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Original poster

Can anyone advise on business insurance asap

9 replies

insuranceclaimmare · 23/02/2023 06:48

Posting on behalf of my dh. Basic gist is his current liability insurer will not offer a renewal due to an ongoing claim (from something that wasn't his fault) the claim has been going on for nearly a year now but hasn't been settled yet.
Other insurers in the market are not willing to insure him due to an existing claim still open.
Is it true that his current insider have to offer renewal terms while an ongoing claim is still open ? Is this why no other insurers will touch him ?
Any advice would be appreciated !!

Thanks

OP posts:
Original poster
insuranceclaimmare · 23/02/2023 07:33

Sorry - he has 8 days before his business will have to cease trading without insurance !

OP posts:
IfIGoThereWillBeTrouble · 23/02/2023 08:10

Has he approached the other insurers directly or has he gone to an insurance broker?

Badbadbunny · 23/02/2023 08:13

I'd suggest he goes direct to someone like NFU mutual who do tailored insurance for specific circumstances rather than the big online firms who only want the easy/profitable customers.

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Original poster
insuranceclaimmare · 23/02/2023 08:25

He has gone through a brokers

OP posts:
RoseBucket · 23/02/2023 08:26

Hiscox are my insurers.

Original poster
insuranceclaimmare · 23/02/2023 08:29

@RoseBucket would you recommend ?

The problem he's having is being quoted thousands for insurance because of this outstanding claim - it is for a lot of money.
Apparently he was told by one of the insurers his current insurers have to offer a renewal if a claim is still ongoing - is this true ?

OP posts:
ApocalypseNowt · 23/02/2023 08:47

No they don't have to. There are many large organisations that will have multiple claims open, at different stages, all the time. Insurers can't be beholden to offer terms forever.

If an insurer officially declined to insure it is serious though as this has to be declared going forwards. So what normally happens is they'll offer prohibitively onerous terms or 'suggest' you find an alternative carrier.

What sort of business is it out of interest?

GroggyLegs · 23/02/2023 09:05

DH is a commercial insurance underwriter.
No they dont have to offer renewal terms, they might extend cover to buy you time if you're really struggling to find someone else.

As PP said, you need a specialist business broker.
Someone will cover it, but at a cost.

Original poster
insuranceclaimmare · 23/02/2023 09:09

Okay thanks everyone 👍🏻

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