$5 Western Exchange Fire and Marine Insurance Co. - Obsolete Banknote - Broken Bank NoteInv# OB1171 Paper Money
Omaha City, Nebraska. Printed by Danforth, Wright & Co., New York & Philad.
An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter. A person or entity who buys insurance is known as a policyholder, while a person or entity covered under the policy is called an insured. Policyholder and insured are often used as but are not necessarily synonyms, as coverage can sometimes extend to additional insureds who did not buy the insurance. The insurance transaction involves the policyholder assuming a guaranteed, known, and relatively small loss in the form of a payment to the insurer (a premium) in exchange for the insurer's promise to compensate the insured in the event of a covered loss. The loss may or may not be financial, but it must be reducible to financial terms. Furthermore, it usually involves something in which the insured has an insurable interest established by ownership, possession, or pre-existing relationship.
The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured, or their designated beneficiary or assignee. The amount of money charged by the insurer to the policyholder for the coverage set forth in the insurance policy is called the premium. If the insured experiences a loss which is potentially covered by the insurance policy, the insured submits a claim to the insurer for processing by a claims adjuster. A mandatory out-of-pocket expense required by an insurance policy before an insurer will pay a claim is called a deductible (or if required by a health insurance policy, a copayment). The insurer may hedge its own risk by taking out reinsurance, whereby another insurance company agrees to carry some of the risks, especially if the primary insurer deems the risk too large for it to carry.
Omaha (// OH-mə-hah) is the largest city in the U.S. state of Nebraska and the county seat of Douglas County. Omaha is in the Midwestern United States on the Missouri River, about 10 miles (15 km) north of the mouth of the Platte River. The nation's 39th-largest city, Omaha's 2020 census population was 486,051. It is the second-largest city in the Great Plains states (behind Oklahoma City), the second-largest city along the Missouri River (behind Kansas City, Missouri), and the seventh-largest city in the Midwest.
Omaha is the anchor of the eight-county, bi-state Omaha-Council Bluffs metropolitan area. The Omaha Metropolitan Area is the 58th-largest in the United States, with a population of 967,604. The Omaha-Council Bluffs-Fremont, NE-IA Combined Statistical Area (CSA) totaled 1,004,771, according to 2020 estimates. Approximately 1.5 million people reside within the Greater Omaha area, within a 50 mi (80 km) radius of Downtown Omaha. It is ranked as a global city by the Globalization and World Cities Research Network, which in 2020 gave it "sufficiency" status.
Omaha's pioneer period began in 1854, when the city was founded by speculators from neighboring Council Bluffs, Iowa. The city was founded along the Missouri River, and a crossing called Lone Tree Ferry earned the city its nickname, the "Gateway to the West". Omaha introduced this new West to the world in 1898, when it played host to the World's Fair, dubbed the Trans-Mississippi Exposition. During the 19th century, Omaha's central location in the United States spurred the city to become an important national transportation hub. Throughout the rest of the 19th century, the transportation and jobbing sectors were important in the city, along with its railroads and breweries. In the 20th century, the Omaha Stockyards, once the world's largest, and its meatpacking plants gained international prominence.
Today, Omaha is the home to the headquarters of four Fortune 500 companies: mega-conglomerate Berkshire Hathaway; one of the world's largest construction companies, Kiewit Corporation; insurance and financial firm Mutual of Omaha; and the United States' largest railroad operator, Union Pacific Corporation. Berkshire Hathaway is headed by local investor Warren Buffett, one of the wealthiest people in the world, according to a decade's worth of Forbes rankings, some of which have ranked him as high as No. 1.
Omaha is also the home to five Fortune 1000 headquarters: Green Plains Renewable Energy, TD Ameritrade, Valmont Industries, Werner Enterprises, and West Corporation. Also headquartered in Omaha are the following: First National Bank of Omaha, the largest privately held bank in the United States; three of the nation's ten largest architecture/engineering firms (DLR Group, HDR, Inc., and Leo A Daly); and the Gallup Organization, of Gallup Poll fame, and its riverfront Gallup University.
Notable modern Omaha inventions include the following: the "pink hair curler" created at Omaha's Tip Top Products; Butter Brickle Ice Cream, and the Reuben sandwich, conceived by a chef at the then–Blackstone Hotel on 36th and Farnam Streets; cake mix, developed by Duncan Hines, then a division of Omaha's Nebraska Consolidated Mills, the forerunner to today's ConAgra Foods; center-pivot irrigation by the Omaha company now known as Valmont Corporation; Raisin Bran, developed by Omaha's Skinner Macaroni Co.; the first ski lift in the U.S., in 1936, by Omaha's Union Pacific Corp.; the Top 40 radio format, pioneered by Todd Storz, scion of Omaha's Storz Brewing Co. and head of Storz Broadcasting, and first used in the U.S. at Omaha's KOWH Radio; and the TV dinner, developed by Omaha's Carl A. Swanson.
Various Native American tribes had lived in the land that became Omaha, including since the 17th century, the Omaha and Ponca, Dhegian-Siouan-language people who had originated in the lower Ohio River valley and migrated west by the early 17th century; Pawnee, Otoe, Missouri, and Ioway. The word Omaha (actually Umoⁿhoⁿ or Umaⁿhaⁿ) means "Dwellers on the bluff".
In 1804 the Lewis and Clark Expedition passed the riverbanks where the city of Omaha would be built. Between July 30 and August 3, 1804, members of the expedition, including Meriwether Lewis and William Clark, met with Oto and Missouria tribal leaders at the Council Bluff at a point about 20 miles (32 kilometers) north of present-day Omaha. Immediately south of that area, Americans built several fur trading outposts in succeeding years, including Fort Lisa in 1812; Fort Atkinson in 1819; Cabanné's Trading Post, built in 1822, and Fontenelle's Post in 1823, in what became Bellevue. There was fierce competition among fur traders until John Jacob Astor created the monopoly of the American Fur Company. The Mormons built a town called Cutler's Park in the area in 1846. While it was temporary, the settlement provided the basis for further development.
