Update on insurance market structure, particularly re Motorhomes. (1 Viewer)

[nicholsong]

In my involvement with the insurance market it worked like this:-

UNDERWRITERS

They underwrote the risk, paid out if there was a claim and took the profit if there was no claim. Underwriters include Lloyd's Syndicates and Commercial insurance companies.

BROKERS

The original concept of brokers was that they would research the market among Underwriters to obtain the best quote for the client who wished to be insured.

Over time some Brokers developed into a quasi-underwriting role, whereby they got authority from Underwriters to offer policies created by the Underwriters, under strict terms, then known as 'Binders'.

Some Brokers only offered these Binder policies, so acted as agents for only one Underwriter. Others ran a Binder system but if a prospective client wished a quote outside the 'Binder' constraints they would refer them to another part of the brokerage which acted in the traditional style of brokers searching the whole market.

Are there any members on here who are currently in the insurance market who can update me on the current structure, particularly in relation to MHs?

 

[nicholsong]

Bump

 

[monzer]

Bump

I wouldn't bother claiming then.

 

[funflair]

Quite possibly not Geoff when we were taking out insurance for the Palace NFU might ask a question or we might ask them but everything was referred to the underwriters for an answer, don't know if this helps.

 

[mikebeaches]

I don't know the answer to the original question. But I do know my broker obtained a special agreement with an underwriter, who would extend cover to allow our UK-registered MH to be stored in Spain for weeks and sometimes months at a time. That was in 2018 and the same agreement has been included at my specific request every year since then, currently through to at least renewal in June next year. Oh and there is no additional premium.

I spoke to dozens of insurers when I was originally seeking cover for storing abroad and almost gave up the will to live in the process. Repeatedly told 'Not possible'. The stage was reached where I believed I was going to need to turn to a Spanish insurer, but finally Advance / Ageas came good.

Somebody at Advance apparently had the ear of the senior underwriter at Ageas.

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[nicholsong]

Quite possibly not Geoff when we were taking out insurance for the Palace NFU might ask a question or we might ask them but everything was referred to the underwriters for an answer, don't know if this helps.

If I have any difficulties with Brokers I always request that the matter is referred to Underwriters. I have had some good results thereby, both on yacht insurance and Professional Indemnity, where the broker hosted a lunch with the Underwriter and the premium was halved.

 

[nicholsong]

I am surprised that AIBinsurance have not responded to this thread as they seem keen to promote themselves.