Broker Q&As

Zurich Private Clients Freedom Of Services

Quotations and new business

1. Will you still offer quotations for UK clients with EEA exposures in the event of a No Deal Brexit?

Yes. However, EEA exposures would need to be underwritten by Zurich Insurance PLC EEA in the future if there’s no deal.


2. If I have a client with an EEA exposure that needs cover, do I continue to call my normal Zurich Private Clients contact in the event of a No Deal Brexit?

Yes


3. Will the cover for the EEA exposure be different than that offered now?

The cover provided under a policy won’t change as result of Brexit. Any insured interests located in EU and European Economic Area (EEA) countries which are covered under policies issued prior to Brexit, and which were covered by the Financial Services Compensation Scheme (FSCS), will continue to be covered by FSCS until renewal. On renewal, we expect those policies will no longer be covered by FSCS. We also expect that policies covering EEA risks which are issued post Brexit will not be covered by FSCS.


4. Will Brexit increase the cost of insuring interests located in the EEA?

No. However, it is standard practice to continue to review the costs in response to claims trends and risk analysis which typically change over time.


5. Can a single policy cover both UK and EEA risks?

No. Policies covering EEA risks will be issued by Zurich in the EEA, whilst Zurich UK will issue policies in respect of UK risks.


6. Can I set up a single direct debit to cover my UK and EEA risks?

Yes.

Existing business

1. Will you honour the cover, terms and premium for the EEA element of my client’s existing Zurich Private Clients policy in the event of a No Deal Brexit?

Yes, but this is subject to local regulations continuing to allow us to do so in the applicable country.


2. My client has a policy with Zurich Private Clients covering an EEA exposure that is due for renewal in the event of a No Deal Brexit – will you still offer renewal on that policy in the event of a No Deal Brexit?

Yes, but the policy covering the EEA exposure will be issued by Zurich in the EEA. Zurich reserves the right not to offer renewal terms on any policy. This may depend on your business having the appropriate authorisation to intermediate EEA business in the event of a no-deal Brexit.


3. For any policies that have an EEA element, do I continue to call my normal Zurich Private Clients contact in the event of a No Deal Brexit?

Yes.


4. Will my client continue to pay for their insurance in GBP for their EEA exposure?

Your client can pay in euro or GBP.


5. Can I add an EEA risk to an existing Zurich Private Clients policy?

No. A separate policy for EEA risks will need to be issued by Zurich in the EEA.

Claims

1. Will the claims process for the EEA exposure change in the event of a No Deal Brexit?

Claims activity will remain in the UK, but in respect of EEA risks, this will be under a delegation of authority from Zurich in the EEA to Zurich UK.


2. Will claim payments for the EEA exposure be paid to my client in GBP?

We can pay in euro or GBP.


3. Will you be able to make claim payments into EEA bank accounts if requested?

Yes.


4. If my customer has a claim for an EEA exposure, do they continue to call Zurich Private Clients claims on the usual number in the event of a No Deal Brexit?

Yes.


5. Will there be any change in how vehicle breakdown / traffic accidents in EEA countries be handled?

No, it will remain as now.

N&G Freedom of Services

Quotations and new business

1. Will you still offer quotations for UK clients with EEA exposures in the event of a No Deal Brexit?

Yes. However, EEA exposures would need to be underwritten by Zurich Insurance PLC EEA in the future if there’s no deal.


2. If I have a client with an EEA exposure that needs cover, do I continue to call my normal N&G contact in the event of a No Deal Brexit?

Yes.


3. Will the cover for the EEA exposure be different than that offered now?

The cover provided won’t change as a result of Brexit. Any insured interests located in EU and European Economic Area (EEA) countries which are covered under policies issued prior to Brexit, and which were covered by FSCS, will continue to be covered by FSCS until renewal. On renewal, we expect those policies will no longer be covered by FSCS. We also expect that policies covering EEA risks which are issued post Brexit will not be covered by FSCS.


4. Will Brexit increase the cost of insuring interests located in the EEA?

No. However, it is standard practice to continue to review the costs in response to claims trends and risk analysis which typically change over time.


5. Can my client have a single direct debit to cover both UK and EEA risks?

No.

Existing business

1. Will you honour the cover, terms and premium for the EEA element of my client’s existing N&G policy in the event of a No Deal Brexit?

Yes, but this is subject to local regulations continuing to allow us to do so in the applicable country.


2. My client has a policy with N&G covering an EEA exposure that is due for renewal in the event of a No Deal Brexit – will you still offer renewal on that policy in the event of a No Deal Brexit?

Yes, though the policy covering the EEA exposure will be issued by Zurich in the EEA. Zurich reserves the right not to offer renewal terms on any policy. This may depend on your business having the appropriate authorisation to intermediate EEA business in the event of a No-deal Brexit.


3. For any policies that have an EEA element, do I continue to call my normal N&G contact in the event of a No Deal Brexit?

Yes.


4. Will the cover for the EEA exposure be different than that offered now?

There will be no change.


5. Will Brexit increase the cost of insuring interests located in the EEA?

No. However, it is standard practice to continue to review the costs in response to claims trends and risk analysis which typically change over time.


