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By HOWARD WIEDENHOEFT<\/p>\n
As much as we enjoy our Wisconsin summers, we all know the improbability of the weather. <\/span>Thunderstorms, lightning, and even tornados are events we Midwesterners unfortunately must deal with.\u00a0For the insurance industry, these often mean mass damage and expensive payouts. In the 1880s, neither Ixonia Mutual Fire Insurance Company<\/span><\/a>\u00a0or\u00a0Watertown Mutual Fire Insurance Company<\/span><\/a>\u00a0offered coverage for storm damage. But they knew the difficulties of large payouts due to the ravages of fire. Last month, we learned how in 1879 Ixonia Mutual\u00a0used an\u00a0assessment<\/span><\/a>\u00a0to help finance a large payout. In 1885, the company was once again challenged with a series of losses,\u00a0each of them beyond the capabilities of the company’s treasury.<\/span><\/p>\n On Tuesday, January 20, 1885, Piper Gibb & Co., a mill located along the Rock River in Pipersville, was destroyed by fire. Ixonia Mutual’s\u00a0adjusting committee reported\u00a0\u201cthe loss of the building being certain and total and being satisfied that the fire originated from no cause for which the owners could be in any way aware or responsible\u201d\u00a0and four days later leveed an assessment of $1,600 to pay the\u00a0loss.<\/span><\/p>\n Six months later, on\u00a0July 16, 1885, a barn and contents owned by David Lewis was destroyed by fire\u00a0and the company leveed an assessment of $650 to pay the loss.<\/span><\/p>\n On September 23, 1885, a barn and contents owned by E. R. Adams was destroyed by fire and the company once again leveed an\u00a0assessment of\u00a0$908 to pay the loss.<\/span><\/p>\n These three assessments leveed in 1885 by Ixonia Mutual\u2019s directors totaled $3,158, which\u00a0was over 0.8% of the total insurance in force by the mutual. By comparison, 0.8% of Forward Mutual’s insurance in force today would be over $7 million.<\/span><\/p>\n One can imagine these assessments were extremely hard on\u00a0the policyholders. That the company made it through that difficult year is testament to the strong commitment the mutual members held for helping their neighbors.<\/span><\/p>\n Just like 1885, extreme loss years\u00a0can happen today. The possibility of tornado causing mass damage is always present. Like all insurance companies today, Forward Mutual buys reinsurance to spread its risk and protect the mutual and policyholders from the effect of an extreme loss year. Our reinsurance company, Grinnell Re<\/span><\/a>, reimburses Forward Mutual\u00a0above a\u00a0dollar limit on any one loss and\/or a 72-hour period wind\/hail event and a maximum total of all claims for the year. Preparing well for extreme loss years is Forward Mutual’s way of continuing a strong commitment of neighbor helping neighbor.<\/span><\/p>\n By the Minutes: Introduction<\/a><\/p>\n 1872 Watertown Mutual Founded<\/a><\/p>\n 1875 Ixonia Mutual Founded<\/a><\/p>\n Comparing the Capitalizing of Two Early Mutuals<\/a><\/p>\n A Mutual\u2019s First Claim<\/a><\/p>\n Supporting Dairy in the Late 1800s<\/a><\/p>\n 1879 Early Challenges for a Young Mutual<\/a><\/p>\n Ixonia Mutual\u2019s First $1000 Loss<\/a><\/p>\n 1885 A Year of Neighbor Helping Neighbor<\/a><\/p>\n Changes of Bylaws<\/a><\/p>\n Our Dairy Heritage<\/a><\/p>\n Insuring Automobiles<\/a><\/p>\n Taxes, War and the English Language<\/a><\/p>\n Supporting the Community\u2019s Fire Protection<\/a><\/p>\n Board Directors and Their Meetings<\/a><\/p>\n Standardization of Wisconsin Mutuals<\/a><\/p>\n Of Electricity, Radio and Foxes<\/a><\/p>\n Our Annual Meetings Over the Years<\/a><\/p>\n Tumultuous 1930-1940s<\/a><\/p>\n How a Major Disaster Affected Extended Coverage and Reinsurance<\/a><\/p>\n Surviving the Big Dogs in the 1960s<\/a><\/p>\n Introducing Agents to the Mutuals<\/a><\/p>\n Accounting Over the Years<\/a><\/p>\n Centennial Anniversaries<\/a><\/p>\n Mutual Offices<\/a><\/p>\n Mutual Managers and Staff<\/a><\/p>\n Establishing Confidence in Financial Strength<\/a><\/p>\n Entering the Era of Computers<\/a><\/p>\n The 1990s, Advancement and Angst<\/a><\/p>\n The Start of the 21st Century<\/a><\/p>\n Concord and Watertown Merge<\/a><\/p>\n Ixonia Mutual and Watertown Mutual Merge and a New Company is Formed<\/a><\/p>\n Setting the Stage, Moving Forward with a New 2020 Vision<\/a><\/p>\n
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