Overview

The Fireman's Fund Insurance Company moved to its second office at 238 Montgomery Street, probably in late 1863. (See Langley's San Francisco City Directory, 1863, p 42.) The firm remained at this address until 1866. In 1867, it operated on the southwest corner of Sansome and California Streets, where it would remain until its headquarters was destroyed in the Earthquake and Fire of 1906.

Building History

The Fireman's Fund Insurance Company, a business founded in San Francisco by William Holdredge (born c. 1806 in VT) in 1863, moved from an office in Jackson Square to Montgomery Street, likely by late 1863. (See Langley's San Francisco City Directory, 1863, p 42 and Langley's San Francisco City Directory 1864, p. 157.) Holdredge did not last long as president, as he was listed in Langley's San Francisco City Directory, 1864, (p. 207) as "ex-president" of Fireman's Fund. A year later, he worked as an agent for the New York and San Francisco Mining Company. (See Langley's San Francisco City Directory, 1865, p. 254.)

At its beginning, the firm's organization served multiple purposes. Initially, it served as money-making business insuring San Francisco homeowners from loss at a time of periodic fires. It also set aside some of its profits (about 10%) to create a retirement fund for firefighters, in order to encourage the improvement of firefiighting in the city.

A 1963 book review published in the Santa Rosa Press-Democrat by Neale Leslie recounted the early history of the Fireman's Fund Insurance Company: “The story of the Fireman’s Fund Insurance Co. goes back 100 years to a summer evening in 1862 in San Francisco when a half-dozen businessmen proposed forming an insurance company which would not only indemnify property owners against fire, but also reward San Francisco volunteer fire companies with 10 per cent of the profits annually. Hence the name Fireman’s Fund. The plan was proposed by William Holdredge, and called for each policyholder to be given a Fireman’s fund plaque which was nailed to his building. So in event of a blaze where several buildings might be involved, the firemen—mindful of their 10 per cent profit—naturally turned their hoses on homes protected by the plaques. Despite this approach, the founders failed in their attempt to raise the required $200,000 capital. So it was the company didn’t open its doors for business until May 1, 1863. Holdredge was apparently a good talker, but nevertheless the board of directors fired him at the end of the first year. Eventually the profit-sharing arrangement with the San Francisco firemen became a bone sticking the company’s throat. This was because there was a failure to define profits in the original agreement. The company wanted these payments confined to underwriting profits—what’s left over after paying claims and expenses. So it was the San Francisco firemen agreed to drop claims against the company in exchange for $5,000 in gold coin.” (See Neale Leslie, “Insurance Firm that Fought,” review of the book Still Flying and Nailed to the Mast, by William Bronson, Santa Rosa Press-Democrat, 09/22/1963, p. 9B.)

In 1865, S.H. Parker was its president and Charles R. Bond, its secretary. (See Langley’s San Francisco Directory, 1865, p. 176.) A year later, Charles Wolcott Brooks was the vice-president. It had $500,000 in capital and a surplus of $134,978.37 as of 12/31/1865. (See Fireman’s Fund Insurance Company advertisement, Daily Alta California, vol. 18, no. 5823, 02/18/1866, p. 2.)

PCAD id: 25678