The Book of Discipline requires that church treasurers be bonded (¶258.4.b) to help protect your church and its finances. If your church currently doesn’t have a bonded treasurer, you could be putting your ministry at risk of potential financial difficulties. But there is good news – acquiring a bond can be simple and easy.
What is a bond? A surety bond (bond) is a binding contract that helps ensure financial obligations are met and/or provides coverage for certain damages if those obligations are not met. They are often issued to and held by people in fiduciary roles. As an example, a surety bond can help protect an organization if the bonded party mishandles funds, intentionally or unintentionally.
Is your treasurer unbonded? Call (866) 203-0777 to receive a free bond quote and help protect your church.
How does it work?
A bond mandates that the insurer issuing the bond covering the treasurer will pay a set amount of money to the insured if the treasurer does not fulfill a contractual obligation. This can help the church recover associated losses.
Why do I need a bond as well as insurance?
All United Methodist churches are required to have insurance for their church to help protect their people, property, and finances. This coverage must also adhere to the minimum insurance requirements set forth by the General Council on Finance and Administration.
However, all churches are also required to have a bonded treasurer. A surety bond is its own stand-alone product and the protection it offers is usually not included with standard property and casualty coverage. It is important to remember that even if you have employee crime and dishonesty coverage, in many instances that type of coverage may not provide the same level of protection as a bond or may even be insufficient in some cases. Please also note that while your employee crime and dishonesty will likely need to meet a deductible, your bond will not.
How can I get a treasurer bond? You can get a treasurer bond quickly and easily through the United Methodist Insurance Program Powered by Suracy Faith (UMIP). As the only coverage solution with direct ties to the denomination, UMIP offers protection options, including bonds, uniquely designed for churches like yours.
Can others be bonded?
Absolutely! While treasurers are required to be bonded, many churches opt to bond anyone who has access to financial information including board members, ministers, etc. When obtaining a bond, you’re bonding the position/title, not the person. So even if someone leaves your ministry or a specific role, you won’t lose the protection offered by a bond and have to start the process all over again. Be sure to speak to an agent if you have any questions as to who may or may not be covered.
It’s fast & easy to get a bond quote! With one phone call, you can help keep your church protected. Call (866) 203-0777 for a free bond quote today! The property & casualty commercial insurance coverages for UMIP are sold and serviced directly or indirectly by Suracy Insurance Agency, Inc. (CA Lic. No. 0L47868) ("Suracy Faith") and underwritten by various available insurance markets. Suracy Faith pays UMIP a royalty for the use of its intellectual property.
Amount and availability of rates and credits are determined by the underwriting carrier and may not be available in all states or for all applicants. Individual quoted premiums may further vary based on a number of factors, including coverage limits, deductibles, and location. This material is for informational purposes only and is not legal or business advice. Suracy Insurance Agency, Inc. does not represent or warrant that the information contained herein is appropriate or suitable for any specific business or legal purpose. Readers seeking resolution of specific questions should consult their business and/or legal advisors.