Receiving a non-renewal notice from your insurance carrier, such as Church Mutual, can be a concerning moment for any church or religious organization. Essentially, a non-renewal notice means that your current insurance provider will not be offering insurance coverage for the upcoming year. This can happen for various reasons, but the two primary ones are:
High Claims/Losses: If your church has experienced a significant number of paid claims or losses in the past 5 years, it can raise concerns for the insurer. Frequent claims will often lead to higher premiums or even non-renewal.
Carrier Change In Appettite: Sometimes, insurance carriers may decide to reduce their footprint in specific geographical areas or reevaluate the types of businesses and industries they want to offer insurance products. This can result in non-renewal for clients even when they have not filed any claims.
The Importance of Protecting Your Church’s Assets and Financial Well-being
In the world of church insurance, our team often talks about “staying power.” Staying power, meaning ensuring that your church is financially resilient and protected from potential property losses or insurable liability events. These events can have a significant impact on your church’s financial stability and or ability to gather for in person services and events.
“Our goal is to help you protect your church’s facilities and financial well-being so that a sudden property loss or liability event doesn’t leave your church in a tight spot financially..”
Taking Action After Receiving a Non-Renewal Notice
If your church receives a non-renewal notice, it’s essential to take prompt action to secure new insurance coverage. However, finding suitable coverage can be a challenge in today’s insurance market. That’s where we come in. If you haven’t gone through the process of getting new insurance quotes in a while, here are some important steps to be aware of:
Gather Essential Information:
You’ll need to locate and furnish your agency / broker with vital information, including loss runs, updated data on your church’s size (e.g., weekly attendance, annual budget, # of employees etc), any changes to buildings owned or leased by the church, and other relevant details such as your hiring processes, counseling practices, volunteer training, background check policies, and security measures.
Insurance Market Availability:
Fortunately, many insurance markets still provide coverage for churches. If your church has maintained a favorable claims history without significant losses in the last five years, you’ll have numerous options. Even if your church has experienced property or liability losses, we can almost always find a solution.
The Quoting Process
The application process varies based on the complexity of your church’s assets and operations. In general, we like to follow these steps:
- Review Existing Programs: We start by reviewing your current insurance programs to understand the products in place.
- Develop Applications: Next, we begin developing applications tailored to your specific needs.
- Request Additional Information: We’ll request any additional information needed, such as loss runs and other documentation.
- Market Your Business: Once we have all the relevant information, we will reach out to multiple insurance carriers to determine the program that best suits your needs and budget.
How Much Time Does the Process Take & Why?
The process may take some time for several reasons. Some insurance markets require up to 30 days to provide a quote. Additionally, carriers may issue “Subject To” Quotes, which offer terms contingent on the insured (church) completing a list of pre or post-bind subjectivities. It’s crucial to have enough time to fulfill these requirements for a smooth transition.
In conclusion, receiving a non-renewal notice from Church Mutual or any other insurance provider can be a daunting experience. However, with the right guidance and proactive steps, your church can secure suitable coverage and continue to thrive. Our team is here to support you throughout this process, offering expertise in both insurance solutions and risk mitigation strategies. Don’t hesitate to reach out for assistance in protecting your church’s financial well-being and assets.
