Given the uncertainty around the evolving COVID-19 situation, Vero has placed an embargo on the option to implement Loss of Rent - Tenant Default cover on a new landlord policy, or to add it to an existing Vero Secure Landlord Insurance policy.
How does this affect new and existing policies?
- All policies will retain the Loss of Rent - Tenant Default option, if it was previously selected.
- The option can no longer be added to an existing policy.
- The option to add Loss of Rent - Insured Event cover to existing policies is still available.
- If the Loss of Rent - Tenant Default option has already been added to an existing policy, Vero will continue to offer this cover with your renewal.
- The option to add Loss of Rent - Tenant Default cover to an existing policy upon renewal, is no longer available.
- The option to add Loss of Rent - Insured Event cover is still available at renewal.
- The Loss of Rent - Tenant Default option is no longer available for new policies.
- In the instance where a valid quote for Loss of Rent - Tenant Default cover has been provided prior to 27 March 2020 the cover will be considered.
- The option to add Loss of Rent - Insured Events cover to new business policies is still available
Will there be any changes made to the claims assessment process?
There is no change to how rent default is treated at the time of a claim.
How long will this change remain in place?
This is a temporary measure and it will be reviewed regularly.
Want to find out more?
For more information, you can access our Supplementary Product Disclosure statement here, or contact your dedicated BDM or relationship manager.
As the COVID-19 situation continues to evolve, our teams are experiencing a surge in high call volumes due to an increase in broker enquiries. To help reduce call waiting and turnaround times, we have developed a Quick reference guide to assist you. The guide includes information and useful links to access the Broker Hub, VeroEdge, tools and resources, and contact details should you need to speak to our Systems Support Team.
Alternatively, you can access the latest COVID-19 information and support materials by visiting our dedicated webpage here.
We’ll continue to deliver regular communication to keep you informed of any new developments or changes to our business. I encourage you to reach out to your dedicated BDM or relationship manager should you need any assistance. They’re here to help you - no matter how small or how complex your enquiry.
Disclaimer: This newsletter is for information purposes only and is not legal or financial advice. The information is intended to be of a general nature only. We do not accept any legal responsibility for any loss incurred as a result of reliance upon it – please make your own inquiries. This newsletter has been prepared by AAI Limited ABN 48 005 297 807 trading as Vero Insurance.