Morrison insurance Solutions

Pool Re Amendments

Last year after a review of the scheme it was decided that it would be beneficial to make some changes, these are the first significant amendments since 2003 and are intended to enable Pool Re to continue to deliver a scheme reflective of today's threat and environment. It was issued to Pool Re Members that as of 1st October 2015 these changes would come into place.

The principal changes are:

bullet-arror.gifSome changes to rates along with changes to postcode allocation.
bullet-arror.gifIntroduction of an SME discount for Insured’s with less than £2m Material Damage sum insured in total.
bullet-arror.gifRecognition of the value of deductibles and loss limits when set at a high enough level (£500,000 minimum). Discounts can now be allowed.
bullet-arror.gifClients engaged with the National Counter Terrorism Security Office initiative (crowded places scheme) can apply for a discount.
bullet-arror.gifChanges to the wording – specifically addressing/reinforcing cyber liability exclusion.

Rate Changes

Pool Re has amended the rates that their members are required to pay in respect of Zone A and the Business Interruption (BI) rate. The Zone A rate for Material Damage (MD) has increased by 10% whilst the BI rate has reduced by 10%.

They have introduced a 40% reduction to both MD and BI rates for SME risks applicable to all zone rates. This applies where an Insured has a total asset exposure value that does not exceed £2m for the entire portfolio (excluding BI).

What next?

If you would like to find out more about the changes to Pool Re and how these might affect your property insurance premiums, please do not hesitate to contact us.

01789 761 660

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