RARE OCTOBER 12 1871 LETTER 2 DAYS AFTER CHICAGO FIRE TO INSURANCE COMPANY NICE

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RARE OCTOBER 12 1871 LETTER  2 DAYS AFTER CHICAGO FIRE TO INSURANCE COMPANY
NO RESERVE
RARE OCTOBER 12 1871 LETTER  2 DAYS AFTER CHICAGO FIRE TO INSURANCE COMPANY
THIS IS A LETTER TO A MORTGAGE LENDER REQUESTING A CHANGE IN INSURANCE BECAUSE OF CONCERN THAT THE INSURANCE WOULD NOT COVER THE PROPERTY DUE TO LOSSES INCURRED IN THE GREAT CHICAGO FIRE.  THIS LETTER WAS WRITTEN 2 DAYS AFTER THE END OF THE FIRE.
By 1871, Chicago boasted 129 insurance companies, 14 of which were headquartered locally. Eighty-one were fire and marine insurers. The Chicago Fire rocked the insurance world with the revelation that the industry was unprepared to meet such a massive calamity. Fifty-eight insurance companies were driven into bankruptcy by the fire. Even worse, thousands of policyholders were never compensated for their losses. While the venerable Gurdon Hubbard is said to have sold his own properties to meet the claims of some policyholders, in the end the industry paid the claims of only about half of the Chicagoans who had insurance policies. The surviving insurance companies provided crucial capital for their policyholders to rebuild after the fire. But, by the most generous estimate, the insurance industry paid for less than a third of the total fire damage. Countless businesses and homeowners were denied their insurance claims and were never able to start over. Still, some contemporaries argued that the fire was a boon to the insurance industry because it wiped out the most poorly managed insurance companies, and that the new barrage of fire regulations made Chicago “the safest insurance field in the world.” This claim seemed verified in the 1870s, as the insurance industry rebounded dramatically. The terrible losses of the Great Fire led insurance companies to pioneer fire-safety procedures with an eye to protecting their reserves against similar disasters. The Chicago Board of Underwriters, the industry's trade organization, created new institutions of fire safety in Chicago, including a fire patrol (1871) and fire inspectors (1886). The insurance industry also spearheaded fire-safety improvements at the Union Stock Yard in the 1880s.
QUITE VALUABLE FOR MEMORABILIA OF THE TIME PERIOD
THE LETTER IS APPROXIMATELY 5 X 8 INCHES IN SIZE.
Excellent with only minor marks & age toning. Please see photos prior to bidding and for complete condition.
VERY SCARCE! I am starting this at a very low bid!
BEAUTIFUL VINTAGE ITEM!
See photos for complete condition. There are no major apparent flaws, item sold as is, please ask question prior to bidding.
.50 SHIPPING TO THE USA
International:
.00 via First Class International, .00 to Canada or .00 via Priority Mail International
You won't see another of this one of a kind of vintage items!
Thank you and remember, please communicate with me to avoid any circumstances that could happen. Following are my shipping policies.
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"GIFT" will not be marked on a Custom's form and know your individual country's Customs charges. Please research this within your country before bidding on any item.
Import duties, taxes, and charges are not included in the item price or shipping cost. These charges are the buyer's responsibility.
Please check with your country's customs office to determine what these additional costs will be prior to bidding or buying.
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International Buyers – Please Note:
Import duties, taxes, and charges are not included in the item price or shipping cost. These charges are the buyer's responsibility.
Please check with your country's customs office to determine what these additional costs will be prior to bidding or buying.