Working closely with ShazamXS (part of Adding1), ink Insurance is now pleased to announce that they can offer a new concept in Excess Protector Insurance.
This is an innovative, low cost add-on insurance product created to enable policyholders to claim back policy excess they have to pay out when claiming from another policy.
Treating Customers Fairly is high on every broker’s agenda. This new product will allow brokers to offer their clients options through excess protector insurance. Clients are put back in control of their finances, as they may now choose the level of self insurance (policy excess) they are comfortable with. This helps consumers achieve a level of financial participation in the risk that suits their budget.
Excess can be covered on the following types of policies:
Commercial combined
o With cash flow being key to many businesses this product gives companies the ability to budget effectively by making an upfront payment rather than being hit by unforeseen costs in excess payments throughout the year. The policy allows for excess protection up to combined limit of £2,500 per year.
Fleet insurance
o Many fleet policies provide additional discounts if higher voluntary excesses are taken. These are often greater than the cost of this cover. This allows the broker to create and price a bespoke deal which will help them win and retain clients
Private motor
o Young drivers and sub-standard risk excesses can often be imposed by insurers. These can make the client uncomfortable in accepting the terms. This product allows them to efficiently budget within their comfort zone
Home buildings and contents
o Most policies include high levels of excess for subsidence, landslip and heave which can be reduced by taking out this additional cover
High net worth lifestyle
o An excellent product for busy people. It enables clients to take on high levels of self insurance through increased excesses on each of their personal policies. For example, the policy covers individual excess amounts for: motor, home, travel, Private Medical and pet insurance can all be included under one Excess Protector policy
This innovative insurance product works alongside most existing policies in place and is underwritten by one of the leading insurers.
More and more insurers are driving up the level of excess on their policies and this can become uneconomical for policyholders who have to tightly manage their budgets so this policy allows them to reclaim excess charges. Policyholders simply select the annual limit of excess they require and then they will be covered for all excess payments up to this annual limit. Premiums are highly affordable making it an even more attractive product to policyholders.
Mike Smith, Managing Director of ink insurance, commented “ink prides itself on offering innovative solutions for our brokers so we are very excited to be offering this product to them. With Treating Customers Fairly being a key area for us; it’s great for ink to be able to provide brokers with a product that not only allows the broker’s client the ability to choose the level of excess they are comfortable handling but also has the potential of increasing their own offering and competitiveness.”
