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In this update we focus on SME clients, covering: renewal premium assistance, risk surveys and an extension to the renewal rollover.
SME renewal premium assistance available for hardship applicants
We are adding to the financial support options available to Business and Rural SME customers with renewal premium assistance. If your client is experiencing financial hardship and unable to afford their premium, please get in touch with your BDM to discuss options that may help them maintain their insurance cover.
Risk surveys to resume
In Level 2 Vero Risk Management Specialists will start to undertake risk surveys of your clients’ businesses and buildings.
We realise anything involving customer contact is complex. In particular, we are aware that Covid-19 lockdown measures have had an impact on customers, their staff and tenants and their need to settle into their new way of operating before we contact them to arrange a visit.
We will prioritise businesses that have been open in Level 4 and then those open in Level 3 first, allowing time and space for those just re-opening in Level 2. Be assured that Vero BDMs will work closely with you and be guided by the customer’s wishes for the survey to be undertaken at a time that suits them.
To ensure the safety for everyone involved we will follow all Government safety measures, adhere to all restrictions, follow site health and safety requirements and apply our own protocols to ensure the health and safety of customers, staff, tenants and our own team members. Our team will be equipped with the necessary personal protective equipment and use this when needed. Before any visit, we will ensure that appropriate physical distancing measures can be maintained on site and we will limit any close interaction.
Renewal Rollover Extension
We are pleased to advise we are extending the expiry date of our renewals of Business and Rural Insurance on expiring terms by another three months, to 30 September 2020. This includes the extension to the Sum Insured Adjustments offered of 20% (plus or minus). The other criteria for the renewal rollover are unaltered:
- All of the following apply to the risk:
a.The risk must have a renewal date between midnight on 26 March 2020 and midnight on 30 September 2020 and must not already have been confirmed as covered;
b.The risk must have an existing 12-month policy period, and be renewed with a 12-month policy period;
c.The Gross Written Premium (including ND premium where applicable) must be $50,000 or less per annum;
d.The sum insured can be increased or decreased by up to 20% from the expiring sum insured. The expiring rates will apply, but you must confirm the change in sum insured before expiry;
e.There will be no change to expiring deductibles/retentions and terms and conditions from the expiring policy year. If changes are required to deductibles/retentions or other terms and conditions, the renewal must occur through the usual process;
f.The current policy loss ratio must be 55% or less, measured over the lifecycle of the policy with Vero, up to a maximum of three years. Our BDMs will be in touch highlighting accounts with a loss ratio higher than 55%, and these will renew through the usual process;
g.The account must not require an underwriting or account review by Vero at renewal. Where you have previously been notified that a review will be required at renewal, you should speak with your Vero BDM to arrange for renewal.
- Renewals that do not meet all of the qualifying criteria in 1 above, must be referred to Vero and will require written approval in accordance with our usual renewal process.
- Current and standard agreed terms of credit for automatic renewals will be maintained.
- The above offer to renew applicable risks during the agreed period does not include the following:
a.Personal Lines policies.
b.Vero Liability (VL) and Vero Marine (VM) risks.
c.Fleet motor policies/ risks as these are individually rated based on annual claims experience.
d.Any policy that includes any facultative reinsurance. Your Vero BDM will provide detail to you prior to renewal. You must ensure that these risks are renewed in the usual way.
e.Any policy that does not meet all the criteria in paragraph 1 above.
Get in touch
If you have any questions about any of the above, please don’t hesitate to get in touch with your BDM on their mobile.
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