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Cabin Insurance Program - Non-Renewal
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4/23/2020 at 3:59:43 PM GMT
Posts: 5
Cabin Insurance Program - Non-Renewal

Has anyone had their cabin insurance cancelled through Assurance Risk Managers?  I got a certified letter last week from RiskSmith through Lloyds of London saying it won't be renewed in July due to "Carrier no longer offering program".

I called my rep, Parker Humes, and he said other people were getting the same letter and that he'd look into it.  That was over a week ago and I still haven't heard back.

4/23/2020 at 4:15:48 PM GMT
Posts: 32
Insurance Cancelled?

On insurance cancellations, we spoke with Assurance Risk Managers (ARM) this week about this Lloyd's notification.  They are working on replacement insurance for anyone in the program whose policy is affected, and they should be reaching out to you soon.

The insurance industry is going through volatility from fires in 2018 to other catastrophes for the last several years. That is causing some to shift their coverage areas.

We are sincerely sorry for the disruption that these cancellation notices cause and one reason we are working with ARM is that they work through multiple carriers and don't have to rely on one carrier. 

Thanks for this question.  If you don't hear soon, contact me directly please.

Best Regards -
Sharon Leach, NFH Executive Director

4/24/2020 at 2:14:06 PM GMT
Posts: 5
Great! Thank you for the information and help!

6/30/2020 at 9:36:45 PM GMT
Posts: 5

After a couple calls and a couple months I finally got a call from ARM. They said they're working on trying to get something in place but we should look for other options. They said many policies expire in the next few days, but I fortunately still have a few weeks left. Is everyone in the program using Lloyd's and losing their insurance? If so, will the association be aligning with a different insurance aggregator?

7/13/2020 at 4:34:01 AM GMT
Posts: 5
Ok I guess I'll take the lack of response as a no and we're on our own.

7/20/2020 at 3:47:30 PM GMT
Posts: 32

Our Cabin Insurance Program with Assurance Risk Managers continues to write policies and provide quotes. While ARM was looking for a replacement package for those who were non-renewed, we recognize that some of our members were left waiting to hear more. By now, all who were facing non-renewal should have heard from ARM.

Currently, we are not seeking to create a new program with another insurer. What is happening within the program is a result of the larger insurance marketplace, which is going through big adjustments. While options may be reduced currently, in terms of quoting new or replacement policies, we have been assured that ARM is able to find and offer options to those who apply. We hope to see improvement in the months to come, in terms of efficiency and competitive options, but it will take time.

9/2/2020 at 4:52:36 PM GMT
The same thing happened to me. ARM finally contacted us after the renewal date had passed and offered us a policy that was almost double the prior year. We contacted our prior carrier and got insurance coverage. The trick for us was changing the word cabin to cottage. A cottage, is by definition, seasonal use and usually on leased land. A cottage is also small and simple, not a mansion. Our cabin fits that description. Try that word change.

9/2/2020 at 5:26:54 PM GMT
Posts: 5
Yeah they finally called me (after the policy expired) with a quote for double what I was paying before.... even considerably more than I'm paying on my house. I was able to get insurance with better coverage through another carrier even cheaper than what I was paying last year through ARM. ARM seems like a huge ripoff and horrible customer service. I'd think with such a large organization such as NFH, a better insurance broker could be found.