As the Covid-19 situation continues, it’s a good time to remind you of the ways we can help customers maintain their cover for the long term. Vero has a hardship fund of up to $10m available which is being used to support our Personal and Commercial insurance customers.

Helping with affordability

Personal insurance customers that have experienced reduced income due to Covid-19 can access premium waivers and still maintain cover. The premium does not have to be paid later, their cover remains unaffected and they can still claim during this time. 

Commercial customers that have experienced reduced income due to Covid-19 can apply for premium assistance at renewal time. They can also look at revising terms of business interruption cover if they have experienced a reduction in turnover.

We have extended credit terms which enables you to give your commercial customers more flexibility around the timing of their premium payments.

Keeping cover in place

Tenancy inspections should continue where it is safe to do so. Landlords may be able to be undertake inspections by video during Alert Level 3 and above.

Renewal rollover for Commercial insurance at the existing rate makes it easier to maintain cover (<$50k GWP).  Refer to the Inside Word from 15 April here for the criteria. 

A drivers’ licence or WOF expiring in Level 3 or 4 won’t necessarily mean a claim is declined, provided the vehicle is safe to drive.

No terms will be imposed for temporarily unoccupied business premises. However, if premises are going to be unoccupied for more than 30 days we need to be notified. 

Remember, we’re here to help. Options to support customers experiencing financial hardship as a result of Covid-19 remain available. Get in touch with us via your usual channel to talk it through.