Plum launches MNW home insurance cover
by Gill Montia
Story link: Plum launches MNW home insurance cover
Home insurance underwriting agency, Plum Underwriting, has launched Plum Elite, a new product for the mid net worth (MNW) home insurance market.
The move has been accompanied by a re-launch of the firm’s non-standard household product, Plum Flex.
Both Elite and Flex are underwritten at Lloyd’s by Beazley Group and are available to new and existing Plum brokers via the firm’s recently launched online quote facility.
Plum says it aims to maximise on the broker-led MNW market bearing in mind the advantages that exist since Hiscox withdrew from the sector last year.
The new Elite policy is a worldwide “all-risks” offering with broader limits and cover than a standard household product.
It is designed for customers 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 that require individual underwriting because they are outside the standard acceptance criteria.
Customers could include householders with adverse claims experience, non-standard occupations and previous convictions.
Flex will also cover properties that are built of a non-standard construction or have subsidence problems.
According to Plum’s underwriting director, David Whitaker, Elite and Flex have been developed in close consultation with brokers and feedback has clearly shown need in both the MNW and non-standard household insurance markets.
Plum is part of the Somerville group of companies, which has investments in a range of insurance underwriting, broking and intermediary businesses.
Last year, the group expanded its travel, sickness and health capabilities with the acquisition of Able2Travel, which specialises in cover for travellers with complex medical histories.