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During and following the Civil War, hundreds of
farm mutual insurance companies were organized in the Midwest.
Each was created of necessity - to combine the strength of individuals
for protection against fire, the dread enemy of all people. There
was no promotion of farm mutuals for the sake of profit; instead
they were developed by farm leaders who could find no practical
means of protecting themselves against financial loss by fire
except in cooperative effort.
Existing records indicate that Concordia Farmers
Mutual Insurance Company was organized in the early months of
1869. At this time, it was known as THE AID ASSOCIATION. The
Board of Directors were the only employees and they served with
little or no pay. They carried out all of the service work for
the then small membership. Whenever a loss occurred, the Directors
either walked or rode horseback to the members, made collections,
and then payed the individual that had sustained the loss. In
those days, no policies were given to members and there was no
evidence of insurance, other than notations made by the Directors.
At that time, a man's word was the best guarantee any individual
could have.
In the late 1920's, Concordia Farmers Mutual, or
the Aid Association as it was called then, began collecting in
advance. In the early 1930's, the Company was incorporated in
the name of FREEDOM FARMERS FIRE BENEVOLENT ASSOCIATION, policies
were issued, more business like records and practices were adopted,
and there was a Secretary-Manager employed to manage the Company.
Very soon thereafter, the name was again revised to FREEDOM FARMERS
INSURANCE COMPANY. In 1938, the Company name was again revised
to the present name of CONCORDIA FARMERS MUTUAL INSURANCE COMPANY. |
