Edwards Insurance Brokers have been working closely with Church Growth Trust (CGT) for the last 18 months, providing the insurance block policy for all CGT’s properties. Established in 2004, their priority is to understand their client’s needs and create long-term relationships and peace of mind. As specialists in the church sector, they insure more than 2,500 places of worship across the UK.
Insurance jargon explained
Insurance can be a complicated topic and it is important that churches like you understand the cover that you have in place. With this in mind, Edwards have put together a helpful ‘jargon-buster’. This covers some of the more commonly used terms. These may not be the legal definitions, and there are many others that are used, but this is a useful start!
Rebuild Value not Market Value
When setting the sum insured for your buildings, it should be based on the rebuild value and not the market value. This is the amount that it would cost to build the property from scratch, including site clearance and professional fees. It is important that your sums insured are set correctly.