Wind and Hail – Deductible Buyback

Written by Dustin Strande, Regional Director of the Dakotas 

 

This innovative product has been around for a while but is becoming more relevant in this hardening market due to large wind and hail losses around the country. As a result of these losses, insurance companies have begun to increase deductibles to offset the exposure in states with heavy storm potential.  This product will help ensure that ministries will have a great ministry risk management partner for the long term.   

A wind-hail buyback is a separate policy that is designed to help property owners transfer the risk of a large cash expense, due to a large deductible, into something more manageable for the entity. It simply “buys down” the wind-hail deductible of the ministry property and liability package policy to mitigate risk for the insured and ministry insurance carrier. 

 

An example would be as follows:  

(Note: Policy deductibles vary. Please refer to your declaration pages or agent for your ministry’s deductible) 

Total Insured Value = $2,450,000 (building & personal property) 

Brotherhood Mutual Package Policy – church out of pocket – 1% wind/hail deductible = $24,500 

Proposed Wind/Hail Deductible Buy Down Policy – church out of pocket = $10,000 (buyback of $14,500) 

 

This separate policy would supplement your package policy, making wind and hail losses more affordable in the event of a large claim. Although helpful, it may not be necessary for everyone. Here are a couple question to ask to determine if this policy might be right for you: 

  • Do we have $24,500 in cash readily available to be used in the event of a wind/hail claim? 

  • If so, what kind of financial impact would that have on our budget? 

  

If you have any questions or would like more information regarding the wind/hail buyback for your ministry, please reach out to your agent or our incredible service team. We are here for you, and we have your back! You can reach them by phone at 877-794-2330 or by email at clientsupport@americanchurchgroup.com

  

 

April 3, 2023
Tragedy in Nashville
Tragedy in Nashville: What can we learn from the Covenant School shooting?
Tags: insurance, coverage, ministry
March 17, 2023
Worry-Free Mission Travel
Worry-Free Mission Travel
Tags: insurance, coverage, ministry
March 17, 2023
HR Document Library at your Fingertips
HR Document Library at your Fingertips
Tags: insurance, coverage, ministry
March 17, 2023
Highlights from Recent Security Training Events
Tags: insurance, coverage, ministry
January 24, 2023
Wind and Hail – Deductible Buyback
Wind and Hail – Deductible Buyback
Tags: insurance, coverage, ministry
January 24, 2023
Common Questions About Our Agency
Common Questions About Our Agency
Tags: insurance, coverage, ministry
January 24, 2023
Coming to your area in 2023
Coming to your area in 2023
Tags: insurance, coverage, ministry
January 24, 2023
Kingdom Advancing Grant
Kingdom Advancing Grant
Tags: insurance, coverage, ministry
January 24, 2023
ACG Retreat in Kansas City
ACG Retreat in Kansas City
Tags: insurance, coverage, ministry
January 23, 2023
Loaning Your Ministry's Facilities
Loaning Your Ministry's Facilities
Tags: insurance, coverage, ministry
January 23, 2023
Protecting You and Your Ministry Partners
Protecting You and Your Ministry Partners
Tags: insurance, coverage, ministry
January 9, 2023
Better Achieve Your Mission in 2023
Better Achieve Your Mission in 2023
Tags: insurance, coverage, ministry
November 18, 2022
Our Team is Growing, Again!
November 10, 2022
We Want To Hear From You!
We Want To Hear From You!

There are a lot of hats worn in any growing ministry – and we want to serve every one of them. 

Tags: insurance
November 10, 2022
Evaluate Your Ministry's Fire Safety Plan
Evaluate Your Ministry's Fire Safety Plan

With the holiday season right around the corner, it’s wise for ministries to evaluate their fire safety plan. Whether your ministry is hosting a holiday party, prepping treats for charity, or running a community kitchen, make sure you’re well-prepared with these tips.

Tags: insurance, property, volunteer safety, fire safety
November 10, 2022
Holiday Season Safety & Security: 3 Things to Plan Before Christmas
Holiday Season Safety & Security: 3 Things to Plan Before Christmas

The holidays present unique opportunities and challenges for churches that aren’t typical during other times of the year. A lot of the ministries that I work with are seeing steady increases in attendance and are praying for a significant jump in Christmas service participation this year. 

Tags: insurance
October 26, 2022
October 2022 Blog: What is a 403(B)(9) Retirement Plan?
October 2022 Blog: What is a 403(B)(9) Retirement Plan?

In this article, Brad Brown from Plan A Wealth Management gives a wonderful insight into why ministries might consider choosing a 403(B)(9) retirement plan.  

Tags: insurance, property, taxes, retirement, retirement plan
September 21, 2022
Inflation's Major Impact on Ministries
Inflation's Major Impact on Ministries
Tags: insurance, schools, churches, building, property
September 21, 2022
Report Reveals How Students are Feeling About Their Safety at School
Report Reveals How Students are Feeling About Their Safety at School
Tags: insurance, schools, building, property, child safety
September 21, 2022
Top 10 Requested Forms
Top 10 Requested Forms
Tags: insurance, schools, churches, building, property