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COUNCIL PRESIDENT’S PAGE
Mary Beth Hill
PLC pursues new insurance
On Sunday, June 10, 2024, at its monthly meeting, Pilgrim’s Church Council recently voted to purchase new property and liability policies for the church. This decision came after learning that Brotherhood Mutual Insurance Company, our insurance company for 28 years, was no longer willing to cover us. Two things factored into their decision.
First, AM Best, the largest credit rating agency in the world specializing in the insurance industry, downgraded the Financial Strength Rating of Brotherhood from an A- (excellent) to a B++ (good) and the Long-Term Issuer Credit Rating from an a- (excellent) to a bbb+ (good) — making the Long-Term Issuer Credit Rating outlook negative.
As a result, Brotherhood did not renew certain policies. Pilgrim’s package policy of property and general liability was one of those policies not renewed because, over the last few years, Brotherhood Mutual has paid out $260,000 in claims from Pilgrim (hail and roof in 2021) (freeze of Jan. 2022).
Thanks to the knowledgeable help, guidance, and hard work of Lou Galloway, who retires this week from Propel Insurance and has over 50 years of experience, we were able to find other coverage.
On Monday, June 10, with Sovereign Insurance Company (our insurance agent), we were able to secure two policies with two separate insurance companies. Certain Underwriters at Lloyd’s of London is the issuing insurance company for the property policy. It has a $64,455 annual premium. This is the lowest price that any company willing to insure Pilgrim quoted us. We hope to get a more reasonable price as we work to have no new claims with the new property insurance provider this year.
Our loss record over the last few years is the primary reason for the sharp increase (freeze water damage and roof). Because of that, we knew that we would be unable to get a new property policy for the same $27,065 annually that we were paying for our package policy of property and general liability.
General Star Indemnity Company is the issuing insurance company for the liability policy, which costs $6,044 annually.
For your information, Brotherhood Mutual still holds both our Workers’ Compensation policy and the Preschool’s Workers’ Compensation policy. It also holds an Accident Medical Policy for the Preschool’s students.
Feel free to email any questions you have to me at mbhillmeehan@gmail.com.
Our Hospitality Table Needs You!
Thank you, Martha and David Drafts, for stepping up at the Hospitality Table on Sunday. Don’t forget I want your recipes!
Thanks to Lisa Davis, Carol Murray, and Kristin Dashiell, who will take this Sunday, June 16.
We still have June 23 and 30 and all of July open. If you can volunteer, please email Mary Beth Hill at mbhillmeehan@gmail.com or Courtney Coker at plc@wearepilgrim.com.
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