Vero is committed to being there for our customers, brokers and advisers.

The current situation with coronavirus means this is an uncertain time for many, so we want to share some updates with you.

Options for customers
The economic impacts are being felt across many business sectors. We’d encourage you to check in with any customers who may be experiencing financial hardship at this time. Options available for customers that do not involve decreasing the sum insured include:

• Premium payment frequency: If customers are paying premiums by instalments directly to Vero, they may be able to change the payment frequency. This may allow for payments to be worked around the customer’s situation. Customers who are unable to meet lump sum payments may be able switch to paying by instalments.

• Voluntary excess: Depending on the customer’s needs, a higher voluntary excess can be applied which will usually reduce premiums. The excess can be reduced again when their situation changes. The voluntary excess amount varies depending upon the customer’s policy. It’s important to look at this on a case-by-case basis, as minimum premiums can apply, reducing any premium savings.

Business interruption cover
Business interruption covers loss of turnover following an accidental physical event (like a fire, flood or earthquake) which causes damage to a business’s premises and means it’s unable to operate as usual. This physical event also must be covered under their material damage policy. Contagious diseases like coronavirus are not covered by Vero’s business interruption policies. The virus is not a physical event, meaning there has been no physical loss which led to the reduction in turnover.

Property inspections
Landlords of residential properties or assigned property managers usually carry out property inspections to meet their insurance obligations and identify maintenance issues. Vero would respect decisions to temporarily postpone an inspection if a property is occupied by anyone who is self-isolating or has had a positive coronavirus test result. The same would apply to any person who would normally carry out such inspection. Any claim where the lack of inspection may be material to the loss will be reviewed on a case-by-case basis.    

Cover when working from home
With more businesses having their people work from home, we can help you to get the right cover in place for your clients. Our business customers already have automatic cover for office equipment temporarily at the employee’s home (including transit to and from their home). Please check that the limits are sufficient. Vero will continue to work with you to provide the best solution.

Our commitment
We already have great flexible working practices embedded in our business and have taken the precaution of increasing this capability, which means most of our people are now working from home. Our focus remains on maintaining full ‘business as usual’ service levels. We are confident our plans are fit for purpose and that you will not see an interruption to our usual service levels.

Get in touch
Thanks to our flexible working practices and our A+ Standard & Poor’s financial strength rating (confirming our strong financial security characteristics), Vero is well prepared to continue supporting our advisers and customers. Given the fast-moving nature of this situation, we anticipate making further refinements to further ensure the stability of our operating capacity and processes and we will continue to keep you updated.

If you have any further questions, please don’t hesitate to get in touch with your BDM on their mobiles.

Kind regards,

Andrea Copley
Executive Manager National Broker Distribution