Peace Church Property Insurance Trust
2020 was another challenging year for the insurance marketplace. Losses from Hurricane Laura are estimated between $11 – $15 billion, the wildfires in the western US are estimated between $4 – $8 billion, the Beirut port explosion around $3 billion and the civil unrest across the country caused an estimated $775 million in insured losses. Woodruff Sawyer reports that many insurers will post an underwriting loss for the year. Rates for 2021 Property renewals are expected to be up more than 10%, even for accounts with favorable loss histories and limited exposure to catastrophic hazards. And Willis Towers Watson expects rates for some Property could rise 15%-25% with Auto rates increasing an additional 8%-15%. Higher deductibles are being required and underwriting is more stringent.
If you are facing a difficult renewal for your Property coverage, we may be able to help. During a previous difficult insurance market Resource Partners developed a property purchasing group to leverage premium size and spread of risk while also negotiating more favorable rates and conditions. The Peace Church Property Insurance Trust now includes over $675 Million in insured property values with coverage extensions available such as wind/hail, flood, earthquake and the availability to obtain builders’ risk policies that will roll to the Property policy at completion.
While we cannot guarantee a proposal, we have been able to extend offers to facilities that might otherwise be in jeopardy as a single entity policy. We may also be able to offer Auto coverage as a separate policy with the same carrier. If you have questions or would like to discuss this program, please contact Kathryn Daniels of Resource Partners at firstname.lastname@example.org.