Four actions that underwriters should take when dealing with subsidence cover are outlined in a new good practice guide.
The Society of Underwriting Professionals' Good Practice Guide for Subsidence states:
- Each request for cover must be treated individually;
- Underwriters should recognise other potential causes of damage;
- Underwriters should thoroughly assess whether underpinning could be required, so that coverage can be priced appropriately;
- Identify how previous claimants could receive cover.
The six-page guide also highlights other material on subsidence produced by the insurance profession that underwriters and claims professionals should be aware of.
Philip Williams, non-executive director of the Society of Underwriting Professionals, said: "With temperatures rising in the UK, more hot summers are expected. This will have an impact on more properties being hit by subsidence, as well as impacting existing claimants.
"There will be a greater need to investigate and action cases of subsidence, as well as preventing subsidence from reoccurring. We hope this good practice guide will ensure underwriters and claims professionals feel better equipped to do that."
To read the guide, visit: socup.org.uk/87607