Markel: Acturis Rent Guarantee
The team at Markel have issued the below message around rent guarantee to Acturis users, which as your network, we wanted to share with you:
We have been reviewing our position with the current rent guarantee product provided to your customers. There remains considerable uncertainty both from a product and exposure perspective due to the economic tremors brought about by Covid-19, along with the legislative changes which are already changing the dynamics of existing notified claims and will likely continue to alter future claim patterns.
At Markel, we put the customer first, and our claims and underwriting strategies are no different. That’s why we will be reviewing the existing product in line with Markel UK product governance which requires us to provide products that work for our customers. This will take a bit of time and will be guided by imminent legislation.
Therefore, whilst we undertake this review, we have decided that it is no longer appropriate to take on new customers. Therefore, new sales must stop with immediate effect while we consider the best way we can serve the needs of our customers. Any quote that has already been issued will be honoured provided it is within the validity period.
We also want our existing policyholders who are renewing cover to be clear on the changes in legislation and how this may temporarily affect their ability to make a claim under the policy while government intervention in this sector takes place. We would like to work with you on these changes and will provide an appropriate template for a communication shortly.
If you’d like to discuss any of this in more detail, please don’t hesitate to contact me. We really appreciate you working with us through this unprecedented situation and, as always, we’re here if you need us.
David Walsh BA Hons
Head of LEI – Business Development