Over 400 wordings have changed since our last update – see what’s been happening so far.
With Unfair Contract Terms (UCT) now in effect, new wordings are hitting the market thick and fast, with 274 new or updated wordings sourced so far in March alone!
The PolicyComparison team are working hard publishing updates as quickly as possible but as you can imagine the volumes are very high. To assist you in navigating the quickly changing wordings we will flag newly expired comparisons as ‘Pending’ during the period between the sourcing the newly updated wording and the completion of the comparison.
Look out for the “Pending” flag on comparisons, watch this space for the new comparison in the very near future.
As expected, Personal Lines dominate the current UCT changes, with a raft of remediation across the board.
Positive changes seen include additional and increased Benefits, clearer Basis of Settlement clauses including methodology shown for matching materials, Excess reduced or changed, Exclusions and Definitions clarified.
Strata and Landlords see Temporary Accommodation / Loss of Rent benefits and exclusion changes.
In Commercial, Infectious Disease updates and geographical limits continue with a few Marine Transit and Rural updates
In PolicyComparison, our comparisons clearly highlight where changes have been identified from the wording. Your PolicyComparison subscription ensures you always have the most current wordings at your fingertips.
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Sharron Walker, Director of Policy Services