Through 26 separate treaties with the United States federal government, Native American tribes in Nebraska gradually ceded the lands that now make up the state. The treaty and cession involving the Omaha area occurred in 1854 when the Omaha Tribe ceded most of east-central Nebraska. Logan Fontenelle, an interpreter for the Omaha and signatory to the 1854 treaty, played an essential role in those proceedings.
Before it was legal to claim land in Indian Country, William D. Brown operated the Lone Tree Ferry that brought settlers from Council Bluffs, Iowa to the area that became Omaha. Brown is generally credited as having the first vision for a city where Omaha now sits. The passage of the Kansas–Nebraska Act in 1854 was presaged by the staking out of claims around the area to become Omaha by residents from neighboring Council Bluffs. On July 4, 1854, the city was informally established at a picnic on Capital Hill, current site of Omaha Central High School. Soon after, the Omaha Claim Club was formed to provide vigilante justice for claim jumpers and others who infringed on the land of many of the city's founding fathers. Some of this land, which now wraps around Downtown Omaha, was later used to entice Nebraska Territorial legislators to an area called Scriptown. The Territorial capitol was in Omaha, but when Nebraska became a state in 1867, the capital was relocated to Lincoln, 53 miles (85 km) south-west of Omaha. The U.S. Supreme Court later ruled against numerous landowners whose violent actions were condemned in Baker v. Morton.
Many of Omaha's founding figures stayed at the Douglas House or the Cozzens House Hotel. Dodge Street was important early in the city's early commercial history; North 24th Street and South 24th Street also developed independently as business districts. Early pioneers were buried in Prospect Hill Cemetery and Cedar Hill Cemetery. Cedar Hill closed in the 1860s and its graves were moved to Prospect Hill, where pioneers were later joined by soldiers from Fort Omaha, African Americans and early European immigrants. There are several other historical cemeteries in Omaha, historical Jewish synagogues and historical Christian churches dating from the pioneer era, as well. Two sculpture parks, Pioneer Courage and Spirit of Nebraska's Wilderness and The Transcontinental Railroad, celebrate the city's pioneering history.
The economy of Omaha boomed and busted through its early years. In 1858, the Omaha Daily Republican was founded by the Omaha Printing Company (rebranded Aradius Group, 2016), it was Nebraska's first regional newspaper–founded before Nebraska claimed statehood. Omaha was a stopping point for settlers and prospectors heading west, either overland or by the Missouri River. The steamboat Bertrand sank north of Omaha on its way to the goldfields in 1865. Its massive collection of artifacts is on display at the nearby Desoto National Wildlife Refuge. The jobbing and wholesaling district brought new jobs, followed by the railroads and the stockyards. Groundbreaking for the First Transcontinental Railroad in 1863, provided an essential developmental boom for the city. In 1862, the U.S. Congress allowed the Union Pacific Railroad to begin building westward railways; in January 1866 it commenced construction out of Omaha.
The Union Stockyards, another important part of the city's development, were founded in South Omaha in 1883. Within 20 years, Omaha had four of the five major meatpacking companies in the United States. By the 1950s, half the city's workforce was employed in meatpacking and processing. Meatpacking, jobbing and railroads were responsible for most of the growth in the city from the late 19th century through the early decades of the 20th century.
Immigrants soon created ethnic enclaves throughout the city, including Irish in Sheelytown in South Omaha; Germans in the Near North Side, joined by the European Jews and black migrants from the South; Little Italy and Little Bohemia in South Omaha. Beginning in the late 19th century, Omaha's upper class lived in posh enclaves throughout the city, including the south and north Gold Coast neighborhoods, Bemis Park, Kountze Place, Field Club and throughout Midtown Omaha. They traveled the city's sprawling park system on boulevards designed by renowned landscape architect Horace Cleveland. The Omaha Horse Railway first carried passengers throughout the city, as did the later Omaha Cable Tramway Company and several similar companies. In 1888, the Omaha and Council Bluffs Railway and Bridge Company built the Douglas Street Bridge, the first pedestrian and wagon bridge between Omaha and Council Bluffs.
Gambling, drinking and prostitution were widespread in the 19th century, first rampant in the city's Burnt District and later in the Sporting District. Controlled by Omaha's political boss Tom Dennison by 1890, criminal elements enjoyed support from Omaha's "perpetual" mayor, "Cowboy Jim" Dahlman, nicknamed for his eight terms as mayor.
Calamities such as the Great Flood of 1881 did not slow down the city's violence. In 1882, the Camp Dump Strike pitted state militia against unionized strikers, drawing national attention to Omaha's labor troubles. The Governor of Nebraska had to call in U.S. Army troops from nearby Fort Omaha to protect strikebreakers for the Burlington Railroad, bringing along Gatling guns and a cannon for defense. When the event ended, one man was dead and several were wounded. In 1891, a mob hanged Joe Coe, an African-American porter after he was accused of raping a white girl. There were also several other riots and civil unrest events in Omaha during this period.
In 1898, Omaha's leaders, under the guidance of Gurdon Wattles, held the Trans-Mississippi and International Exposition, touted as a celebration of agricultural and industrial growth throughout the Midwest. The Indian Congress, which drew more than 500 American Indians from across the country, was held simultaneously. More than 2 million visitors attended these events at Kountze Park and the Omaha Driving Park in the Kountze Place neighborhood.