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.


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This post is intended to provide you with Loss Prevention checklists to protect your temporarily unoccupied building(s) which have been ordered to close during the COVID-19 Pandemic. We have also provided a Checklist to ... Read more