History
1830's
In the early nineteenth century, fire insurance for the rural residents of Upper Canada was either unaffordable, or not available at all. The frequent fires could and usually did destroy a lifetime of work. The legislative house of Upper Canada passed the "Act Respecting Mutual Insurance Companies" in 1836 to allow farmers to form their own Mutual insurance companies that would provide fire insurance at as low a cost as possible. Before a company could be formed, the founding members or subscribers would have to guarantee $100,000.
In an unprecedented move, the colonial governor signed this law without prior approval from Britain. He did this as part of an effort to quell growing unrest in rural Upper Canada, but this did not stop 400 residents of Burford, Oakland, Norwich, Windham, and Townsend townships from joining the 1837 Rebellion. This ragtag force gathered at the village of Scotland, intending to march east and "liberate" Hamilton, but this was not to be. Simcoe's Norfolk Cavalry unit and loyalist militias from Brantford surrounded the rebels and chased them to Norwich, where they were defeated and dispersed. The victorious loyalists then burned the farms and fields surrounding Norwich.
1870's
In early 1879, residents from Townsend Township met at the Beecroft Hall in Townsend Centre to debate the need for a Mutual Insurance company in the district. Notice of a meeting was published in the Waterford Star, and on March 13, 1879, one hundred and twenty-four subscribers were able to guarantee $149,600 and Townsend Farmers' Mutual Fire Insurance Company was born.
The first claim of $200 was paid to Mr. Walter Bowen for the total loss of a barn and the horses within.
Those early days were quite different from insurance today. Insurance was only for fire and lightning; nothing else was covered. Instead of paying for insurance premium in advance, each policyholder signed a premium note. The premium note was actually a promissory note and it meant that each policyholder agreed to kick in extra money if it was necessary to pay any losses.
Eventually insurance premiums came to be paid in advance, but each policyholder still had to sign the premium note. The Company grew along with the community, and developed a financial surplus. This surplus was used to pay claims instead of relying exclusively on the premium notes.
A fire bell was installed in the Flat Iron building in Waterford.
1880's
Total insurance in force reached $1,000,000 in 1889.
The first electric lights were installed in downtown Waterford in 1885. Power was provided by a dynamo in Duncombe's Mill on the Nanticoke Creek.
The Purely Mutual Underwriters Association was formed, which later became the Ontario Mutual Insurance Association (OMIA). OMIA provides Townsend Farmers' Mutual with the same level of research and support that a Company many times our size would have.
1890's
The fire bell was moved to the Beemer Hotel after the Flat Iron building burned down! Fire Warden E.H. Long formed a hook and ladder brigade equipped with a hand-drawn wagon that had fifty water pails hanging from hooks.
Ginseng was first cultivated near Waterford by the Hellyer family in the shade of an orchard. The Brant/Oxford/Norfolk area is now the leading ginseng growing region in the entire world.
1900's
The Townsend/Waterford Town Hall was built in 1902. To protect the downtown from the devasting fires, a cistern was built in the basement of the Town Hall with pipes extending down the hill to West and Alice Streets.
1920's
Total insurance in force reached $2,000,000 in 1921. Oscar McMichael, the final member of the original 1879 Board of Directors retired in 1924 after forty-five years.
Flue-cured tobacco was grown in Norfolk for the first time.
1940's
The Company tried to do its part in the national war effort by investing much of the accumulated surplus in War Bonds. Townsend Farmers' Mutual started the practice of re-insuring the business. Re-insurance meant that the Company would not have to pay all of the claims itself. In return for some of the premium money, re-insurers would pay for part of the claims.
1950's
By the 1950's Townsend Farmers' Mutual found that re-insuring our business was becoming cumbersome and expensive. To solve this problem and better serve our policyholders, we joined with many other farm mutual insurance companies to establish our own reinsurance company: Farm Mutual Reinsurance Plan Inc. (FMRP). FMRP is well respected in the reinsurance industry, and its resources add stability to Townsend Farmers' operations. FMRP and its Quebec counterpart Promutuel were the first Canadian-owned reinsurance companies.
