The “Mutual Assurance Society, against Hearth on Buildings, of the State of Virginia” was incorporated by the General Assembly on December. The plan of the society was recommended and is alleged to have been modeled once a system of mutual guarantee introduced.
Insurance offered by the society was against “all losses and damages occasioned accidentally by hearth.” Rates of hazard were determined by the fabric composition of the buildings, by the uses to that the buildings were place, and by what might be kept in them. Mills, playhouses, liveries, and buildings containing machinery propelled by steam or in which combustible articles were stored might be insured only by special contract. Revaluations of insured property were required each seven years or whenever additions were created to a policy.
These records serve a selection of research functions and are usually useful to those interested in family history, local history, architectural history, and business history. Declarations show ownership or occupancy in a very explicit place. Building diagrams streamline the policyholder’s neighborhood, economic standing,
and circumstances, along with the list of insured structures and the information concerning their composition and size.