Now is the time to be proactive and flexible, more than ever before. At Vero we continue to streamline processes to save valuable time and make it hassle-free for you and our customers.
 

Windscreen excess relief for Consumer

To help reduce additional costs and financial pressure at a time when many customers are facing financial uncertainty, Vero has temporarily removed the standard $500 motor vehicle windscreen excess for all Consumer claims arising between 26 March – 30 June 2020.

If your customer has already lodged a claim for a damage to a windscreen that occurred during this period, there will be no excess to pay when they get the windscreen fixed.
 

Extension to the Renewal Rollover initiative

The Inside Word sent 26 March announced a ‘Renewal Rollover’ initiative.  We are pleased to announce an extension to that initiative to enable these renewals to now include a sum insured adjustment of up to 20% (plus or minus) at existing rates. As with our usual process, you need to confirm the renewal to us prior to expiry, with any adjustments required, so that the appropriate amount of cover is in place.

The qualification criteria for applicable renewals on expiring Business Insurance and Rural Insurance is now:

1. All of the following apply to the risk:

   1. The risk must have a renewal date between midnight on 26 March 2020 and midnight on 30 June 2020 and must not already have been confirmed as covered;

   2. The risk must have an existing 12-month policy period, and be renewed with a 12-month policy period;

   3. The Gross Written Premium (including ND premium where applicable) must be $50,000 or less per annum;

   4. 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; 

   5. 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;

   6. 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;

   7. 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.

2. 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.

3. 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:

1. Personal Lines policies. 

2. Vero Liability (VL) and Vero Marine (VM) risks.

3. Fleet motor policies/ risks as these are individually rated based on annual claims experience.

4. 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.

5. Any policy that does meet all the criteria in paragraph 1 above.

If you have any questions about any of the above, please don’t hesitate to get in touch with your BDM on their mobile.

Kind regards,

Andrea Copley
Executive Manager, National Brokers