Fireman’s Fund Insurance Made Golden Gate Bridge A Reality

A Local Bay Area Company Underwrote the Construction Surety Bond

NOVATO, Calif.--(BUSINESS WIRE)-- The 75th anniversary of the Golden Gate Bridge’s construction – a bridge that has become a global icon of the San Francisco Bay Area – will be celebrated on May 27th. A little-known fact is the San Francisco insurance company that contributed to making this possible.

Back in the 1930s, construction of the Golden Gate Bridge was insured by a local Bay Area company, and that company still exists today – Fireman’s Fund Insurance Company.

According to the Golden Gate Bridge: “History of the World and People,” on November 4, 1930, voters within the recently designated Golden Gate Bridge and Highway District went to the polls and put up their homes, farms and business properties as collateral to support a $35 million bond issue to finance the bridge. Fireman’s Fund underwrote the construction surety bond for what - at the time - was a staggering amount of money. Opponents of the bridge felt that the timing of the bond election was considered economically reckless, as it would create bonded indebtedness during the Great Depression; proponents saw the construction as economic relief from the Depression.

In the final vote, 145,697 voted for construction, while just 47,005 opposed the idea. Having the construction bond insured by Fireman’s Fund helped to create confidence in the project.

"We are so proud to share in the rich history of this iconic bridge whose extraordinary architecture and beauty has led it to become a symbol of the gateway to San Francisco," said Lori Fouché, President and CEO of Fireman’s Fund. “Since 1863, Fireman’s Fund has been an integral part of the San Francisco Bay Area, partnering with so many innovative businesses and families that call the Bay Area home.”

Insuring the building of the Golden Gate Bridge was not the first time that Fireman’s Fund had demonstrated specialized expertise, dependability and innovation in its underwriting.

Below is a timeline that illustrates Fireman’s Fund’s history of insuring major events:

Great Chicago Fire (1871)

While many insurers went bankrupt, Fireman’s Fund paid all claims, even though its losses exceeded its assets. This demonstration of endurance earned the company a national reputation.

BostonFire (1872)

One year after the Chicago fire, a major fire destroyed Boston. Fireman’s Fund paid all claims.

San Francisco Earthquake (1906)

The company’s headquarters were completely destroyed, but Fireman’s Fund paid the claims of all policyholders, with a combination of cash and stock.

Charles Lindbergh’s Trans-Atlantic Flight (1927)

Fireman’s Fund insured the construction of the Spirit of St. Louis, which Lindbergh flew nonstop from New York to Paris.

The “Talkies” (in the late 1920s)

Fireman’s Fund insured movie studios concerned about the risk of introducing movies with sound – the “talkies.” Since then the company has played a significant role in underwriting insurance for major motion pictures.

Refurbish of the Golden Gate Bridge (1982)

Again, Fireman’s Fund stepped up and underwrote the construction bond for the refurbishing of the Golden Gate Bridge.

About Fireman’s Fund Insurance Company

Founded in 1863, Fireman’s Fund Insurance Company is a premier property and casualty insurance company providing personal and commercial insurance products backed by industry-leading claims and risk management solutions. Fireman’s Fund is a leader in high-net-worth, entertainment, and green insurance. Since 2004, it has donated more than $29 million in grants to local fire departments across the U.S. as part of its commitment to safer communities. Fireman’s Fund is a member of the Allianz Group, one of the world’s largest providers of property and casualty insurance, ranked 27th on Fortune’s Global 500 list of the world’s largest corporations. For additional information, visit www.firemansfund.com.

Fireman’s Fund Insurance Company Janet Ruiz, 415-899-5381
[email protected]

Source: Fireman’s Fund Insurance Company