Refund Questions and Answers

The refund of surplus cheques were mailed to our policyholders on March 31, 2022 and many of you will have your cheque.

We are receiving phone calls regarding the refund cheques so we decided to create a frequently asked questions document.


The most popular question – is the refund legitimate?

Yes, it is legitimate.  The refund was authorized by the Board of Directors on January 14, 2022.  Qualifying policyholders will receive approximately 15 % of their gross premium.  You must be insured with Bay of Quinte Mutual Insurance for a minimum of 36 consecutive months to qualify for the refund.


I have multiple policies, am I receiving the refund on all policies?

Yes, the refund applies to all of your policies.  The policy numbers show in the narrative of the cheque stub.  You will receive one cheque for all of your policies if the name and address on each policy is the same.  If the name and / or address are different, then you will receive more than one cheque.


Can you amend the payee on the cheque?

The cheque is payable to the people named on your insurance policy.  We cannot re-issue a cheque to different names unless the names insured on your policy change.  To change the names insured, you must contact your insurance agent or broker and request a name change and you must return the original cheque to Bay of Quinte Mutual.  When the name change is complete, then we can issue a new cheque.


Is the refund taxable income?

No, it is not.  You will not receive any income tax slips from Bay of Quinte Mutual for the refund.


Is there flexibility with the 36 month requirement?

No, unfortunately there is no room for flexibility.  The company bylaws stipulate the requirements to be followed when a refund of surplus is authorized by the Board of Directors.


Still have questions? Contact the office at 613 476 2145  or 1 800 267 2126  or at