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Madison Mutual Insurance Company NY

Mutual insurance came into existence in America in 1752 when Benjamin Franklin developed the idea that people might voluntarily join together and help one another when a severe loss occurred. By that time in the history of the United States, the eastern part of their country was becoming more settled. Individuals accumulated items of value, buildings were permanent and houses began to have wooden floors, doors with hinges and windows with glass panes. Homes and barns were worth protecting. A farmer’s barn or home could be wiped out in a short space of time by fire. This was a terrible calamity in those days. These buildings represented the farmer’s whole investment, so neighbors would come and help rebuild. Franklin’s idea of mutual insurance caught on.
Madison Mutual Insurance Company is a small assessment cooperative property/casualty insurance company located just to the west of the Village of Chittenango, Town of Sullivan and Madison County, New York State. It was established and organized by local farmers and business persons as the Madison Onondaga Mutual Fire Insurance Company in January of 1893 to provide fire insurance. Two families very prominent in the organization of the company were the Gates and the Bulls. Members of these families also served as board members. The Gates family has, for over 100 years, had a family member on the Board of Directors. Descendants still live in the area and are still insured by Madison Mutual Insurance Company.
The company was established mainly to insure local farmers and business owners who were interested in protecting their businesses, barns, homes, livestock and equipment from fire and lightning. Coverage for the peril of windstorm was made available later, and in 1976 casualty insurance was written for the first time. The founders of their company wrote insurance for members living in Madison and Onondaga Counties.
Madison Mutual Insurance Company is committed to policyholder satisfaction by providing quality products and services at competitive prices, while achieving an adequate rate of return on capital and being a constructive corporate citizen.

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