Fulmont Mutual Insurance Company

What Fulmont Mutual Insurance Company does

Fulmont Mutual Insurance Company is a property and casualty mutual insurance company founded in 1853 as the Fulton & Montgomery Counties Farmers Mutual Fire Insurance Association. Operating from its headquarters in Johnstown, New York, the company is licensed exclusively in New York State and writes business across 26 upstate New York counties through a network of independent insurance agents. As a policyholder-owned mutual, each policyholder holds governance rights with one vote regardless of premium contribution, and the company is governed by a ten-member Board of Directors with a mix of inside and outside directors. The company holds a Demotech Financial Stability Rating (FSR) of A, Exceptional, an SEC-registered NRSRO rating.

The company's product portfolio spans seven core P&C lines — Homeowners, Mobilehomeowners, Farmowners, Businessowners (Commercial), Special Multi Peril, Inland Marine, Dwelling Fire, Farm Fire, and Landlords Package — supplemented by endorsement add-ons including Identity Recovery Coverage ($28/year), Equipment Breakdown Coverage, Replacement Value Endorsement for personal property, Added Perils for Refrigerated Food Products, and Watercraft Coverage. A differentiated Entrepreneurship Series targets home-based businesses with specialized professional liability forms for barber shops and beauty salons. Distribution is conducted exclusively through independent agents who access a 24/7 portal (fmic.fulmontmutual.com) for policy information, accounts receivable, and commission data, with supplementary direct-to-policyholder self-service via the company website.

Revenue is generated through recurring insurance premiums billed annually on policy anniversary dates, with payment flexibility including full payment, four-installment plans over 180 days, ACH automatic withdrawals, and credit card payments. The company converted from an assessment-based mutual to an Advance Premium Mutual Company in the 1970s. Pricing incorporates tiered discounts (new home credits of 5-10%, alarm/fire protection premium credits of 2-10%) and service charges ($6 per payment processing fee, $25 cancellation fee, $33 chargeback fee). The technology stack consists of conventional policy administration and claims processing systems, with no disclosed AI/ML capabilities, APIs, or proprietary technology platforms.

Name

Fulmont Mutual Insurance Company

Legal name

Fulmont Mutual Insurance Company

Website

https://fulmontmutual.com

Company type

Private

Founded year

1853

Operating status

Operating

Headcount range

11–50 employees

Short description

Fulmont Mutual Insurance Company is a property and casualty mutual insurer founded in 1853, licensed exclusively in New York State and serving individual homeowners, farmowners, landlords, and small businesses across 26 upstate New York counties through a network of independent insurance agents.

Ownership category

akta.pro rank

Headquarters

HQ city

Johnstown

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Insurance Premiums: Fulmont Mutual collects insurance premiums from policyholders and pays out claims. The company converted from an assessment-based mutual to an Advance Premium Mutual Company. Premiums are billed annually on policy anniversary dates with payment plans available including full payment, 4-payment plans, ACH automatic withdrawals, and credit card payments.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Fulmont Mutual Insurance Company is a regional property and casualty mutual insurance company that underwrites and services personal and small commercial insurance policies for residents and businesses in upstate New York. Its portfolio includes homeowners, mobilehomeowners, farmowners, dwelling fire, farm fire, landlords package, businessowners, special multi-peril, and inland marine policies, along with endorsements such as identity recovery, equipment breakdown, replacement cost personal property, refrigerated food products, watercraft, and home-based business professional liability.

Product overview

Fulmont Mutual Insurance Company is a regional Property and Casualty Mutual Insurance Company offering a comprehensive portfolio of insurance products primarily in upstate New York. The core product lineup includes Homeowners, Mobilehomeowners, Farmowners, Businessowners, Special Multi Peril, Inland Marine, Dwelling Fire, Farm Fire, and Landlords Package policies. The company differentiates through specialized niche products including the Entrepreneurship Series (Home Based Business), Bed and Breakfast Program, Identity Recovery Coverage, and Homeowners Equipment Breakdown Coverage. Add-on endorsements such as Replacement Value Endorsement, Added Perils for Refrigerated Food Products, Watercraft Coverage, and Beauty/Barber Shop Professional Liability enhance the base policies. The company also offers a Demotech Financial Stability Rating of A, Exceptional, demonstrating financial strength.

