About

The basic principles of mutual insurance in Ontario have not changed much since the beginning. Community based, mutual companies are owned and operated by their Policyholders. There are no stockholders. The mutuals are run by a Board of Directors which is elected from among the Policyholders. The Board appoints the Officers of the Company.

 

In return for agreeing to secure Policyholders against loss, the Company collects premiums. This fund, together with income from investments, is used to pay losses sustained by the Policyholders as well as the expenses of running the Company. Any surplus either remains in the Company’s surplus account or may be refunded to Policyholders at the discretion of the Policyholder Directors.

The concept is of mutual trust.

BLOG POSTS

Refund of Premium 2018

Friday, January 26, 2018

Within the company by-laws the Board of Directors at Ayr Farmers Mutual is granted the ability to declare a refund from premiums to participating Policyholders. Such a consideration is based on the company’s ... Read more

Are Insurance Rates Higher if Your Local Firehall is Volunteer?

Monday, January 22, 2018

Are home insurance rates higher when your local firehall is volunteer? The short answer is no. When Ayr Farmers Mutual rates a building, we consider three grades of fire protection, which are not conditional on the ... Read more

What Does No Fault Insurance Mean?

Tuesday, January 16, 2018

  No-Fault Insurance is one of the most misunderstood terms in insurance. A common misconception is that it means that no one can be considered at-fault for a motor vehicle collision. However, that is not the ... Read more