Backdating cover to submission
Change effective from: 1st August 2009
At Paymentshield we are always looking at how we can work faster, better and smarter to meet your operating needs.
We have spoken to a number of you about how we operate our Pending Case procedures, following feedback from some of you who said that they found it confusing.
It became clear that we needed to be better at explaining how they work. As we now have three insurance providers (RSA, Aviva plc and Pinnacle Insurance plc) we are taking your advice and updating our Pending Case operating procedures and the Insurers' criteria on accepting risk.
What does this mean?
- Our pending facility remains in place for your continued use
- We still honour quotes for 60 days
- Operating rules will be clearer and easier to understand
- Rules apply to all insurers and products - B&C and MPPI
What are the changes?
If an application is submitted without all the required information and is therefore set to 'Pending', we will continue to send you the Pending Chase, but:
- Cover will only be underwritten from the date the missing information is received - we can no longer backdate cover to the date the application was submitted.
- In the case of any MortgageProtector policies for new mortgage borrowers, we will let you know if the customer subsequently falls outside of their 30 day qualification period. If this does happens you will need to re-quote and submit a new application for your customer for MortgageProtector Solo.
This means, you can now give clear advice to your customers as to when their policy will be put in force. This should also help with the provision of missing information if your customer is aware that they may not have cover from the date they originally requested. We understand that this is how other insurers operate also, so our change will give you a consistent approach between your providers. These new procedures will be effective from 1st August 2009.
We are also working on how we may further assist you, by providing you with any required new quotes for your customers as a further service.
If you would like to talk more information, please call our Broker Support Team on:
T: 0845 0615 100
E: brokers@paymentshield.co.uk
Lines are open:
8.00am - 7.00pm, Monday to Friday
8.00am - 1.00pm, Saturday
This page is intended solely for the attention of Directly Authorised or Exempt Firms as defined by the Financial Services Authority.