Flex - Non Standard home insurance
We're here to help, whatever the sum insured.
We were approached by a Private Client broker with a long standing, high net worth client who had recently incurred some large fortuitous claims.
The key losses to consider were two severe escape of water incidents in the last three years, totalling in excess of £400,000.
Following the second claim, the client’s existing insurers provided the following options at renewal:
- Exclude all loss or damage as a result of EoW
- EoW included with a £10,000 excess subject to replacing the pipework in the entire home
- EoW claims limited to £100,000 with a £20,000 excess
We had received confirmation that the pipework in the affected area had been fully replaced after the second claim and upon request we were supplied with a recent plumbing inspection report and pressure test certificate, both of which were satisfactory.
This information allowed us to consider the risk carefully.
The home was in an affluent area of London with a rebuild of approximately £4,000,000 and therefore the majority of the claim costs were due to alternative accommodation arrangements.
Critically, we had also received confirmation that the second escape of water loss was infact caused by faulty workmanship of repairs following the first claim(!) Unsurprisingly, the client was unhappy and aggrieved this had resulted in what they deemed an unreasonable impact on their home insurance policy.
Given the context of the second loss and subject to the implementation of an approved leak detection device, we promptly offered the client a quotation including full escape of water cover with a £10,000 excess - with a view to reduce the excess at each EoW claim free renewal.
Both our broker and their high net worth client accepted these as reasonable terms and were pleased with our realistic, can-do approach.
Talk to us
If you have clients struggling to get a sensible home insurance quote, give us a call on 0345 130 0802 or email underwriting@plum-underwriting.com to see if we can assist.
Ryan Ford Cert CII
Trading Underwriter
Finding it difficult to obtain home insurance? Flex is the answer.
Five good reasons to choose Flex:
Service - Plum has been voted an Insurance Times ‘Top 5’ personal lines insurer by brokers in 2016 and 2017. Our experienced, accessible underwriting team is at hand to assist you as required.
Cover - Flex is a Lloyd's of London approved home insurance policy with several cover enhancements. You can choose Flex for your clients with confidence.
Flexibility - Our experienced underwriters are able to offer terms on a whole range of non standard risks that other insurers are unable to help with.
Security - Underwriting capacity for Flex is provided by Lloyd's of London, the world’s leading insurance market. For financial strength, Lloyd’s is rated A (Excellent), A+ (Strong) and A+ (strong), by A.M. Best, Fitch Ratings and Standard & Poor's respectively.
Expertise - Plum has been providing specialist home insurance products to brokers for over a decade. Flex is further evidence of our strong commitment to backing brokers.
Cover is provided on a "standard perils" basis, on a policy wording based on the Lloyd's of London approved home insurance policy.
The following limits are provided automatically unless a higher limit is requested. For a full list of all the covers available, please refer to the policy wording.
Buildings
| Cover | Limit (£) |
|---|---|
| Accidental Damage | Optional |
| Garden, plants and shrubs | 2,500 |
| Trace and access | 5,000 |
| Loss of Rent | 25% of buildings / 24 months |
| Alternative accommodation | 25% of buildings / 24 months |
Contents
| Cover | Limit (£) |
|---|---|
| Accidental Damage/Loss | Optional |
| Contents of outbuildings | 5,000 |
| Contents in the open | 1,000 |
| Home business contents | 5,000 |
| Money/credit cards | 750 (500 credit cards) |
| Pedal cycles (at the home) | 500 |
| Replacement locks | 5,000 |
| Loss of metered water/oil | 5,000 |
| Seasonal increases | 5,000 |
| Electronic data | 2,500 |
Valuables and Personal Possessions
| Cover | Limit (£) |
|---|---|
| Accidental Damage/Loss | Optional |
| Valuables and personal possessions | 33.3% of the contents sum insured (with a 10% Single Article Limit) other than pictures and paintings which are covered up to the total contents sum insured |
Liability
| Cover | Limit (£) |
|---|---|
| Accidents to Domestic Employee(s) | 10,000,000 |
| Legal Liability to the Public | 5,000,000 |
A fair, efficient, customer friendly claims service.
We know that when a policyholder makes a claim on their policy the quality and speed of response of our claims service are the keys to maintaining customer satisfaction.
We pride ourselves on delivering a top quality claims service for our supporting brokers and their clients, looking to settle claims fairly, efficiently and consistently.
In safe hands
We understand that, in addition to being the face of our company, our appointed claims handlers and loss adjusters are representing your businesses too and therefore, we have strict controls in place throughout the claims process to help ensure your clients receive a high standard of service.
Feedback
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