History of Refunds

Each year the Board of Directors makes certain that adequate funds remain in the Company’s surplus account to ensure current and future obligations can be met. They also consider if sufficient funds are available for the Company to continue to grow and assume additional risk each year. When the Board of Directors is satisfied these obligations can be met, they can declare a refund from the members’ equity account.

As part of the rich history of the Company, Ayr Farmers Mutual is a leader in the philosophy of providing its members with a refund when excess funds are accumulated.

Over the last 31 years, the Company has been in the position to declare a refund in 27 of those years. Those refunds now total approximately 13.4 million dollars.

Frequently Asked Questions

What is a “Refund from Premiums”?

In accordance with the Company’s Bylaw, the Board of Directors may authorize a refund to qualifying Policyholders when the Company has produced a strong financial position at year end.

Why am I getting this cheque?

You are receiving this cheque because you have been a Policyholder for more than one year. Being a purely mutual company, every Policyholder receives a refund based on a percentage of the premiums paid for each policy that is subject to a refund.

What if I had a claim?

Even if you had the misfortune of having a claim on your policy, you will still receive your refund. A claim will not affect your eligibility.

Who recieves a Refund of Premiums cheque?

Every Policyholder is a member of the Company. As such, you qualify to participate in the refund if you have been insured with the Company for more than one full year.

How is my refund calculated?

Your refund has been calculated based on 5 per cent of your 2016 property, farm and/or commercial premiums.


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