The Insurance Board of the United Church of Christ has negotiated with its carriers to change the annual renewal date for the Insurance Board Program from October 1st to January 1st. According to Cathy Green, President and CEO, this is being done to move the date out of hurricane season which will allow property underwriters greater freedom to provide the most advantageous renewal terms and pricing. To accomplish this change, the current policy term of October 1, 2012, to October 1, 2013, is being extended through midnight on December 31, 2013. All policy language and limits, including any aggregate limits, will be unchanged from the current period.
Carriers have agreed to maintain the current rate levels so the premium allocation for each program participant will continue as in the current policy period. Premiums are based on the number of days in the period, so the quarterly premium for October through December will be for 92 days of coverage which is slightly higher than an average quarter of 91.25 days (365/4). For example, if your quarterly premium is currently $2500, it will be $2520.
Participants will receive the twelve month renewal information for the policy period January 1, 2014 to January 1, 2015, in early December. It’s too early to predict the results of those negotiations, but program premiums are generally a result of claims experience and market conditions. Despite the impact of SuperStorm Sandy, claims this year have been lower than in recent years which will help negotiations for 2014.
There is one exception to the extension. If you carry Workers’ Compensation or Automobile coverage through the Insurance Board Program, your individual policies with The Hartford will renew for a twelve month period on October 1. The Hartford is already processing the renewals for this year. Renewal dates will be lined up with the rest of the program by January 1, 2015.
For information, contact:
700 Prospect Avenue, 5th Floor
Cleveland, OH 44115
(800) 437-8830 ♦ Fax (216) 736-3239