Tony@Greenlight
RMS Trader
Hi Everyone,
We review all affinities and sources of business on a regular basis, since the RMS scheme has been up and running for nearly a quarter now we can feedback the following:
Claims performance is good, we are able to maintain competitive premiums and will continue to refine our rating.
Disclosure is a problem, we have experienced a quite a high proportion of non-disclosure of claims, convictions and modifications that have been discovered via our policy acceptance process.
Integrity is important to Underwriters and the areas that are not being disclosed in the main wouldnt impact upon your Insurance premium, but they do paint a picture of dishonesty which will not endear an underwriter to expanding (ie. covering other risk profiles or vehicle types such as imports) or writing business on a long term basis.
The purpose of highlighting this is to ensure that the scheme is here for the long term benefit of RMS members by maintaining a positive image with the Underwriters.
We are not shy when it comes to covering modifications and do operate a sensible approach to rating these, a point I wish to reinforce is that YOU CAN DISCLOSE ALL MODIFICATIONS to us - we will be able to cover them.
Underwriters also require full details of conviction and claims history, as if they find out 'after event' it shows the individual in a really bad light and it is extremely difficult to negotiate preferential terms with Underwriters on a retrospective basis.
We are committed to building and maintaining a presence within the specialist vehicle community in the Province, we will do all we can to develop things and provide the cover you as the customer are looking for at good value premium rates but do need your help to do so on a long term basis.
Kind regards & thanks for listening.
Tony
We review all affinities and sources of business on a regular basis, since the RMS scheme has been up and running for nearly a quarter now we can feedback the following:
Claims performance is good, we are able to maintain competitive premiums and will continue to refine our rating.
Disclosure is a problem, we have experienced a quite a high proportion of non-disclosure of claims, convictions and modifications that have been discovered via our policy acceptance process.
Integrity is important to Underwriters and the areas that are not being disclosed in the main wouldnt impact upon your Insurance premium, but they do paint a picture of dishonesty which will not endear an underwriter to expanding (ie. covering other risk profiles or vehicle types such as imports) or writing business on a long term basis.
The purpose of highlighting this is to ensure that the scheme is here for the long term benefit of RMS members by maintaining a positive image with the Underwriters.
We are not shy when it comes to covering modifications and do operate a sensible approach to rating these, a point I wish to reinforce is that YOU CAN DISCLOSE ALL MODIFICATIONS to us - we will be able to cover them.
Underwriters also require full details of conviction and claims history, as if they find out 'after event' it shows the individual in a really bad light and it is extremely difficult to negotiate preferential terms with Underwriters on a retrospective basis.
We are committed to building and maintaining a presence within the specialist vehicle community in the Province, we will do all we can to develop things and provide the cover you as the customer are looking for at good value premium rates but do need your help to do so on a long term basis.
Kind regards & thanks for listening.
Tony