2015 Star Ratings Business Insurance Discussion paper

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1 2015 Star Ratings Business Insurance Discussion paper Defaqto Limited All rights reserved. No parts of this publication may be reproduced in any form by any means, whether electronic, mechanical, optical or any other or be stored in a retrieval system without the express written permission of the publisher. The publisher has taken all reasonable measures to ensure the accuracy of the information and Ratings in this document and cannot accept responsibility or liability for errors in or omission from any information given and for any consequences arising.

2 About this document This document outlines the key developments and trends that will inform the criteria we use for the 2015 Star Ratings for Business Insurance covering Homeworker Insurance, Office Insurance, Surgery Insurance, Retailer Insurance and Tradesman Insurance and, based on these, sets out the areas where we would like to consult the industry as part of ensuring that our Ratings process remains robust and transparent. 2

3 Key developments and trends The market We have reviewed developments in the small to medium enterprise (SME) business insurance market, considering legislation and regulation, provider changes, and SME insurance products and have concluded that there have been no significant changes. Therefore, we believe that the current Star Ratings and criteria remain valid and we do not need to change our approach for the 2015 Star Ratings. Legislation and regulation There have been no legislative developments or FCA reviews into the commercial insurance market from a provider s point of view that would impact our thinking on the Star Rating criteria for The latest thematic review by the FCA into commercial and SME insurance relates to intermediaries by considering how their business structures and the remuneration they receive could create conflicts of interest that work against the best interests of customer. Providers In general, there appears to be a trend with number of providers within all of the SME Star Rated areas reducing. This is not surprising as for example, Groupama has been purchased by Ageas which has accounted for the number of providers reducing. Other reasons are brands have disappeared from the market such as Cornhill Direct. Commercial SME Product Type 2010 no. of providers 2014 no. of providers Homeworkers Offices Retailers Surgeries Tradesmen Products/propositions For the same reasons as stated above, as the number of providers has reduced, products numbers have also followed the same trend. Commercial SME Product Type 2010 no. of products 2014 no. of products Homeworkers Offices Retailers Surgeries Tradesmen

4 Key implications for the 2015 Ratings process Product area weightings The criteria have been split into the following areas in order to show the weightings for each within the Ratings: Rating area Homeworker Insurance 2014 no. of 2014 % Share of 2015 no. of 2015 % share Policy Cover * 75 Policy Excesses Policy Add-ons Helpline Services Total *For Homeworker 2015 Star Rating we have decided to remove contents day 1 inflation from the current criteria as no product offers cover and therefore we do not feel this criterion is relevant. Rating area Office Insurance 2014 no. of 2014 % share of 2015 no. of 2015 % share Policy Cover Policy Excesses Policy Add-ons Helpline Services Total Rating area Retailer Insurance 2014 no. of 2014 % share of 2015 no. of 2015 % share Policy Cover Policy Excesses Policy Add-ons Helpline Services Total

5 Rating area Surgery Insurance 2014 no. of 2014 % share of 2015 no. of 2015 % share Policy Cover Policy Excesses Policy Add-ons Helpline Services Total Rating area Tradesman Insurance 2014 no. of 2014 % share of 2015 no. of 2015 % share Policy Cover Policy Excesses Policy Add-ons Helpline Services Total We will continue to place most of the emphasis on the policy cover provided, which accounts for around three-quarters of the criteria used. 5

6 What does good look like? For 2015 we see no need to change the core criteria for 4 or 5 Star products from those which are currently being applied. Homeworker Core criteria set for the following Policy Cover Contents Basis Employers Liability Public Liability Products Liability Business Interruption Own Premises Sum Policy Add-ons Legal Expenses Standard Sum Legal Expenses Employment Helpline Services Helpline 24 Hour Claims Helpline Office Core criteria set for the following Policy Cover Contents Basis Employers Liability Public Liability Business Interruption Own Premises Sum Capital Additions Policy Add-ons Legal Expenses Standard Sum Legal Expenses Employment Helpline Services Helpline 24 Hour Claims Helpline 6

7 Retailer Core criteria set for the following Policy Cover Contents Basis Contents Seasonal Increase Employers Liability Public Liability Products Liability Business Interruption Own Premises Sum Loss of Licence Maximum Sum Money on Premises Maximum Deterioration of Frozen/Chilled Stock Maximum Sum Capital Additions Policy Add-ons Legal Expenses Standard Sum Legal Expenses Employment Helpline Services Helpline 24 Hour Claims Helpline Surgery Core criteria set for the following Policy Cover Contents Basis Visiting Bags Sum Drugs Sum Employers Liability Public Liability Products Liability Business Interruption Own Premises Sum Capital Additions Policy Add-ons Legal Expenses Standard Sum Legal Expenses Employment Helpline Services Helpline 24 Hour Claims Helpline 7

