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.

To learn more about Refund of Premiums, please click here.


How a Mutual Company Works

As a Mutual Company, we have two main sources of income – the premiums paid by Policyholders and our investment returns. Conversely, we also have two major costs – claim payments and operational expenses.

Premium & Investment Returns - These income sources are allocated towards the surplus, members equity, investing in the community, and refund of premiums.

Claims & Expenses - While we have control over certain premium incomes, operational expenses and investment returns, there is very limited control over the claims expenses.

A surplus ensures that we remain in a strong position for our Policyholders and that we have the ability to meet all our future obligations. As Ayr Farmers continues to grow, a larger surplus is required.

 

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BLOG POSTS

Ayr Digs Downtown Giveaway

Monday, July 16, 2018

DO YOU DIG DOWNTOWN AYR? We sure do... Enter the #AYRdigsDOWNTOWN Giveaway! We're giving away 4 gift certificates to some of our business partners that are affected by the road work in downtown Ayr! Keep up to ... Read more

Insurance for Buildings Under Construction or Renovation

Monday, April 09, 2018

The thought of building something new is exciting. You’ve saved for a long time to build your dream kitchen, to expand your home with an addition or to build a new barn, workshop or garage. Most people consider ... Read more

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