Business Interruption – FCA test case

For information about the outcome of the FCA’s test case into how insurance policies respond to business interruption claims as a result of Covid-19 please visit this page.

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Our aim is to make doing business with us as simple and straightforward as possible, clearly outlining our product offering and appetite. In order to do this, we are reviewing our existing product portfolio, assessing where we have unnecessary complexity and reducing the number of similar products we currently offer.

 

Why are we doing this?

We have listened to your feedback to simplify the way we do business, to reduce complexity, focus attention on our core products and deliver a more efficient business model that makes us easier to do business with.

 

How are we doing this?

We have reviewed our products and identified where there is an opportunity to simplify our offering. We have looked at where we can align customers to similar, newer or more relevant products and as a consequence have identified some products to close to both new business and renewals.

We will be using a phased approach starting with our open market Professional and Financial Risks (Profin) portfolio. Existing customers will be notified in advance of renewal and we will provide all parties with details of how these changes will impact policies at the point of renewal.  

 

What are the next steps?

We are committed to keeping you informed and will continue to provide an update as and when further decisions are made.

For details of the Profin product changes please take the time to familiarise yourself with the details below. If you have any specific queries, please contact your RSA account manager. If you don't have an account manager, or don't know who your account manager is, please log in to RSA Online and use the Live chat function to speak to us and we'll arrange a call back.

Step 1 - Profin

Which products are we keeping and exiting?

Group 1

Group 2

- Libel

- Employment Practices Liability (outside of our Management Protection product)

- Employee and Third-Party Fraud

- Pension Trustee Liability

- Professional Indemnity – Medical Malpractice

- Lost Shares

- Professional Indemnity – Secondary Intermediaries

 

- Professional Indemnity – Design & Construct

 

 

 

The open market products listed in Group 1 above, are currently closed to new business and this will remain the case. Please note that we will not offer renewal terms for policy holders at renewal. We will confirm the timing of when this comes into effect at a later date and will be in touch regarding impacted policies.

For our existing customers in run off (i.e. the Insured entity has ceased trading and we are providing cover for historic activities) we will continue to provide terms for run off cover should it be required.

For all existing live policies that currently sit on the Employee and Third-Party Fraud product we have identified a suitable alternative within our existing product set. For each of the open market products listed in Group 2, RSA will continue to accept annual policy new business enquiries (i.e. no new Long-Term Agreements (LTAs)), until 11/1/2021. Any new business enquiries or risks that have not been incepted by RSA prior to 11/1/2021 with a policy start date on or after 11/01/2021 will be declined.

We have established a communication strategy that will allow reasonable time for our broker partners and customers to make alternative arrangements where necessary or understand the product alternatives prior to policy end date of the impacted policies. RSA will be in touch with all brokers that will be directly impacted by these changes well in advance of policy end date and will supply guidelines and letter templates for communication to our policy holders. All other Profin products remain unaffected.

 

What to brokers need to do if impacted? Who do brokers contact with any questions?

RSA will be in touch with all directly impacted brokers in advance of policy end dates of the impacted policies. Please look out for this communication in the next few weeks. If you have any specific queries, please contact your RSA account manager. If you don't have an account manager, or don't know who your account manager is, please log in to RSA Online and use the Live chat function to speak to us and we'll arrange a call back.