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Indiana Lumbermens History
The story of Indiana Lumbermens Mutual Insurance Company began one afternoon in
January 1896. The Indiana Retail Lumber Dealers Association was holding its
annual meeting in Indianapolis, Indiana. High rates being charged for fire
insurance coverage on lumberyards was the main topic of discussion.
Determined to find a solution to the rate problem, a committee was appointed by
the Association to study the matter. Their report initiated the start of Indiana
Lumbermens Mutual Insurance Company. A fund of $2,500 was raised as the initial
investment. Henry Coburn of Indianapolis was elected President; J.W. Pinnell,
Vice President; C. E. Merrifield, Treasurer; Frank B. Fowler, Secretary.
Before the newly conceived Company could begin operating, a law had to be passed
by the state legislature to grant a charter. This took fifteen months, but it
did not lessen the determination of the group to offer insurance coverage to
lumber yards at a rate based on loss records of the insured property. The
charter was granted and Indiana Lumbermens Mutual Insurance Company opened for
business in a small office on April 1, 1897.
After a series of heavy losses in 1897, the treasury was exhausted. Instead of
accepting defeat, the Officers and Directors pledged their personal security,
and borrowed $1,000, wrote new business, paid the losses, and ended up with
$527.75.
ILM became licensed in the State of Wisconsin in 1905. Michigan, Ohio and
Tennessee followed in 1906 with Illinois in 1907. By 1910, ILM began to expand
further. A field representative was hired to travel Missouri, Kansas and
Oklahoma, and parts of Arkansas to prospect, write new business, adjust claims,
and pay losses.
During the early development of the automobile, Indianapolis was a center for
the industry. It was only natural that ILM enter the automobile insurance arena,
with the first automobile policy being written in 1918.
Gradually, new lines were added. Windstorm and tornado policies in 1920, general
coverage on homes, business, and public buildings in 1928, multiple-line
coverage in 1951, workers compensation in 1964, commercial and personal umbrella
liability in 1969, and bonds in 1972.
These lines of insurance are still basic to our industry today; but now policy
forms and coverage types, many designed to meet the specific needs of certain
business, literally number in the hundreds.
As ILM continues its evolvement into the year 2000 and beyond, it is our
objective to be the leader in providing the highest quality service and
protection for our insureds.
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