News reaches me today that one of the largest UK insurers has pulled out out the market for block of flats insurance. Now, I am only hearing this from a potential customer who has been pedalled this line by his broker. Usually when you get a comment like this, what it means is that the insurers has refused to deal with the broker any more, not that they have pulled out of the market. But, the customer was so surprised that they phoned the insurer who apparently confirmed this.
Again, this coudl be the insurer simply saying that they are not dealing with a particular broker any more for certain, or all, types of business insurance.
This one I think is possible because it is near the coast. It is brand new, £5,000,000 buildings and next to a marina. Now, the insurer could be thinking of an increased storm exposure or even that there is a potential subsidence risk, who knows?
If you are looking for a quot e though, give us a call. We are not an insurer but a broker and can therefore search the market for you.