“Bloody Monday” was perhaps the darkest day in Louisville history with at least 22 people killed and scores injured. Riots erupted on that election-day, August 6, 1855 fueled by a long simmering hatred of Catholics and immigrants - mostly of German and Irish descent.
The violence that day was led by the “Know Nothings” – members of a political party that opposed the influx of immigrants which were approaching 25% of the 43,000 population at the time. Protestant mobs began on the east side of downtown Louisville where most of the German immigrants lived using ropes, guns, clubs and pitchforks, destroying shops, taverns, and homes. Anyone on the street was beaten and fires were set on Shelby Street while firemen were warned not to try and put out the fires.
The company which would later be renamed Falls City Mutual Insurance Co, Inc. arose from the ashes of that day. The German immigrants simply couldn’t obtain fire insurance from the market during that time so they developed informal agreements among themselves to help each other rebuild if their houses burned. They eventually formalized these relationships by forming their own insurance company which resides today appropriately on South Shelby St. The company began operations on Jan 23, 1869 and was incorporated by a special act of the General Assembly of the Commonwealth of Kentucky on February 29, 1884.
We are a non Profit Cooperative Mutual insurance company. "Mutual" means we are owned and managed by the policyholders. Ownership has special privileges but also responsibilities. In order to provide cost effective insurance, we only insure policyholders that take pride in ownership. We also perform a thorough inspection of each property when it is initially underwriten and also at each annual renewal. This helps keep insurance costs low for every member.
We are also an "Assessable" company which means that should our surplus fall below zero, the policyholders could be assessed an amount not to exceed certain statutory limits. This also encourages policyholders to help keep losses reasonably low. An assessment occurred one time in the history of the company when the April 3, 1974 tornadoes struck Louisville and almost 50% of our policyholders made damage claims. The policyholders were assessed $100 each. The Board never wants to be in a position to assess the policyholders and because of that experience, the company started re-insuring all policies. Therefore, such an event is most unlikely to reoccur. Please see the tab "Financials" for an indication of our financial strength.
Our History is our Mission Statement. Falls City Mutual got it's start by serving the underserved in Germantown. It is still our mission today by providing affordable and cost effective homeowners and fire insurance coverage to the underserved in all parts of town including Portland, Butchertown, Germantown, Downtown, West End and all other parts of the Greater Louisville Metro area.