Lloyd's insurer Beazley is the underwriter
Home insurance specialist Plum Underwriting has launched Plum Elite, a mid net worth (MNW) product exclusively for the UK broker market.
It has also developed and re-launched its non-standard household product, Plum Flex.
Plum believes the time is right to press its advantage in the broker-led MNW market, which it considers to be under served following the withdrawal of Hiscox from this sector last year.
Elite and Flex are underwritten at Lloyd’s by Beazley Group. Elite is a worldwide ‘all-risks’ policy, which offers much broader limits and cover than a standard household product. It is designed for householders with contents valued over £50,000, and automatically includes family legal costs, identity theft and home emergency cover.
Flex aims to provide cover for household risks which fall outside the normal acceptance criteria of standard quotation systems, and therefore require individual underwriting.
Flex covers a wide range of non-standard risks including householders with adverse claims experience, non-standard occupations and previous convictions. It also covers properties with subsidence problems or those built of a non-standard construction.
Plum Underwriting director David Whitaker said: “We are delighted to announce the launch of our Elite and Flex products, which we have developed in close consultation with our brokers. Our feedback has clearly shown need in both the MNW and non-standard household insurance markets for a provider with the right expertise and the right products. Certainly MNW for brokers is now under served following the withdrawal by Hiscox of its 506 book and we intend to help fill that gap.”
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