What is Our ‘Insurance-at-Cost’ Philosophy?

One of the items that makes Lambton Mutual different is our insurance-at-cost philosophy. What does that mean?

Insurance-at-cost is part of The Mutual Advantage and it means we treat premiums as if they are still the property of the insured. That sounds great, but maybe you’re still wondering what that means for you. That’s okay!

When we treat premiums in this manner, any excess capital we’ve collected can be returned to you, our policyholder, or invested into community programs. How does this work? It’s simple. The members that have been elected to our Board of Directors decide how to best use any excess funds. When we make a profit, they can choose to authorize a refund of premiums or to support a local initiative. They are able to make those decisions because Lambton Mutual isn’t accountable to shareholders looking to make money.

Here is a bit of our philosophy in practice:

Earlier this year, we were thrilled to give back $743,000 to our policyholders. In fact, Lambton Mutual has issued a refund of premiums four times since the year 2000, totaling over $2.8 million. That’s money that goes directly back into your pocket as well as into our local communities and economy. Nice, isn’t it?

It doesn’t stop there. We also take pride in the contributions we’ve made to the local community. These decisions are made based on supporting the values of our policyholders. Last year, we invested over $45,000 in projects and organizations in Lambton County and we’re sure that either you or someone you know has directly benefited from it!

So what are you waiting for? Choosing Lambton Mutual is the most comprehensive option for protecting yourself now and in the future.