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Daily Insurance Industry News
Thursday 19th of July 2018
July 5, 2005

BIS introduces home insurance for convicted criminals

by Brian Turner

Story link: BIS introduces home insurance for convicted criminals

Bureau Insurance Services has recently reintroduced a home insurance policy specifically for individuals who have been convicted of crimes and so find it difficult to obtain insurance.

The company first began to offer such insurance, called the Fairplay Home Insurance Policy, six years ago. They have written thousands of such policies, which tend to cost about 20 percent more than regular insurance policies. The relaunched policy changes the terms so that only current convictions must be disclosed.

The company says that it will consider insuring individuals who have been convicted of most crimes, but that coverage for pedophiles and arsonists is difficult because of the chance that reprisals could be taken against their property if they are named in the media in connection with their convictions.

In writing the insurance policies, the company consults with probation officials to determine how likely an individual is to re-offend, and younger individuals generally must pay more because they are at more risk of re-offending. The policies are underwritten by Lloyd’s syndicates.

 

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