that is in stark contrast to today’s telemarketing and .com strategies. |
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