Mutuality

Collective self-insurance in a Mutual Association operates at cost. The fundamental distinction between a normal insurance company and a mutual is that a mutual is not trying to make a profit, has no shareholders and exists purely for the benefit of its Members. Any funds held to meet future claims or held as a reserve are invested and the investment return is used to benefit the Members.

Each policy year is underwritten separately, but it is only in the longer-term that many of the benefits of mutuality become apparent.

Members of The Griffin are both insured and insurer and therefore have a strong interest in maintaining high professional standards in the conduct of their business.