Consolidated Indemnity and Insurance Company information
Consolidated Indemnity and Insurance Company
Founded
October+ 1928
Headquarters
Hartford, Connecticut
Area served
Virginia Kentucky Maryland Tennessee West Virginia District of Columbia
Key people
Saul Singer C. Stanley Mitchell John F. Gilchrist
Consolidated Indemnity and Insurance Company was a Hartford, Connecticut[1]-based firm which became insolvent during the Great Depression. The corporation is important because it employed executives who were formerly directors of significant business concerns of New York City, in the early 1930s and before. Consolidated Indemnity and Insurance Company was organized in October[2] 1928 with a capital of $2,500,000 and a surplus of $7,300,000. Among its fifteen directors were Saul Singer, vice-president of the New York Bank of the United States and C. Stanley Mitchell, president of the Central Mercantile Trust Company.[3] Its president was John F. Gilchrist,[4] chairman of the Tate Transit Commission.[2] Gilchrist was a close personal and boyhood friend of Alfred E. Smith.
The insurance firm opened division offices in Virginia, Kentucky, Maryland, Tennessee, West Virginia, and the District of Columbia
in August 1929.[5]
In July 1931 a suit was initiated by New York State against Consolidated Indemnity to recover $600,000 on a bond guaranteeing the state deposits in the insolvent New York Bank of the United States. Following a decision of the Appellate Division of the Third Department, the trial
proceeded to the New York State Supreme Court in Albany, New York.[6]
The business merged with the Transportation Indemnity Co. of New York in May 1932.[7] Capital of the combined corporations was $800,000.[1]
Liquidation of Consolidated Indemnity was carried out by the New York State Insurance Department in 1934. The business tried unsuccessfully to obtain a loan from the Reconstruction Finance Corporation. At the time of its failure the company possessed a total of $33,231 free cash and a debt amounting to $400,000.[8]
^ ab"Insurance Merger", The Wall Street Journal, May 9, 1932, pg. 2.
^ ab"New Indemnity Company", The Wall Street Journal, October 8, 1928, pg. 15.
^"Insurance News", The Wall Street Journal, May 28, 1928, pg. 8.
^City Financial Corporation, The Wall Street Journal, September 29, 1928, pg. 8.
^"Cons. Indemnity Co. In Virginia", The Wall Street Journal, August 29, 1929, pg. 15.
^"Win Point In Surety Suit", The Wall Street Journal, July 9, 1931, pg. 4.
^"Con. Indemnity Co.", The Wall Street Journal, May 5, 1934, pg. 5.
^"Liquidation Is Ordered", The New York Times, May 30, 1934, pg. 31.
and 25 Related for: Consolidated Indemnity and Insurance Company information
the insurance industry and other investments. Berkshire first ventured into the insurance business with the purchase of National IndemnityCompany. In...
Mutual Insurance had $156.043 billion in consolidated assets, $128.195 billion in consolidated liabilities and $48.2 billion in annual consolidated revenue...
Health insurance is offered mainly in two Types: Indemnity Plan basically covers the hospitalisation expenses and has subtypes like Individual Insurance, Family...
providing insurance for property loss, commercial auto accidents, private automobiles, and homes. On January 1, 1965, the New Jersey Manufacturers Indemnity Insurance...
expenses and provide additional peace of mind for insureds. Supplemental coverages include Medicare supplement insurance, hospital indemnityinsurance, dental...
an international insurancecompany that offers a range of services, including trade credit insurance, debt collection, surety bonds and guarantees, business...
American Insurance Group, comprising the American InsuranceCompany, parent organization, the Bankers IndemnityInsuranceCompany, casualty affiliate and the...
reorganized as a holding company, Sierra Pacific Resources. Nevada Power was formed in 1906 as the Consolidated Power and Telephone Company of Nevada. It sold...
sometime in May 2014. Ketchup processing operations were to be consolidated at the company's US locations. Over 800 local jobs were lost due to the town's...
indemnified by his own insurancecompany, should not be allowed to turn round and sue his servant for a contribution or indemnity. It follows that I do...
three years. In exceptional cases, if there are valid reasons, the insuranceindemnity is also paid to persons who did not apply within these terms. Payment...
Bond insurance, also known as "financial guaranty insurance", is a type of insurance whereby an insurancecompany guarantees scheduled payments of interest...
Fremont Indemnity, discontinued in 2001. The state of California took over supervision of the worker's compensation business in 2000, and the company agreed...
is the case with parametric weather insurance, there is no proof of loss provision. Unlike "indemnity" insurance-based cover, there is no need to demonstrate...
perils or risks in exchange for a fee (the insurance premium). For example, a property insurancecompany may agree to bear the risk that a particular...
privately held insuranceand financial services holding company in the United States. Formerly known as Union Labor Life InsuranceCompany, it was founded...
when the company changed its name to NV Energy. Nevada Power was founded on March 20, 1906 as Consolidated Power and Telephone, the electric and telephone...
building societies, banks, specialized mortgage corporations, insurancecompanies, and pension funds. In the UK variable-rate mortgages are more common...
capita spent on insurance. As of 2016, Norway's Skuld (shipping), UK's Steamship Mutual and Standard Club (shipping), Protection andIndemnity (P&I) clubs...
certain liabilities were relaxed to permit indemnities by group companies to directors of corporate trustees and occupational pension schemes. ss.261–263...
small vocational rehabilitation firms were consolidated to form the initial foundation of the new Company, valued at approximately $2 million with over...
Global Information