Good news: UCCIB renewals include rate decreases
Written by staff reports
September 21, 2007
More than 2,400 UCC and Disciples churches received UCC Insurance Board have received renewal notices for 2007-2008 that reflect up to a 10 percent decrease over the previous year.
"We're pleased that there will be no premium increases on the Insurance Board package this year and the majority of churches will see a decrease in comparison with last year," said Cathy Green, president of UCCIB. "This has been possible due to improved loss experience across the program and more favorable market conditions. Our insurance carriers responded much more favorably to us this year, which directly affected pricing."
The property value of participating UCCIB churches is more than $5.5 billion, making UCCIB one of the largest denominational programs in the country.
"We continue to serve UCC and Disciples churches by offering educational resources to reduce injuries and other losses and by arranging broad coverage with limits rarely available to individual churches," said Green.
In August, UCCIB also received its full audited financials for 2005 and 2006. The consolidated net assets as of September 30, 2006 were $11.0 million.
"This number reflects a re-audit of the financials ending Sept. 30, 2005 following the resolution with carriers in correcting responsibilities for Named Storm claims in 2004 and 2005," said Dale Cable, UCCIB chief financial officer, according to a UCCIB release. "The re-audited 2005 consolidated net assets were $7.6 million rather than the previously stated $.8 million."
"Now that this issue has been resolved, we expect the September 30, 2007 audited statements to proceed on a normal timetable and be available early in 2008," said Cable.
In a letter sent to church leaders with the audited statements, Green identified a number of steps taken over the past year to strengthen UCCIB and improve the risk management and insurance services it provides.
"We have strengthened the board of directors by increasing expertise in pertinent disciplines," Green noted.
New board members include Glenn Pruiskma of Seattle Wash., a retired consulting casualty actuary; Frank Thomas of Grinnell, Iowa, an attorney and senior counselor of Grinnell College; Kathy Houston of Cleveland, Ohio, treasurer for UCC Local Church ministries; and James Matschulat of West Haven, Conn., a retired insurance executive. All are active UCC lay persons.
"We appreciate the support of UCC and Disciples church leadership, and our insured church entities that continued to look to the UCCIB over the past 18 months, during a time of major transition." Green added.
UCCIB, established in 1981, has corporate offices in Cleveland, Ohio, and is a not-for-profit corporation providing risk management services including property and liability insurance programs for church entities of the UCC and the Christian Church (Disciples of Christ).