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 Underwood Underwriters

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seven
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PostSubject: Underwood Underwriters   Thu Feb 03, 2011 3:26 am

Underwood Underwritters has now decided for reasons unknow, to stop insuring full time residence in Bulgaria, including those currently covered by them.

Please check your documents to see who your underwritter is, just incase your broker hasn't contacted you.
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PostSubject: Re: Underwood Underwriters   Thu Feb 03, 2011 5:31 am

@seven wrote:
Underwood Underwritters has now decided for reasons unknow, to stop insuring full time residence in Bulgaria, including those currently covered by them.

Please check your documents to see who your underwritter is, just incase your broker hasn't contacted you.

This now seems to be becoming an epidemic, following on the heels of Intasure's underwriters. I don't see that BG has suddenly become such a big risk - it always has been. There are some good Bulgarian insurers, but be careful of DZI - they are good on motor insurance, but definitely not hot on residential or household. When a facade of my balcony crumbled away, they refused to pay on the basis that this was due to "
settling"
- the house is 15 years old s s s
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PostSubject: Re: Underwood Underwriters   Thu Feb 03, 2011 11:32 am

I wonder what the real reason is, is it the high risk, or stopping competition and creating a monopoly. a lot of that over here. c
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PostSubject: Re: Underwood Underwriters   Thu Feb 03, 2011 1:02 pm

@starlite wrote:
I wonder what the real reason is, is it the high risk, or stopping competition and creating a monopoly. a lot of that over here. c

I don't see your point. How does this stop competition? There are plenty of BG insurance cos taking on this risk and quite a few new ones springing up, so plenty of competition. I think the UK cos now perceive BG (rightly) as very high risk and are moving away from it (rightly). If I were in the business, I would stick to insuring "
safe"
properties in the country in which I was located. s s s s s s s
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PostSubject: Re: Underwood Underwriters   Fri Feb 04, 2011 12:22 am

[You must be registered and logged in to see this link.] wrote:
I wonder what the real reason is, is it the high risk, or stopping competition and creating a monopoly. a lot of that over here. c
Re: intasure
by jenny2803 » 23 Jan 2011 09:42

I did phone Intasure and the result was that they are unable at the moment to insure Brits living full time and that the cover will now only be for Holiday homes.
Those with policies who stay full time in Bulgaria once your renewal date comes around then as far as I have been told it will not be renewed this apperently has come about from the Bulgarian companies complaining that Intasure is in fact doing them out of business.
Jenny

I contacted the loss adjusters/underwriters in Varna and at McLarens Young International in Paris who deal with all claims for Intasure covering Bulgaria

jenny wrote:- This has come about from the Bulgarian Companies complaining that Intasure is in fact doing them out of business g

The information I have from the loss adjuster is that Intasure are pulling out of Bulgagia on residental property cover because of to many fraudulant claims having been made mainly by ex-pats. Whether that is true or not, your guess is as good as mine
All I do not for certain is, If they can wriggle out of paying for a claim , they will
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PostSubject: Re: Underwood Underwriters   Fri Feb 04, 2011 3:35 pm

I don't think it will be long before they all pull out lets be honest would you take such a risk
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PostSubject: Re: Underwood Underwriters   Fri Feb 04, 2011 3:38 pm

@cheekychops wrote:
I don't think it will be long before they all pull out lets be honest would you take such a risk

Well, I certainly wouldn't. I know plenty of expats who have pulled fast ones with the British Insurance companies, claiming stuff stolen when they have it safely in a lock-up. Becoming very prevalent in these hard times.
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Daisy
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PostSubject: Re: Underwood Underwriters   Fri Feb 04, 2011 4:44 pm

Its just a shame for those who are genuine and never made a claim but they new they would be covered in the event, I don't know how these company's are allowed to get away with it it seems they take your money and when it suits them they run s
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PostSubject: Re: Underwood Underwriters   Sat Feb 05, 2011 4:47 am

@Daisy wrote:
Its just a shame for those who are genuine and never made a claim but they new they would be covered in the event, I don't know how these company's are allowed to get away with it it seems they take your money and when it suits them they run s

