We are fully committed to the principles of mutuality believing that this is the best way of providing sustainable value for money to our partners.
As a mutual we have no shareholders and pay no dividends. We are committed to ensuring that the combined benefits of our mutuality and a low expense ratio are passed on to our property professional partners via keen prices, a wide range of relevant products and good service.
In order to demonstrate our long term commitment and ensure that the service we can provide to our partners is not disrupted by speculators taking out a partnership in the hope of receiving a windfall if we were to demutualise, all new partners joining PropertyMutual must consent to a Charitable Assignment condition. Effectively this means that in the unlikely event of PropertyMutual wishing to de-mutualise, any windfall benefit arising from the partnership you are taking out would be transferred to the PropertyMutual Charitable Trust, or other charity as determined by the Board of Directors, rather than to you as the partner.
You may read the full detail of the current Charitable Assignment condition by clicking the link below. A brief summary of each paragraph is provided below (the full wording of the condition is not limited by this summary).
This condition forms part of the terms on which your partnership is issued. Words printed in capitals in this condition are explained in paragraph 4 below.