Running a non-profit organisation such as a place of worship, it is imperative that you keep out-going costs to a necessary minimum. Being the head of the committee that runs a Synagogue, the first place you can look to reduce costs is with your annual insurance policy.
By reducing costs we do not mean dilute the coverage in any way in an attempt to keep the premium down – what we recommend is trying a broker to obtain you an alternative quotation, but what we really mean is contact Goldcrest Insurance to provide you with a quotation.
There is a common misconception when insuring a place of worship such as a synagogue that you could be with the “only” insurer that will provide you with the cover you need or want, but this isn’t the case at all. It is of course well documented that the market for places of worship insurance isn’t the most populated, but again this doesn’t mean that you have to be limited to only one avenue.
A lot of the time committee’s will go to the “market leading” underwriter and stay with them year upon year without hesitation, and what this creates is complacency. We had a committee come to us looking to obtain alternative renewal terms on their synagogue; their renewal came in at £4,100.00 with the insurer they been with for the past 8 years, and noticed increases every year but continued to renew. We had about 3 days to provide a quotation before their renewal, and we managed to source a quotation £700.00 cheaper, with one of the largest insurers in the world with their own place of worship scheme, and matching the entire synagogue’s current specialist coverage.
The lesson to be learnt there is to not get complacent with your synagogue insurance! Contact Goldcrest today.