Yes, it is a shame for the genuine claimants. The fraudsters are no longer being allowed to get away with it so easily, though. It used to be the case that, getting no satisfaction, the claimant would approach the Ombudsman or FSA and get the decision of the insurance company overturned. No longer. The Ombudsman and FSA now do thorough research on the claimant and there are figures to prove that many "
claimants"
have committed all sorts of crimes and are being investigated by the British Police and Interpol in addition to the Bulgarian Police.
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Gimp
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PostSubject: Re: Underwood Underwriters   Sat Feb 05, 2011 9:55 am

Have a read of this and see what it all cost I got this from the Brokers site

Fraud costs UK over £38bn each year, according to NFA report

The National Fraud Authority (NFA) has reported that fraud costs the UK over £38bn a year with insurance fraud accounting for £2.1bn.

The estimates were revealed as the NFA published its second Annual Fraud Indicator, stating that fraud in the public sector cost £21bn a year, and that the private sector lost £12bn annually to fraud. Individuals and charities were thought to lose £4bn and £1.3bn per year respectively.

The news follows the Association of British Insurers report last year which revealed that insurance fraud adds an extra £44 to the average UK household's annual insurance bill.

Commenting on the findings, Steve Phillips, head of fraud services for Legal &
General's general insurance business, said: "
Many Brits see fraud as a victimless crime. The figures from the NFA prove that this attitude is costing individuals billions of pounds every year. We at Legal &
General believe that making fraudulent claims is unfair, particularly at a time when money is tight for a lot of people."


The comments follow one week on from the publication of Legal &
General's own Fraudstoppers Report. Research for the report found that 29% of people think it is acceptable to exaggerate a home insurance claim, for example adding extra items or increasing the value of the amount being claimed.

Legal &
General's report found that a key reason why people are committing home insurance fraud is the need to keep up with the latest gadgets and technology.

The insurer stated that one in 10 of those surveyed had said that they believed there is no harm in using a home insurance policy to try to replace and upgrade to the next generation gadget.


So when you look at these figures its no wonder that the underwriters are not insuring in Bulgaria anymore c
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PostSubject: Re: Underwood Underwriters   Sat Feb 05, 2011 10:03 am

@Gimp wrote:
Have a read of this and see what it all cost I got this from the Brokers site

Fraud costs UK over £38bn each year, according to NFA report

The National Fraud Authority (NFA) has reported that fraud costs the UK over £38bn a year with insurance fraud accounting for £2.1bn.

The estimates were revealed as the NFA published its second Annual Fraud Indicator, stating that fraud in the public sector cost £21bn a year, and that the private sector lost £12bn annually to fraud. Individuals and charities were thought to lose £4bn and £1.3bn per year respectively.

The news follows the Association of British Insurers report last year which revealed that insurance fraud adds an extra £44 to the average UK household's annual insurance bill.

Commenting on the findings, Steve Phillips, head of fraud services for Legal &
General's general insurance business, said: "
Many Brits see fraud as a victimless crime. The figures from the NFA prove that this attitude is costing individuals billions of pounds every year. We at Legal &
General believe that making fraudulent claims is unfair, particularly at a time when money is tight for a lot of people."


The comments follow one week on from the publication of Legal &
General's own Fraudstoppers Report. Research for the report found that 29% of people think it is acceptable to exaggerate a home insurance claim, for example adding extra items or increasing the value of the amount being claimed.

Legal &
General's report found that a key reason why people are committing home insurance fraud is the need to keep up with the latest gadgets and technology.

The insurer stated that one in 10 of those surveyed had said that they believed there is no harm in using a home insurance policy to try to replace and upgrade to the next generation gadget.


So when you look at these figures its no wonder that the underwriters are not insuring in Bulgaria anymore c

Yes, it is a huge figure, Gimp. People bemoan the small print in policies, but it is essential that it is read. There are those that will not report a change in circumstances, don't get paid and then blame the insurer when it is their fault :)) Yet you can't blame the insurer trying to stem the payouts when there is so much fraud. They also blame the insurer when they remove their own furniture, place it elsewhere and then claim, but the Police tend to find out about things like this and will point out where the furniture is to the insurer :)) Oops :))
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scott
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PostSubject: Re: Underwood Underwriters   Sat Feb 05, 2011 9:25 pm

Sad but true George and this is why a lot of the insurers are pulling out.
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