Refund of Premium 2018
Posted on 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 financial and capital position as at the most recent fiscal year end.
For the Board to declare a refund, numerous factors are considered, such as:
- The Company’s overall financial position, and the financial performance during the past year.
- The Required funding for future strategic plans
- The Future ...
Are Insurance Rates Higher if Your Local Firehall is Volunteer?
Posted on 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 firefighters being full-time or volunteer. Here are the three grades that Ayr Farmers Mutual uses to rate a building for fire protection:
GRADE 1: a building is within 1000 feet of an operational hydrant AND within 8 kilometers of a responding firehall, either full-time or volunteer.
GRADE 2: a building is within 16 ...
What Does No Fault Insurance Mean?
Posted on 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 case.
No-fault insurance was introduced in Ontario in 1990. The purpose of this legislation was to expedite access to treatment for victims who were injured in an automobile accident.
Before No-Fault Insurance, the insurance company of the at-fault party was responsible for payment of automobile claims. Unfortunately, ...
What to do after a Pipe Bursts
Posted on Wednesday, January 3, 2018
Water, water everywhere? That doesn’t sound good…
An old rubber hose connected to the washing machine lets go. The pipe connecting to the exterior tap freezes due to poor insulation & bursts. The kitchen piping freezes up as the heat is turned off in the crawl space below. You would not believe how common these losses are!
Did you know, burst pipes and water escape claims are one of our most common claims over the last 5 years? Freezing temperatures and aging pipes don’t pick favourites - it can happen to ...