Differentiator

Problem solved

Functional benefit

Products and services

• Homeowners Policy Property and liability insurance covering owner/occupants of a 1-2 family dwelling or a tenant occupying an apartment, with multiple forms and coverage options including replacement cost personal property endorsements.
• Mobilehomeowners Policy Property and liability coverage for owner/occupants of a mobilehome or a tenant occupying a mobilehome, with various add-on endorsements.
• Farmowners Policy Property and liability coverage for owner-occupants of operating farm risks or tenants of farm residences engaged in farming operations, with inland marine coverage available for livestock and machinery.
• Businessowners Policy Commercial package policy providing building and/or business property coverages for commercial businesses, with eligible classes including retail and service classifications.
• Special Multi Peril (SMP) Policy Property and liability coverages for eligible classes of commercial business, including niche policies such as Push Cart vendors and hobbyist merchandise sellers.
• Inland Marine Coverage Coverage for articles of special value such as jewelry, photographic equipment, furs, fine arts, boats, livestock, and other valuable items, attachable to other policies.
• Dwelling Fire Policy Fire and allied perils coverage for tenant-occupied 1-4 family dwellings, mobilehomes, or personal property in a residence or apartment, with optional liability coverage.
• Farm Fire Policy Coverage for farm personal property and farm barns, buildings, and structures, designed for homeowners with barns or tenant-occupied farm risks.
• Landlords Package Policy Property and liability coverage for one- and two-family non-owner occupied dwellings or three- and four-family owner or non-owner occupied dwellings.
• Entrepreneurship Series Home-Based Businessowners Policy Standalone policy covering business liability and business property at Actual Cash Value or Replacement Cost for home-based businesses, with Standard and Deluxe BOP options for types such as bakeries, florists, barber shops, beauty salons, and retail stores. Minimum premium of $100 for the basic form, with Broad Form and Beauty/Barber Shop professional liability add-ons available.
• Bed and Breakfast Program Insurance program designed for owner-occupied B&B risks, covering business personal property, liability, personal contents, and dwelling.
• Identity Recovery Coverage Identity theft protection coverage priced at $28 annually providing case management services to assist victims with identity recovery, credit bureau liaison, and fraud alert services.
• Homeowners Equipment Breakdown Coverage Coverage for equipment breakdown attachable to homeowners policies, providing protection for major appliances and home systems.
• Added Perils for Refrigerated Food Products Coverage providing up to $500 for loss to contents of a freezer or refrigerator unit caused by interruption of electrical service or mechanical/electrical breakdown.
• Beauty and Barber Shop Professional Liability Endorsement Professional liability coverage attachable to the Home-based Business policy for barber shops or beauty salons (form FMIC HBB-1), priced at an additional $71.00 for Barber Shops or $88.00 for Beauty Salons.
• Watercraft Liability Coverage Liability coverage for watercraft powered by outboard motors over 50 horsepower or inboard/inboard-outboard motor boats (form ML-75), attachable to underlying policies.
• Replacement Value Endorsement for Coverage C - Personal Property Endorsement extending Coverage C to cover replacement value of covered personal property, paying the cost to repair or replace with new property without deduction for depreciation.

Segments7 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• FM Scion Service CorporationcoreOthersFM Scion Service Corporation is a wholly-owned subsidiary of Fulmont Mutual Insurance Company. Referenced in the privacy notice as an affiliated entity.

Scale indicators4 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Main Street America Insurance: Mutual P&C insurance group writing personal and small commercial lines through independent agents. Comparable mutual ownership, small-business and homeowners underwriting focus, and independent-agent distribution model to Fulmont's.
• Cincinnati Financial Corporation: Property/casualty insurer writing commercial, personal, and life lines primarily through independent agents in the Midwest and Southeast. Comparable independent-agent distribution model, conservative mutual-style underwriting culture, and emphasis on agent relationships.
• Shelter Insurance Companies: Mutual P&C and life insurer writing personal lines (home, auto) and small commercial through exclusive and independent agents across the Midwest and South. Comparable mutual structure, regional concentration, and personal/small-commercial P&C product mix.
• Utica National Insurance Group: Mutual insurance group headquartered in New Hartford, New York, writing personal and commercial P&C lines through independent agents across the Northeast. Closely comparable mutual structure, NY footprint, and personal/commercial lines mix to Fulmont's, with greater scale and broader geographic reach.
• Erie Insurance Group: Regional P&C mutual insurer writing personal and commercial lines primarily in the Mid-Atlantic, Midwest, and Southeast through exclusive and independent agents. Comparable mutual ownership structure, agent-distributed P&C model, and A-rated regional franchise positioning relative to Fulmont.
• New York Central Mutual Insurance: New York-based regional P&C mutual insurer writing personal and commercial lines across NY and adjacent states. Closely comparable regional mutual structure, NY footprint, and personal/commercial P&C product mix.
• Preferred Mutual Insurance Company: New York-based regional P&C mutual insurer writing personal and commercial lines across multiple states through independent agents. Highly comparable to Fulmont in mutual structure, regional P&C focus, independent-agent distribution, and mid-market product portfolio (homeowners, auto, business).
• New York Farmers Insurance (Farm Family): Regional farm and P&C insurer writing in the Northeast with deep roots in agricultural communities. Closely comparable niche in farmowners and rural personal lines, with similar small-town mutual heritage and upstate New York exposure.
• Grange Insurance: Mutual P&C insurer writing personal, commercial, and life lines through independent agents in the Midwest and select other states. Comparable mutual ownership, independent-agent distribution, and personal/small-commercial P&C underwriting.

Broad incumbents

• Travelers Companies: Large national P&C carrier with broad personal, commercial, and specialty lines distributed through independent agents. Provides a useful benchmark for A-rated mutual/fraternal-adjacent P&C positioning and scale; operates across all 50 states versus Fulmont's single-state footprint.

Market position

Strengths2 records

Weaknesses5 records

Competitive moat5 records

Key risks1 record

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/fulmont-mutual-insurance-co

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fulmont Mutual Insurance Company