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1-11-2007 By MICHELLE MILLER Staff Writer In 1998, Powers retired as the Hartwick Town Insurance Company secretary-treasurer after serving in that position since July 25, 1957. He maintained his position on the Board of Directors and has been serving as president since 1998. Powers, who is 88 years old, says his eyes are no longer good enough to sign all the paperwork involved with being president of the company. "If you can't see, you can't sign," he says. Powers, who made $150 a year when he took over as secretary-treasurer, says the insurance company was important to him as a young man because he was a farmer, and the company was designed to insure farms that other companies wouldn't. The Town of Hartwick has been the home of the insurance company since April 10, 1886. According to a history written in 2001 for the Hartwick Bicentennial book, the company was formed to insure dwelling houses and their contents, farm buildings and their contents and other buildings and property including stock, cattle, horses and sheep against loss or damage by fire and lightning. The written history says the company began with 37 members, carrying a total amount of insurance of $73,100. However, Secretary- Treasurer Mary Balcom says the Hartwick Town Insurance Company is currently struggling because people either don't know the company exists or they don't think of the company and get homeowners coverage, which basically covers all their needs. Mary says there were 52 policies in effect in the year 2007 with approximately $650,000 of coverage. "We are lucky because the State of New York allows us to continue by not making us conform to some of the rules big companies have to because of our size," says Balcom. "If they looked at us like a big company, we would probably be in trouble." Balcom says there are positive and negative points about the Hartwick Town Insurance Company. She says the company covers barns and machinery that other companies will not. She also says there are no deductibles. However, Balcom says the company cannot write more than $12,000 worth of coverage, and can only write fire policies. She says the company does not have wind or liability coverage. According to the written history, insurance coverage at the company's formation ranged from $3,500 to $300. The original territorial limits of the company were established to be in the Town of Hartwick only, but in 1965, a charter change was approved, expanding the territory to allow the company to cover Otsego County. Charles M. Auger of Hartwick Seminary was elected the first president, and William C. Davidson of Hartwick Seminary was the first secretary-treasurer. The directors of the company were Andrew N. Todd, Charles N. Chase, Chester B. Steere, Monroe H. Field, Oscar Bradley, Ezra Blanchard, and Charles M. Auger. When the company was formed, insurance policies were issued for one, two or three years, to stagger the dates the policies would be renewed. However, the policies were renewed as they were issued, until there was great confusion. For example, one person might have had three policies each with a varying policy length. In order to eliminate confusion, a big policy holders meeting was held. It was decided that all policies would be renewed every three years. There were changes in the company's by-laws over the years, and they reflected the modifications in the lifestyles of the policyholders. In 1912, a change was made stating that "no person holding a policy shall use or allow anyone else to use any steam engine within 50 ft. of any property insured by the company and the smoke stacks of any such engines used shall be property secured and nothing except soft coal used for fuel." Permission was also given at the same meeting to used electricity, acetylene or gasoline for lighting purposes, provided the wiring for electricity was approved by the Fire Underwriters Association. In 1914, permission was given to store automobiles in buildings covered by the company, but at a fee of $4 per year. However, all gasoline tanks had to be 50 ft. away from the insured building. Policyholders own the Hartwick Town Insurance Company, and a meeting of policyholders is still held once a year. Directors are elected for a three-year term from policyholders. The directors then elect a president and a secretarytreasurer for a one-year term. Current board members include: Eileen Barown, Michael Chase, Donald Eldred, Donald Elliot, Fred Delos Field, Ralph Goodrich, John Mott, Orrin Higgins, Pat Mc- Brearty, Mary Balcom, and Bill Powers. |
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