Lake Park & CUBA Insurance Reviews, Phone Number & Contact Details

Benjamin Franklin is credited with forming the first fire insurance company in 1752, in Philadelphia, Pennsylvania. Minnesota first became a state in 1858. Shortly after, many families started settling throughout the area; however, they found it difficult to obtain fire insurance coverage. Either the large stock companies out east refused to provide any coverage or it was so expensive that no one could afford to purchase the insurance. That was until the Minnesota legislature passed a law creating Minnesota Statutes, Chapter 67, Township Mutual Insurance. Lake Park & Cuba Insurance Company was organized in April of 1881 by a group of ten people. At that time, a $10,000 bond was needed to start a Township Mutual and a Board of Directors needed to be elected. Most had to take out a mortgage on their farms to obtain enough money to post a bond with the State of Minnesota to form the company.