About Ben Franklin Insurance
107 North State Rd 135 Ste 301
Greenwood, Indiana 46142
USA
The Company was inspired by the early influence of Benjamin Franklin in Philadelphia fire insurance, Union Fire Company.
Benjamin Franklin was one of the early advocates of mutual
insurance. In 1751, Franklin and his Union Fire Company met with other
Philadelphia fire-fighting companies to discuss the formation of a fire
insurance company. As a result of those discussions, the Philadelphia
Contributionship was formed, which was the first successful fire
insurance company in the colonies. About seventy Philadelphians
initially subscribed to the contributionship. In May 1752, the board of
directors, of which Franklin was a member, decided to form an insurance
company. Members agreed to make equal payments to the contributionship,
which would be used to pay for losses any member would sustain through
fire to his property.
The first policies had a term of seven
years. After the policies expired, the premium money was returned to the
policyholders. In the first year of operation, 143 policies were
written. Ironically, there wasn't a single insured property that caught
fire in the Philadelphia Contributionship's first year of operation.
Franklin also proposed other forms of insurance, including life
insurance and annuities. In his Silence Dogood letters, he recommended
insurance for widows and orphans, much like a current-day pension. Late
in life, he also proposed crop insurance, based on the same type of
organization as the Philadelphia Contributionship.
One of the founders of Ben Franklin Insurance & Investments
is the 7th greatgrandson of Benjamin Franklin and decendent of Benjamin
Franklin's daughter, Sarah (Sally) Franklin.
