1752: Benjamin Franklin –Philadelphia Contributionship of the Insurance of Houses from Loss by Fire
The Philadelphia Contributionship is the first mutual insurance company in the U.S., modeled after the Amicable Contributorship of London. Policyholders elected a board of directors to issue policies. The contributionship is still running today. From the history section of their website: “Contribution” was defined in Sheridan’s 1793 dictionary as “ that which is given by several hands for some common purpose,” symbolized by the company’s clasped hands logo.
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