8 Tradesman Core criteria set for the following Policy Cover Tools Cover (Availability) Products Liability Standard Limit Employers Liability Limit Employers Liability Working Partners (Availability) Policy Add-ons Legal Expenses Standard Sum Legal Expenses Employment Helpline Services Helpline 24 Hour Claims Helpline 8

9 Areas for discussion No proposed changes No other changes to product studied There has not been any noticeable changes within the commercial SME market and therefore we believe that no further changes are required for 2015 We carried out a major review of our DNA scores for 2014, and haven't seen any dramatic market changes that would require us to reconduct this review for 2015 Ratings. There are no obvious elements of policy cover that might emerge over the next 16 months. We cannot see any reason to remove any of the existing elements of cover from our Ratings because of market changes likely to happen in the next 16 months. 9

10 Appendix: Proposed 2015 criteria Based on the above analysis, we propose including the following criteria in our assessment process for the 2015 Ratings (core criteria are in bold text). Proposed criteria Homeworker Insurance 10 Contents Basis Goods In Transit Maximum Sum Contents Subsidence (Availability) Employers Liability Contents Index Linked Public Liability Contents Seasonal Increase Products Liability Computer Records Maximum Sum Liability Rented Premises Documents and Books Maximum Sum Liability Rented Excess Personal Effects Liability Defence Costs Visitors Personal Effects Court Attendance Directors Property in the Open Court Attendance Employees Temporary Removal (Cleaning) Business Interruption Own Premises SI Temporary Removal (Catering) Business Interruption Suppliers SI Trace and Access Business Interruption Indemnity Period Underground Services Business Interruption Access Removal of Debris Business Interruption Closure Loss of Metered Water Business Interruption Utilities Lock Replacement Property Money on Premises Maximum Contents Standard Excess Money in Transit Maximum Contents Escape of Water Excess Money in Safe Maximum Sum Household Contents Basis Money Out of Safe Household Contents Subsidence (Availability) Non-Negotiable Money Household Contents Excess Money at Employees Home Buildings Basis Money Excess Buildings Subsidence (Availability) Buildings Standard Excess Discovery Period Employee Dishonesty Maximum Sum Buildings Index Linked Assault Death Benefit Buildings Day 1 Inflation Assault PTD Benefit Buildings Subsidence Excess Fidelity Guarantee Maximum Sum Buildings Escape of Water Excess Fidelity Guarantee Excess Glass Sum Deterioration of Frozen/Chilled Maximum SI Glass Excess Deterioration of Frozen/Chilled Excess

11 Legal Expenses Standard Sum Help 24 Hour Claims Legal Expenses Employment Help Legal Legal Expenses Taxation Sum The table below sets out the 2014 criteria that we are planning to remove for Criteria planned for removal Contents Day 1 Inflation 11

12 Proposed criteria Office Insurance Contents Basis Liability Rented Excess Contents Subsidence (Availability) Court Attendance Directors Contents Index Linked Court Attendance Employees Contents Day 1 Inflation Business Interruption Own Premises Sum Computer Records Maximum Sum Business Interruption Suppliers Sum Documents and Books Maximum Sum Increased Cost of Working Sum Personal Effects Business Interruption Indemnity Period Work of Art Money on Premises Maximum Temporary Removal - Limit Money in Safe Maximum Sum Trace and Access Non-Negotiable Money Underground Services Money Excess Removal of Debris Loss of Metered Water Discovery Period Employee Dishonesty Maximum Sum Lock Replacement Property Assault Death Benefit Emergency Vehicles Assault PTD Benefit Contents Standard Excess Fidelity Guarantee Maximum Sum Contents Escape of Water Excess Fidelity Guarantee Excess Buildings Basis Computer Cover Basis Buildings Subsidence (Availability) Computer Sum Buildings Standard Excess Computer Temporary Repairs Buildings Index Linked Computer Rental Costs Buildings Day 1 Inflation Computer Incomplete Records Buildings Subsidence Excess Legal Expenses Standard Sum Buildings Escape of Water Excess Legal Expenses Employment Glass Sum Legal Expenses Taxation Sum Glass Excess Legal Expenses Debt Recovery Employers Liability Terrorism Cover (Availability) Public Liability Help 24 Hour Claims Products Liability Help Legal Liability Rented Premises Capital Additions 12