6. Will my client continue to pay for their insurance in GBP for their EEA exposure?

Your client can pay in euro or GBP.


7. Can I add an EEA risk to an existing N&G policy?

No. Each vessel will require a separate policy. If the vessel is registered in the EEA, the policy will be issued by Zurich in the EEA. If the vessel is registered in the UK, the policy will be issued by Zurich UK

Claims

1. Will there be any change in how claims for the EEA exposure are handled in the event of a No Deal Brexit?

Claims activity will remain in the UK, but in respect of EEA risks, this will be under a delegation of authority from Zurich in the EEA to Zurich UK.


2. Will claim payments for the EEA exposure be paid to my client in GBP?

We can pay in euro or GBP.


3. Will you be able to make claim payments into EEA bank accounts if requested?

Yes, payments are normally made by cheque or telegraphic transfer.


4. If my client has a claim for an EEA exposure, do they continue to call N&G claims on the usual number in the event of a No Deal Brexit?

Yes.

General

The EEA element of my customer’s policy is no longer provided by Zurich UK Branch – what does that mean for my client?

There will be no change in the terms of policy cover because of Brexit, but the policy for EEA elements will be issued by Zurich in the EEA. We expect that policies covering EEA risks which are issued by Zurich in the EEA post-Brexit will not be covered by FSCS.

Commercial

Existing business

1. Will you honour the cover, terms and premium for the EEA element of my client’s existing policy in the event of a No Deal Brexit?

Yes, but this is subject to local regulations continuing to allow us to do so in the applicable country.


2. My client has a policy covering an EEA exposure that is due for renewal in the event of a No Deal Brexit – will you still offer renewal on that policy in the event of a No Deal Brexit?

Yes, but the policy covering the EEA exposure will be issued by Zurich in the EEA. Zurich reserves the right not to offer renewal terms on any policy. This may depend on your business having the appropriate authorisation to intermediate EEA business in the event of a no-deal Brexit.


3. For any policies that have an EEA element, do I continue to call my normal Zurich contact in the event of a No Deal Brexit?

Yes.


4. Will my client continue to pay for their insurance in GBP for their EEA exposure?

Your client can pay in euro, GBP, CHF or USD.


5. Can I add an EEA risk to an existing policy?

Yes, but this will need to be written by Zurich in the EEA.

Quotations and new business

1. Will you still offer quotations for UK clients with EEA exposures in the event of a No Deal Brexit?

Yes. However, EEA exposures would need to be underwritten by Zurich in the EEA in the future if there’s no deal.


2. If I have a client with an EEA exposure that needs cover, do I continue to call my normal Zurich contact in the event of a No Deal Brexit?

Yes, you will find these on your policy documents.


3. Will the cover for the EEA exposure be different than that offered now?

The cover provided under a policy won’t change as result of Brexit. Any insured interests located in EU and European Economic Area (EEA) countries which are covered under policies issued prior to Brexit, and which were covered by the Financial Services Compensation Scheme (FSCS), will continue to be covered by FSCS until renewal. On renewal, we expect those policies will no longer be covered by FSCS. We also expect that policies covering EEA risks which are issued post Brexit will not be covered by FSCS.


4. Will Brexit increase the cost of insuring interests located in the EEA?

No. However, it is standard practice to continue to review the costs in response to claims trends and risk analysis which typically change over time.


5. Can a single policy cover both UK and EEA risks?

No. Policies covering EEA risks will be issued by Zurich in the EEA, whilst Zurich UK will issue policies in respect of UK and rest of the world risks.


6. How will you collect premiums for UK and EEA risks?

For International Programs, premiums will to be paid to Zurich UK. For London Market, premiums will either be paid via the London Market bureau or directly to Zurich UK and Zurich in the EEA

Claims

1. Will the claims process for the EEA exposure change in the event of a No Deal Brexit?

For International Programs, UK Master policy claims will be handled by Zurich UK. Freedom of Services Master claims will be handled by Zurich in the EEA. For London Market, claims activity will remain in the UK, but in respect of EEA risks, this will be under a delegation of authority from Zurich in the EEA to Zurich UK.


2. Will claim payments for the EEA exposure be paid to my client in GBP?

We can pay in euro, GBP, CHF or USD.


3. Will you be able to make claim payments into EEA bank accounts if requested?

Yes.


4. If my customer has a claim for an EEA exposure, do they continue to call Zurich claims on the usual number in the event of a No Deal Brexit?

For London Market, the claims process remains the same. For International Programs, claims will need to be directed to Zurich in the EEA, using the contact information in the policy documents.


5. Will there be any change in how vehicle breakdown / traffic accidents in EEA countries be handled?

No, it will remain as now.

General

1. Will Employers Liability cover for employees temporarily working abroad be impacted in anyway?

No, there is no impact.


2. If existing policies covering European countries will be honoured until expiry of current policy term, how will long term policies (two or three years) be impacted?

Existing annual policies, issued prior to Brexit, covering European countries will be honoured. Policies which last longer than one year will also be honoured but will require rebooking to Zurich in the EEA.


3. Will all UK policy wordings require amendment? If so, why, what and when?

We will need to change the confetti to reflect the changed regulatory regime.