The new service is designed to provide immediate assistance for domestic emergencies such as a power failure, burst pipes, loss of heating and leaking roofs.
Homeowners using the service will get peace of mind that they can access a reliable tradesperson 24 hours a day, 365 days a year, whilst the product can provide brokers, intermediaries and networks with a valuable new revenue stream.
Paul Thompson, managing director, commented: “Rather than tie this cover in with a buildings and contents policy as many providers do, we’ve chosen to make our product available as a standalone offering. This means that intermediaries can choose the most appropriate method of packaging this for their marketplace.
"For example, it might be suitable for their customer base for them to sell this cover alongside mortgage payment protection insurance or they might decide to provide it as a free value-added product to other policies. And as we’ve priced this cover keenly, intermediaries will be able to offer their customers an extremely competitive premium.
“Our aim is to provide innovative solutions to help the mortgage intermediary market provide its customers with value for money insurance protection. The addition of Home Emergency Assistance to our existing range now means that Assurant Solutions Intermediary provides an effective one-stop-shop for quality general insurance products associated with home ownership.”
The product has been underwritten by Cassidy Davis at Lloyd’s through Syndicate 5820, and is available for an annual, two or three year benefit period. Premiums can be paid in a lump sum upfront or on a monthly basis.
The policy covers emergency call outs, labour, material costs and alternative accommodation costs up to £250 per occurrence. The customer simply contacts the service provider who arranges for an approved tradesperson to come to the customer’s home and assist with the emergency situation.
