The product is underwritten on a notional basis and available to mortgage brokers using Ceta’s Infinity Platform, it gives clients blanket cover for £1m on their property and £100,000 for contents.
Home insurance based on a notional sum insured is important when homeowners do not know the rebuild value of their property.
Clients often assume the amount of cover required should be the same as the market value of the property but unless a homeowner has had a recent survey carried out which specifies a rebuild cost, most clients will have no idea how much cover they require.
Ceta said that renewal premiums are not index-linked on national products, making them attractive in a growing inflationary environment.
Phillip Powell, renewals executive at insurance broker SJL Insurance, said: “We’re really pleased with this new product. It’s been well-received by our brokers, while the overall journey and quote-to-acceptance rate has been excellent. It is another great product to add to the list that Ceta offers.”
Tim Baxter, head of broker development at Prestige Underwriting, said: “I am delighted to be adding further support to our well-established partnership with Ceta. The addition of Notional will provide Ceta with a competitive edge in key non-standard target areas and allow us to drive further growth into the relationship. Ceta have developed a unique proposition and we are thrilled to support the aspirations of their business.”
James O’Hara, commercial director at Ceta Insurance, said: “Prestige Notional is a great addition to our suite of standard and non-standard products. From a compliance perspective notional sum policies are a good option for brokers if their clients are unsure about the level of cover which needs to be put in place and therefore could risk underinsuring themselves. We have already experienced a great response from brokers and we will continue to develop market-leading products that help brokers to sell high quality cover more efficiently.”