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Business Fire Insurance

11/23/2016 (Permalink)

According to The Insurance Information InstituteAlthough it took a different direction from the activities at Lloyd’s, modern fire insurance also had its beginnings in 17th century England. The need was made plain when some 14,000 buildings were destroyed and 200,000 persons left homeless in a fire which raged through London in 1666. The first fire insurance company was founded in London the following year. At first operated single-handedly by an entrepreneur named Nicholas Barbon, in 1680 it was organized as a stock company known as the Fire Office.

In the New World, the first fire insurance firm was formed in 1735 but lasted a scant five years. It was Benjamin Franklin who got fire insurance off to its real start—in 1752—with the successful formation of the Philadelphia Contributionship for the Insurance of Houses from Loss by Fire. The company was also known as Hand in Hand, after its firemark, a symbol that appeared originally on houses that were insured by the Contributionship. That company still exists today.”  Please click this link to continue reading the online article: http://www.iii.org/article/insurance-101

SERVPRO of Beachwood, Shaker Heights, Cleveland Heights and SERVPRO of South Euclid, Lyndhurst, and Pepper Pike at 216-464-4498….here to help!  We service Beachwood, Shaker Heights, Cleveland, South Euclid, Lyndhurst, and Pepper Pike and surrounding communities. Let our professional team do the cleanup with the proper procedures to keep you, your home or company safe.