Now online - new resources section with key updates & FAQs on Renovation Underwriting policies affected by Covid-19. Take a look
As you’d expect, many RUL policyholders will be asking for policy extensions in light of Covid-19 – and it may bring up a number of questions. In this video, Broker Relationship & Training Officer at Renovation Underwriting Natalia Child guides Brokers in this key area with a look at Frequently Asked Questions (and shares those all important answers).
Want to skip to a particular question? Here’s the question timeline:
00:20 What happens if a client needs to extend their policy because of Covid-19?
00:57 Will my client have to pay an additional premium for an extension?
01:23 Will there be an increase in premium because of the longer extension period?
01:37 What is the pre-works period allowed by the policy?
01:57 What happens if works were due to start but are delayed by more than 60 days?
02:24 Will an extension be allowed even if work has stopped?
03:27 Will an extension be available even if works stop for more than the 90 day cessation period?
04:08 Do I need to contact my policyholders about this?
04:41 My client wants to obtain a new quote, can you provide this?
05:04 Other questions
You can also find the very latest advice on Policy Extensions in this accompanying article. These materials are part of a wider suite of Broker updates and insights that we've produced, visit the Covid-19 resources section in full here.
* Please note that the guidance presented here was correct at the time of filming (date as shown), but we would advise you to call us to confirm the very latest updates if this content is of relevance to you.