Belvidere Mutual Insurance receives award for 140 years of service

SPRINGFIELD – Illinois mutual companies have served their policyholders for over a hundred years.
Farmers had problems getting insurance protection for buildings, homes, livestock and machinery. Therefore, Mutuals developed throughout the state to fill this void.
These Mutuals are different from stock insurance companies, as they are owned and controlled by the board of directors who are elected by the policyholders, who own the mutual.
The first peril that was covered was fire, and then extensions of coverage were added including lightning, livestock drowning, vandalism and theft.
As time went on, the Mutuals wrote wind and hail coverage in combination with liability covered by a reinsurer.
Belvidere Mutual partners with Rockford Mutual Reinsurance Company to provide this coverage and to reinsure and help share in larger losses to give stability to the mutual.
As Belvidere expanded coverage, insurance is now provided to homeowners and farm owners both in rural and in towns of the surrounding area.
This scenario is basic to Belvidere Mutual Insurance Company’s operation to this day, governed by its policyholders through the elected board. Many policyholders and families have been associated with Belvidere Mutual for a good portion of our 140 years.
Loyalty to the Mutual has been very good. Word of mouth has been a contributing factor as to the success of our mutual and customer service is our number one priority.
We consistently provide insurance coverage helping to put lives back together during hardships caused by unforeseen disasters.
At our recent meeting, Jackie Rakers, Executive Director of the Illinois Association of Mutual Insurance Companies (IAMIC) presented to Belvidere Mutual a Certificate of Achievement for 140 years of service to the policyholders.
The Management and staff would like to celebrate this 140th anniversary occasion by thanking the policyholders for their loyalty to Belvidere Mutual for their past, current and future business.
The Illinois Association of Mutual Insurance Companies is a trade association comprised of farm mutual insurance companies.
Mutual insurance, like the farming industry, has been a part of the Illinois landscape for well over a century.
IAMIC provides member companies with the educational opportunities, professional development, legislative support, and industry recognition they need to move forward into the next century.