Benefits of a Mutual

PAMIA’s members benefit from its mutual status in a number of ways:

PAMIA is owned and controlled by its Members. PAMIA is completely focused on its members’ needs. The Board of Directors ensures that Thomas Miller provides the very best services. This is particularly important in the area of claims handling. Thomas Miller has managed PAMIA since 1989 and has an excellent track record in helping members to resolve and defend claims successfully and efficiently. 

Ultimate control of a mutual is in the hands of its members whereas ultimate control of a commercial insurer is in the hands of its shareholders. The Board of Directors of a mutual is made up of Members, elected at annual general meetings. The Board is responsible for PAMIA’s policy and strategy, ensuring that it always acts in the interests of the members it was set up to serve. 

Commercial insurers are motivated by profit and consequently may stop insuring particular classes of business if they think they can make more profit by moving into other areas of business. A mutual has no profit motive.  PAMIA has a long term commitment solely to provide professional indemnity insurance to UK and Irish patent and trade mark attorneys in private practice. PAMIA’s members can be confident that PAMIA is committed to provide insurance to its members for a long time into the future.