Did you know Benjamin Franklin promoted the practice of obtaining insurance? Franklin was concerned about insuring property, especially for loss due to fire.
Franklin founded an insurance company in 1752 called the Philadelphia Contributionship of Insurance of Houses from Loss of Fire. The company was incorporated in 1768. Franklin’s company promoted fire prevention and refused to insure certain buildings that were high risk.
Today the company is called Philadelphia Contributionship and resides in the building that was built in 1835. The building was declared a national landmark in 1977.
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