Estate agents could face increased business insurance premiums due to the coronavirus pandemic, a commercial protection consultancy claims.
Mactavish, which advises on commercial policies, claims around 20,000 property companies – including agents – typically renew professional indemnity or directors and officers liability insurance around now.
It has warned that insurers are not only removing cover associated with infectious diseases going forward, but also retrospectively.
Bruce Hepburn, chief executive of Mactavish, also warned that clients are facing significant premium increases for their renewals.
He said: “There has been talk of insurers potentially excluding cover linked to the fall-out of infectious diseases from commercial insurance policies, and we are beginning to see this unfold.
“Over the past few weeks, many firms in the property sector across the country would have received insurance offers and accepted them, but at the last minute, just days or even hours before renewal, elements of their cover were removed.
“With premiums also rising, remuneration for brokers is increasing at this very difficult time.
“We have customers getting less cover and paying more for this, whilst insurers and brokers are seeing their financial rewards increase.
“It doesn’t feel like insurers and brokers are sharing the pain of businesses across the UK.”
Let EYE know if your insurance policy premiums have increased. firstname.lastname@example.org