We have received queries from members with regard to some of the sector-based insurance companies either not honouring policies, or quoting much higher renewal prices.
We have spoken to James Hallam Ltd Insurance Brokers (formerly WPS Hallam), and they have confirmed that where possible, current and long-term policies will be honoured. However, internal changes within insurance providers may have affected some councils more negatively.
It is broadly acknowledged that insurance rates generally will be increasing because of a combination of factors, including increased incidents of extreme weather, Brexit, and Covid-19.
Whereas previously insurers ‘priced to win’, this is no longer the case and councils will therefore likely now be seeing reduced cover and higher excesses instead.