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BROKER SALES SUPPORT – PROJECTS BEING UNDERTAKEN BY HIGH NET WORTH INDIVIDUALS
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RENOVATION UNDERWRITING LTD BROKER GUIDANCE NOTES
Product: High Net Work Renovation Insurance
Is your private client looking to insure a renovation project forecasted to cost over £250,000? This is the insurance product they need. These guidance notes have been designed to highlight the process we follow in placing this key insurance product as efficiently as possible.
1. Getting a quote – the process we follow:
The Fact Find
What it is:
An on-line form that operates as a statement of fact, tailored to collect the exact information we need to underwrite HNW risks. A paper version is available to enable you to collect the information from your customer, but you should use our on-line portal to submit the information to us.
How to use it:
Once you have collected the risk information from your client, you will be required to submit the application using our on-line portal. If your business, or individual members of your team, do not have access to the portal, please contact:
He will provide you with portal access. Fill in each area of the form in full, and submit to us for review. Our paper form includes some guidance notes to assist you in the information gathering process. The more accurate and full the information you provide is, the more likely we will be able to offer you the best terms in the shortest time-frame.
Why it’s important:
Our fact-find operates as a statement of fact, and so forms part of the contract. Our portal offers a ‘quick-quote’ facility, so if you are not in receipt of full information, you can still give your client an indication of likely cost.
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Our Online Portal Quotation System
What it is: An easy-to-use tool delivering comprehensive and accurate high net worth insurance quotes, which you can bind immediately, and which delivers policy documentation instantaneously.
How to use it:
Log in and complete the question set to get a quote for your client quickly. There is also a ‘quick quote’ facility which can deliver a premium indication based on a more basic question-set. Please bear in mind that the information you submit is the information which will appear on the Statement of Fact, quotation schedule and policy schedule. It is therefore important that you take the time and effort to ensure that you have full and accurate information.
How it helps you:
Working online speeds up the whole process and cuts down on admin for everyone. The ‘quick-quote’ facility enables you to discuss potential pricing with your client at an early stage too.
Need more support? Contact Jason Trindade ([email protected]) if you require access or step by step instructions for use.
2. Our underwriting approach – what you need to know:
At Renovation Underwriting Ltd all of our underwriters are experienced construction insurance specialists. We are able to understand and cope with the full range of projects from straightforward domestic refurbishments through to large and complex commercial developments.
Whilst we aim for a same-day turnaround, please note that it can take a few days for the risk to be fully underwritten. Here’s why:
• Enquiries may fall outside of our current delegated authority and require referral tothe insurer. For the largest, most complex risks, the carrier itself may need to referfurther up the chain and we may need to purchase excess layer covers and/orreinsurance.
• On more complex risks, the carrier may request additional documentation in supportof the application, for example, a schedule of works, or an excavation methodstatement. We will generally identify cases where additional information is going tobe required at an early stage and make you aware
*Top tip: On larger, more complex cases, it is always advisable to set your client’sexpectations in terms of quotation turn-around times. We will guide you here using ourexperience with similar projects in the past.
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3. Looking at clauses – how we apply them:
Any non-standard clauses we apply will be detailed in full on the quotation and policy schedules. With larger, more complex cases will almost invariably need
• A full scope of works document and/or Gantt chart• A project specific fire risk management plan (generic plans which don’t apply
specifically to the risk in question are not acceptable)• Survey contact details
There may be other risk specific endorsements applied, for example, a piling endorsement, or a plant security requirement.
*Top tip: Obtaining the scope of works document and the fire risk management plancan take a while. It is worthwhile requesting these documents from the outset.
4. Putting it all together – understanding pricing:
Our experience tells us that renovators are frequently shocked at the cost of HNW contract works offerings. The quick quote tool is useful here. It enables you to give your clients an indication of likely cost at an early stage.
When discussing pricing with your client, the following should help you justify the premium:
• Our product is not household insurance, it is site insurance. The risks associated with insuring a construction site are considerably higher than a domestically occupied property
• In addition to the structure itself, we are also covering the contract works• Ours is a top-end, peace of mind, ‘all risks’ option. If your client seeks to insure the
structure independently of the works, and particularly if the structure will be unoccupied for the duration, the cover they are able to achieve will be significantly limited and, crucially, they will have no cover for contractor caused damage – one of the most significant risks they will face
• Our offering competes very well with comparable products on the market. This is particularly the case for larger, more complex products.
*Top tip: Make your client aware in the early stages of the quotation process that this type of insurance is significantly more expensive than standard property insurance. The quick-quote tool will assist you here.
Gain more insights – ‘Frequently Asked Questions’ document available on our website.
• Want to know if we can we insure projects already underway?• Need to know what sort of liability insurance your client needs?• Familiarise yourself with JCT contracts and party wall insurance.
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