Legacy Products affected by this project
These are a number of older products that are no longer offered for new business with a relatively small number of customers. The product(s) that is most immediately affected is:
- Property Owners “Legacy Property Investors Protection Plan (PPP)” policies
To enable the migration of these customers to the new systems, we re-issued these policies of these 1,300 customers as they became due for renewal between Q2 2023 and Q2 2024.
Copies of relevant broker emails, customer documentation and the key differences are still available here.
- Blocks of Flats policies, ‘Legacy FLT’ policies:
The changes we made to Property Owners product (PPP) made it much simpler to migrate policyholders previously insured on our Legacy ‘Blocks of Flats’ contract – with the new contract helping meet the documentation changes needed to support consumer duty requirements for residential properties. We started the migration of these customers in January 2024 and will have completed the exercise by January 2025. Copies of the relevant broker e-mails, customer documentation and key differences between the previous and current policies are available here.
‘Legacy’ Business Plan Plus Combined policies
Over the last 12 months we have made improvements to our current Business Combined (CMB) and Contractors Combined and CMC – and we now want to ensure that our long standing ‘AXA Combined’ (COM) benefit from these changes. We are therefore migrating these customers as they become due for renewal starting from July 2024other than a very small number of policies covering the following exposures which require further development work:
- Personal accident and sickness policyholders
- Engineering insurance policyholders
- Property Developers Contingency policyholders
- ‘Excess Layer’ Public and products liability policyholders
‘Legacy’ Business Plan Plus Combined policies
As with our Legacy Commercial Combined, we want to give our long-standing Business Plan Plus Combined policyholders the benefit of our new Business Combined (CMB) policy. We are now migrating these policies as they fall due for renewal starting in September 2024.
‘Legacy’ Contractors Choice policies
We also want to offer our long-standing Contractors Choice customers the benefits and flexibility of our new Contractors Combined (CMC) policy. We will be staring to migrate these customers to the replacement contract as they fall due for renewal starting in November 2024 – however as per our communication to brokers with affected customers, we will require some assistance to achieve this. Most of these policies have been in force for many years – and they have been rated on Turnover rather than the more common rating factors. We will therefore be approaching you over the coming months asking for your assistance in supplying
- Wages and Payments to Labour Only Sub-contractors
- Payments to Bona-fide Sub-contractors
- Annual Hired in Plant charges
- An update of the projected turnover
As with previous migrations, there are some customers with these products for whom Public Liability arising out of accidental release of asbestos has not been specifically excluded. In these circumstances we will include limited cover for ‘Liability arising out of Accidental Discovery of Asbestos’ subject to an inner limit and a ‘claims made’ wording. This cover is only normally available following additional information. We will also manually review all Bespoke Endorsements and, if necessary, replace with a wording that generates the same outcome but is compatible with the current policy wording.
Other Non-eTraded Branch products
Legacy ‘Shops’ (SHO), ‘Office’ (OFF), ‘Surgeries’ (SUR), ‘Working from Home’ (HOM)
Legacy ‘Venture’, ‘Venture Gold and ‘Per Capita’ Liability’ (VPS, VPG and PCL)
After a review of these products, we have identified that the overwhelming majority of these products are transacted on-line trough brokers’ preferred software house systems – and after investigating it has proved not possible for us to migrate these policies onto those platforms. Though we would be happy to offer quotations for these customers on our current e-trade offering, we recognise that we will need to plan to start to run these products off (from a date to be confirmed later this year). If you have any customers affected by this change, we will be contacting you shortly to inform you of the timescales and process involved – including how we propose to share the customers’ claims history to assist the process.