13 Proposed criteria Retailer Insurance Contents Basis Liability - Wrongful Arrest Contents Subsidence (availability) Court Attendance Directors Contents Index Linked Court Attendance Employees Contents Day 1 Inflation Business Interruption Sum - Own Premises Maximum Sum Computer Records Business Interruption Sum - Suppliers Maximum Sum Documents and Books Business Interruption Indemnity Period Contents Seasonal Increase Business Interruption - Access Personal Effects Business Interruption - Closure Temporary Removal Limit Business Interruption - Utilities Trace and Access Loss of Licence - Maximum Sum Underground Services Money on Premises - Maximum Removal of Debris Money in Transit - Maximum Loss of Metered Water Money in Safe - Maximum Sum Lock Replacement - Property Money Out of Safe Emergency Vehicles Non-negotiable Money Contents Excess - Standard Money at Home Contents Escape of Water Excess Money Excess Buildings Basis Employee Dishonesty Maximum Sum Buildings Subsidence (availability) Discovery Period Buildings Excess - Standard Assault - Death Benefit Buildings Index Linked Assault - PTD Benefit Buildings Day 1 Inflation Fidelity Guarantee Maximum Sum Buildings - Subsidence Excess Fidelity Guarantee - Excess Buildings Escape of Water Excess Deterioration of Frozen/Chilled Stock Maximum Sum Glass Sum Deterioration of Frozen/Chilled Stock - Excess Glass - Display Legal Expenses Standard Sum Glass - Signs Legal Expenses - Employment Glass Excess Legal Expenses - Taxation Sum Goods in Transit Maximum Sum Legal Expenses - Debt Recovery Employers Liability Terrorism Cover (availability) Public Liability Engineering Cover (availability) Products Liability Helpline - 24 Hour Claims Liability - Rented Premises Helpline - Legal 13

14 Liability - Rented Premises Excess Capital Additions Liability - Defence Costs 14

15 Proposed criteria Surgery Insurance Contents Basis Liability Rented Excess Contents Subsidence (Availability) Liability Defence Costs Contents Index Linked Liability for Locums Contents Day 1 Inflation Court Attendance Directors Computer Records Maximum Sum Court Attendance Employees Documents and Books Maximum Sum Business Interruption Own Premises Sum Personal Effects Business Interruption Suppliers Sum Visiting Bags Sum Increased Cost of Working Sum Work of Art Business Interruption Indemnity Period Drugs Sum Business Interruption Access Precious Metals Business Interruption Closure Temporary Removal Limit Business Interruption Utilities Trace and Access Money on Premises Maximum Underground Services Money in Safe Maximum Sum Removal of Debris Non-Negotiable Money Loss of Metered Water Money Excess Lock Replacement Property Emergency Vehicles Discovery Period Employee Dishonesty Maximum Sum Contents Standard Excess Assault Death Benefit Contents Escape of Water Excess Assault PTD Benefit Buildings Basis Fidelity Guarantee Maximum Sum Buildings Subsidence (Availability) Fidelity Guarantee Excess Buildings Standard Excess Computer Cover Basis Buildings Index Linked Computer Sum Buildings Day 1 Inflation Computer Temporary Repairs Buildings Subsidence Excess Computer Rental Costs Buildings Escape of Water Excess Computer Incompatible Records Glass Sum Legal Expenses Standard Sum Glass Excess Legal Expenses Employment Employers Liability Legal Expenses Taxation Sum Public Liability Legal Expenses Debt Recovery Products Liability Terrorism Cover (Availability) Liability Rented Premises Help 24 Hour Claims 15

16 Help Legal Capital Additions 16

17 Proposed criteria Tradesman Insurance Tools Cover (Availability) Products Liability Maximum Tools Hired Employers Liability Limit Tools Total Sum Employers Liability Health & Safety Act Tools Article Sum Employers Liability Contractual Tools Excess Employers Liability Unsatisfied Judgements Stock in Transit Maximum Sum Employers Liability Work Partners (Availability) Public Liability Standard Maximum Contract Price Public Liability Maximum Own Plant Sum Public Liability Health and Safety Temp Buildings Sum Public Liability Defective Premises Hired in Plant Sum Public Liability Indemnity to Principals Hiring Charges Public Liability Contractual Legal Expenses Standard Sum Public Liability Rented Premises Legal Expenses Employment Public Liability Cross Liability Legal Expenses Taxation Sum Court Attendance Directors Legal Expenses Debt Recovery Court Attendance Employees Personal Accident Maximum Death Benefit Public Liability Rented Premises Excess Personal Accident Maximum Loss of Limbs Public Liability Property Damage Excess Personal Accident Maximum PTD Benefit Public Liability Underground Services Excess Help 24 Hour Claims Products Liability Standard Help Legal 17

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