A NOT-FOR-PROFIT ALTERNATIVE TO INSURANCE
Designed with customers, run by Insurance Experts
CHURCH PLACES INSURANCE
IN THE HANDS OF GOD
12 January 2021
“Faced with a renewal cost that went from $500,000 to $2.5m in just a year, the diocese joined a rush of businesses and organisations around the world that have moved to self- insure.
The church’s insurance fund, set up on a mutual model, launched with cover for more than $120m worth of assets.”
WHAT OUR ARK MEMBERS ARE SAYING
"We've had very few claims over the past 10 years & we were still presented with a premium increase of more than 500%.
We thought about self-insuring, but the risk was too high.
Picnic came along at just the right time to design, launch, and run Our Ark Mutual & they haven't put a foot wrong!"
— The Venerable
Christopher Wright OAM
Archdeacon of the
Anglican Diocese of
"Normally we accept annual price increases for insurance.
Yet, we have saved more than 20% compared to 2020.
Plus, we have broader protection, which gives us peace of mind.”
— Dave Kernick
Chief Executive Officer
Kuruah Local Aboriginal
New South Wales
“We saved 50% compared to last year and we have more things included.
It’s been a great saving for our community childcare service.
Anywhere that we can take cost out of our operations means we can do more of the things that make a difference in early learning.
We're upgrading our toys, craft materials and outdoor games."
“A few years ago, the local river flooded our Community Hall and we made a claim. We have done a lot of work to decrease the chance of this happening again.
Yet last renewal, no insurer would provide a quote.
Our Ark provided a fair price, and they respected the work we’d done to mitigate the risk. They factored in our hard work to protect our hall.”
- Barry Kennett
Black River Beach
HOW OUR ARK HELPED THE NORTH QUEENSLAND DIOCESE
The Pain Points:
Assumptions that all assets were at risk from cyclones and floods because they are in North Queensland
Massive price increases despite few claims
If the Cathedral suffered a total loss, the Diocese would rebuilt at lower the current replacement value
The Diocese was paying extra for buildings that, if total loss occurred, they would not be rebuilt
Some buildings not included at all
Low sub-limits for flood
A high excess meant the Diocese always had to make a co-payment on any claim that was made
The Tailored Solution:
Our Actuaries determined the true risk exposure, and the price reflected this assessment
Significantly fairer price than the FY20 400% increase
The Cathedral is covered for the desired rebuild cost, lowering the overall price
'Make safe’ only protection to buildings not requiring rebuild; this also lowered the overall price
All buildings included with the right level of protection
Unreasonable sub-limits have been removed
Instead of an excess, the Diocese chose a hurdle where:
- Any claim below the hurdle, the Diocese pays in full
- Any claim above the hurdle, Our Ark pays in full
THE BENEFITS OF A NOT-FOR-PROFIT MUTUAL
Rapid national response
Protected by Reinsurance
True risk assessment of all assets leads to better prices
Profit is retained to
A TAILORED PRODUCT
FOR CHURCHES & THEIR ASSETS
Our Ark protects property, contents, money and equipment breakdown.
Business Interruption is specifically for Dioceses and Churches.
Solutions for fleet, commercial vehicles and liability can be provided, if required.
© 2021 Our Ark Management Pty Limited (Under Licence)
Our Ark Management Pty Ltd (ACN: 619 600 118), is an authorised representative of Asia Mideast Insurance And Reinsurance Pty Ltd
(ACN: 079 924 851 AFSL no: 239926 ). Our Ark Management is authorised to provide general financial advice on miscellaneous financial risk products
(AR no: 1283496) when promoting the offer of discretionary protection issued by Our Ark Mutual Limited (ACN: 627 006 213). Any commentary provided on this site is general advice, does not take account of your individual situation and you should consider Our Ark’s Financial Services Guide and Product Disclosure Statement before deciding to become a member and to purchase and hold discretionary protection issued by Our Ark Mutual Limited.
Our Ark acknowledges the Traditional Custodians of the land on which we
operate, live, and gather as employees, and recognise their continuing
connection to land, water and community.