Cornish Mutual Overview and Key Features Disclosed

Cornish Mutual is a mutual insurance company that has been in operation since 1896. It's a community-focused organization that has been serving its members for over 125 years.

Cornish Mutual has a long history of providing insurance solutions to its members, with a range of products and services designed to meet their unique needs.

One of the key features of Cornish Mutual is its focus on community involvement, with a strong commitment to supporting local charities and initiatives.

Cornish Mutual offers a range of insurance products, including home insurance, farm insurance, and motor insurance.

Their home insurance policies provide cover for buildings, contents, and outbuildings, with optional extras for accidental damage and flood cover.

You can choose from two levels of cover: Standard and Premier, with the latter offering higher limits and more comprehensive protection.

Their farm insurance policies cater to the specific needs of rural businesses, including liability cover and protection for farm equipment and livestock.

Their motor insurance policies offer a range of benefits, including breakdown cover and motor legal expenses cover.

Cornish Mutual has a network of local agents and brokers who can provide expert advice and support.

Cornish Mutual was founded in the UK in 1903 by a group of local farmers searching for a better way of insuring their farms through a cooperative approach.

The company started out specifically to help farmers, but by 1999, it had expanded its services to include homes and businesses across rural communities in Cornwall, Devon, Somerset, and Dorset.

As of 2019, Cornish Mutual's gross written premiums were a significant £23.65 million.

For more information about this company, you can visit their website.

The Cornish Mutual Assurance Company, Limited, received a favorable ruling from the Court, which held that it was not liable for Corporation Profits Tax.

This decision was based on the fact that Cornish Mutual's mutual insurance activities with its members did not amount to trade or business under the Finance Act, 1920.

The Court's decision aligned with established case law, particularly the New York Life Insurance Company v. Styles precedent.

The precedent set by this case has significant implications for mutual insurance companies, providing them with clarity on their tax obligations.

Cornish Mutual has invested in a regenerative farming start-up called Terrafarmer, which advises UK farmers on building sustainable systems to improve soil health and sequester carbon.

This investment is a significant move for the insurer, which aims to increase support for British farmers.

Terrafarmer's consultancy services focus on helping farmers adopt regenerative techniques to boost farm resilience and reduce environmental impact.

The investment from Cornish Mutual will enable Terrafarmer to reach more farmers with its services and demonstrate the insurer's support for its community of farmers.

Regenerative farming has huge potential for improving farm profitability and reducing risk, but many farmers don't know where to find trusted independent advice.

The investment coincided with the publication of a report from the Sustainable Markets Initiative, which highlights the gap in farmers' knowledge about adopting regenerative practices.

Cornish Mutual's managing director, Peter Beaumont, said the investment was made after talking to the organisation's members about how to help them increase profitability and manage risk.

The investment is part of Cornish Mutual's plans to increase support for British farmers, which is a positive step towards promoting sustainable agriculture practices.