Glens Falls Chronicle Serving the Glens Falls/Lake George region; Warren, Washington and northern Saratoga counties since 1980
By Michael King, Special to The Chronicle
Most people of a certain age who grew up in the city well remember the Glens Falls Insurance Company. Many of us had relatives or friends who worked there. For well over a century it was a major area employer, selling insurance nationwide. National headquarters were located in the iconic white marble building that stood downtown until the mid 1970s where Bay and Glen Streets meet.
What became the Glens Falls Insurance Company was founded in 1849 by Methodist minister, Russell Little.
The company earned its standing as “Old & Tried” for disbursing over $200,000 in claims after the disastrous Chicago fire of 1871 — a considerable amount in a time when an average worker might earn a dollar or two a day.
But what really tested the company’s mettle occurred 120 years ago.
Early in the morning of April 18, 1906 a major earthquake jolted the nation’s west coast. After only seconds the metropolis of San Francisco suffered massive damage. A cataclysm 3,000 miles away was about to send aftershocks roiling through the Glens Falls business community.
Destruction from the quake was substantial, but it was the fires that raged afterward which almost completely destroyed the city by the bay.
The news soon reached the east coast. Local area newspapers prompted by the Glens Falls Chamber of Commerce immediately appealed for donations to help the victims of the disaster.
Meanwhile here in Glens Falls a shudder percolated through local businessmen and investors. Those in the know understood the hometown insurance firm had issued multiple fire policies on the west coast.
And although the company appeared solid after pay outs made decades earlier for the Chicago conflagration, this time was different. It was feared Glens Falls Insurance might be facing a catastrophic loss if not actual bankruptcy.
The coming months were telling. Worldwide 118 insurance companies provided coverage for San Francisco. More than a dozen failed and their policy holders left with nothing.
The earthquake and fire were one of the worst insurance disasters in American history. And the Glens Falls Insurance Company was on the hook for well over a million dollars in claims — more than $200,000,000 today.
Under the guidance of company president and Civil War veteran, Col. John Cunningham, clerks at the firm worked long hours checking their numbers.
But when the smoke cleared, the Reverend Little would have been pleased. The Glens Falls Insurance Company reached deep into its reserves and found enough cash to cover the $1,500,000 in claims against the company.
It took time, but eventually all west coast policy holders were paid in full.
Later that year the company also proudly paid a dividend to investors.
In 1907 the National Association of Credit Men recognized the company for the integrity of its service to clients who had suffered through the calamity.
Glens Falls Insurance would go on to serve the community and the nation for many more decades.
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