Definition owner builder insurance underwriting insanity
An underwriting agency recently announced its transformation from acting on behalf of an insurer to rebranding as a sub-agent of another owner builder underwriting agency. An underwriting agency acting on behalf of another underwriting agency, who in turn acts on behalf of the insurer. WTF - who’s actually underwriting and taking responsibility in this scenario?
Owners builders are encouraged to 'look further than the telephone sales spin' and investigate who actually is underwriting the insurance being offered. Some examples of very bad practice: The insurer named on the paper work is PTY LTD company - a $2 capital base. How are they supposedf to pay out a claim?