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While the 1860s saw life in Baltimore altered, the period also
brought change to the Baltimore Equitable Society. On March
13, 1865, the members present at a general meeting voted to
issue perpetual policies. By this point in its history, through
judicious investments and careful management, the Society had
accumulated a surplus sufficient to enable it to write policies
for an indefinite period. The first of these policies was issued
to William Clagett on his dwelling at 157 Lombard Street near
Canal Street. On March 20, another perpetual policy was issued
to cover "Mondawmin," the home of Isabella Brown, widow of George
Brown. George was the son of Alexander Brown, founder of Alex.
Brown & Sons, the city's oldest banking house. The home, originally
a summer home and later the year-round residence, was located
where Mondawmin Shopping Center now stands.
The turn of the century was a time of progress and good fortune
for the Society until disaster struck the city in 1904. On February
7, a wholesale dry goods house in the heart of Baltimore's business
district caught fire, igniting the Great Baltimore Fire. One
hundred fifty acres, including all of the original town laid
out in 1730, were destroyed along with 2,500 business establishments.
Miraculously, no lives were lost, but total damages reached
$150 million. The Great Baltimore Fire affected 455 Baltimore
Equitable policyholders and although the Society incurred losses
of nearly $2 million, all policy holders were promptly paid
in full.
 Following
the disaster of the 1904 fire, financial calamity hit the nation.
From 1929 to 1939, the Great Depression took a heavy toll on
the country. Franklin D. Roosevelt was elected president to
lead the nation to economic recovery. During this period, fortunes
were lost, companies were ruined and millions of workers were
unemployed. Nevertheless, Baltimore Equitable continued to be
successful. None of its surplus fund was used to pay operating
expenses, and investments remained secure. In fact, assets increased
by 23%. It was during this period of economic struggle that
the Society created its Fire Museum, that was housed in its
offices on Eutaw Street and has recently been closed.
The years from 1941 to 1945 saw thousands of Baltimoreans called
to military duty in Europe and the Pacific Theater during World
War II. Those service men and women who were insured by the
Society went to war without the worry of annual premiums, knowing
their families would be taken care of with prompt and personal
claims service in the event of a loss.
The urban unrest in 1968 changed the way some insurance companies
wrote policies. As a result of the fire damage caused by the
riots, some insurers refused to cover properties within the
city lines. Yet Baltimore Equitable continued to write policies
on homes which met underwriting requirements without regard
to the invisible "red line" which was said to surround
the city.
Throughout the 1980s, Baltimore Equitable's success continued,
with its comprehensive perpetual homeowner's policy a hallmark
of the insurance industry. During this decade, the Society reduced
its rate three times and was able to broaden the coverage provided
under its perpetual policy at no additional cost to members.
Today, Baltimore Equitable has over 5,000 policies and $1,000,000,000
in insurance at risk.
Baltimore Equitable has sustained its success well into the
1990s despite the prevailing economic uncertainty. The renowned
A.M. Best Company, which evaluates the financial stability of
insurance companies, has examined Baltimore Equitable Society
and rated it A+. This rating is reserved for companies which
have achieved superior overall performance when compared to
the norms of the property/casualty insurance industry and have
shown the strongest ability to meet their policyholder and other
contractual obligations.
The Baltimore Equitable Society, now Baltimore Equitable
Insurance, represents one of the cornerstones of Baltimore
business. A trusted friend, we insured your great grandfather
and we will continue to insure your grandchildren and their
families.
Here today and gone tomorrow? Clearly not! We've been "hand
in hand with Maryland for 200 years" and we are confident
that we'll continue for many, many more years.
If you are concerned about what you read in the headlines,
- about economic stability, world-wide political uncertainty
- take a look at the company that has seen it all before and
not only survived tough times but prospered in spite of them.
We have thrived as a result of consistently good underwriting
and wise investments over many years. Baltimore Equitable's
perpetual insurance product is unique. Compared to conventional
premium homeowner's insurance, it is an excellent value.
Consider this fact: For a single, one-time deposit which is
100% refundable, your home can be insured for the life of
the policy. With Baltimore Equitable there are no annual premiums.
We think you will find that our excellent service, coupled
with over two centuries of tradition, is unparalleled.
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