Geo home insurance availability
Geo have let Paymentshield know they’ll be temporarily unable to accept new Home Insurance policies and invite renewals from Monday 1 June 2020.
Regrettably, we need to expire all Geo quotes and pending policies for Home Insurance not placed on risk before Sunday 31 May 2020. This includes policies that’ve already been placed on risk with a future start date on or after 1 June 2020 – please see further information below.
Where there are clients wishing to take out their Home Insurance policy with Geo please be aware that the policy must be placed on risk before Sunday 31 May 2020 with the policy’s start date set before Sunday 31 May 2020.
As Paymentshield also need to expire Geo policies placed on risk with a start date on or after 1 June 2020, Advisers will now need to provide affected clients with a new Home Insurance quote. Please note new quotes will be based on today’s rates and therefore we cannot guarantee the price will be the same as the previous quote.
For policies that are due to renew with Geo on or after 1 June 2020 that have auto rebroke selected, these will be referred to Paymentshield’s panel of insurers. For policies where auto rebroke was not selected, a new quote will need to be completed and submitted in line with the renewal date to ensure your client remains covered.
Exiting policies currently underwritten by Geo are not affected and will continue to be covered by the insurer up to their renewal date.
Whilst this news may be disappointing, Paymentshield have been told by Geo that this is a temporary situation. When Geo confirm they can start to accept new Home Insurance policies we’ll be sure to let you know.
Paymentshield are continually looking at ways they can offer support to you and your business in these uncertain times, this includes providing information and ideas on how you can use GI to help support your income. Paymentshield’s new CPD campaign to help advisers grow their GI knowledge recently launched and provides approximately 7 hours of reading time. Visit www.paymentshieldadvisers.co.uk/support to plant the seeds of your future success.
If you’ve any questions or you’d like to discuss additional support for your business, you can call your Paymentshield BDM on 03450 615 700 or request a call back on our website
FAQs
Q: What’ll happen to Home Insurance policies I’ve submitted before 31 May 2020 cut-off, with a policy start date before 31 May 2020?
A: All policies submitted before the 31 May 2020 cut off that contain all the information needed for the policy to be placed on risk will be processed as normal providing the start date is before 31 May 2020.
Q: What’ll happen to my pending policies and pipeline quotes if I don’t submit them before the 31 May 2020 cut off?
All pipeline quotes and policies with a start date on or after 31 May 2020 not submitted before the 31 May 2020 cut off will be expired. All pending policies that don’t contain the necessary information for the policy to be placed on risk will also be expired.
Q: Can completed Home Insurance policies submitted before the 31 May 2020 cut off, be amended after 31 May 2020?
A: Yes, Geo have confirmed they’ll accept mid-term amendments (MTAs) to all policies on risk before 31 May 2020. Please note that making an MTA to a policy mid-term can result in the premium changing.
Q: Will my commission be affected by this change?
A: Commission rates and payment terms are not affected. You’ll continue to receive payments in line with your agreement for all policies placed on risk before the 31 May 2020 cut-off date.
Helping you grow your GI knowledge
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As part of the Insurance Distribution Directive (IDD), 15 hours of Continuing Professional Development (CPD) needs to be completed each year and Paymentshield’s adviser resources can help you towards meeting that requirement.
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