The Waterford Fire Department moved to the ground floor of the Town Hall.
1960's
Wind insurance was offered for the first time. The Company was very successful financially, and the surplus grew substantially. Townsend Farmers' rewarded the policyholders by returning large Refunds from Surplus year after year. The 1963 Refund of 50% still stands as the largest in the history of the company.
Mr. Lee Simington was the Secretary, Manager, and Treasurer of Townsend Farmers' Mutual from 1953 to 1981. Mr. Simington was also the Clerk of Townsend Township, Clerk of the Town of Waterford, and Secretary of the Waterford P.U.C. Mr. Simington operated all four organizations out of the Waterford-Townsend Town Hall.
1970's
iability and commercial insurance were offered for the first time. By the early 1970's Townsend Farmers' Mutual had outgrown its little corner of the Town Hall, and moved into our present location at the Waterford Place plaza, then known as Calbeck's plaza.
Norfolk County, Townsend Township, and the Town of Waterford technically ceased to exist in 1974, when they were amalgamated into the new City of Nanticoke and Haldimand-Norfolk Region.
The premium note system was finally retired in 1975, when Townsend Farmers' Mutual joined the new Fire Mutuals Guarantee Fund. Mr. Lee Simington was a founding trustee of the Guarantee Fund. This fund guarantees that the assets of the farm mutual insurance companies in Ontario stand behind Townsend Farmers' Mutual. No other solvency protection fund in the industry beats the security that it provides the policyholders.
1979 marked one of the most interesting years in the history of the Townsend Farmers' Mutual. All policyholders were invited to a banquet at Tricenturena to celebrate the one hundredth anniversary of the founding of the Company. Three weeks later, the Woodstock tornado roared through Waterford, Vanessa, Townsend Centre and points in between. Damage was extensive, and the Company helped your neighbours through some difficult times. Even though Townsend Farmers' Mutual paid out more than twice our annual premium revenue in claims, our re-insurance and the investment income from our large accumulated surplus allowed us to show a small profit for the year.
1980's
Townsend Farmers' Mutual became a complete personal lines insurer by entering the Automobile insurance market in 1982. Keith Shay was appointed Secretary-Manager to succeed Lee Simington. The Company grew phenomenally during the decade, and in 1988 reinstituted the practice of giving back money to the policyholders, through the Refund from Surplus.
The Company became one of the founding members of the Canadian Association of Mutual Insurance Companies (CAMIC). This organization represents more than 100 mutual insurance companies across Canada. The Company also became a member of the National Association of Mutual Insurance Companies (NAMIC) representing over 1500 mutual insurers throughout North America.
Waterford started its now famous fall tradition of Pumpkinfest. Up to 80,000 visitors descend on the town during Pumpkinfest weekend.
Peanuts were grown commercially in Norfolk for the first time.
1990's
The growth and innovation continued… Townsend Farmers' Mutual outgrew our facilities twice during the decade! After expansions in 1991 and 1999, office space at the plaza was more than tripled. Staffing increased by 150% to keep up with the demand, and the company's strong financial performance allowed us to give Refunds from Surplus back to the policyholders almost every year since 1991.
2000's
Norfolk and Haldimand Counties were reborn when local government was restructured, with the Nanticoke industrial park and Townsend Village joining Haldimand, and the rest of the old Townsend Township and Waterford re-joining Norfolk County.
The ice storm of 2002 gave Norfolk and Haldimand residents a glimpse of what it was like in the olden days. Hundreds of trees were felled, knocking out hydro to most of the area for several days.
The Company honoured Keith Shay for thirty-three years of service with a reception and presentation at The Greens At Renton. Over 350 customers, associates, friends and family paid tribute to Keith.
Check out the list of Past Directors, Secretary-Managers, and Agents. Is one of your ancestors on the list?