Product Fair Value Assessment
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In accordance with FCA PROD Rules 4.2.29 R, we are sharing the following information about our products with our distributors:
- Product target market statements – these provide you with key information about the intended target market of each product. Our Target Market Statements clarify who our products are designed for, who they are not intended to support, and how we expect the product to be distributed to customers;
- The outcome of fair value assessments - these provide you with the outcome and conclusion of the full fair value assessment that we have completed.
The information displayed on this page is intended for distributors only and must not be provided to the end customer/ insured. Please speak with your underwriting contact directly if you require specific product information to share with customers, such as policy wordings and IPIDs.
Product Governance Process
We have an established Product Approval and Product Oversight and Governance process, an overview of which can be found here.
This process applies to all non-large risk and non-reinsurance products distributed to consumer, micro and small to medium sized enterprises.
We have a product approval process for new and materially amended products, and on an annual basis, we carry out fair value assessments for all in-scope products.
Fair Value Assessment Criteria
We assess whether our products and services deliver fair value for money, by considering the relationship between the price paid by our customers and the quality or benefits and services that they receive. The assessment of fair value includes review of the following management information, feedback and insights obtained throughout the product lifecycle:
- Benchmarking against other insurers
- Loss ratios and premium adequacy
- Conduct risk metrics
- Complaints data
- Commission ranges
- Distributor feedback
Target Market Statements and Fair Value Assessments
Aquaculture Stock Mortality
Fair Value Assessment Document
This product is designed to provide indemnity for deceased or lost aquaculture stock. The product is suitable for commercial customers who are producers of fish/shellfish for human consumption.
Outcome
Fair Value
Product Information Exchange Pack available here.
Commercial Combined
Fair Value Assessment Document
This product is designed for micro-enterprises, small businesses and medium to large businesses that are looking to insure their commercial premises and trading business. The product is designed to give cover of buildings, deterioration of stock, loss of licence, goods in transit, contents, stock, business Interruption, specified all risks and loss of money.
Outcome
Fair Value
Product Information Exchange Pack available here.
Contingency
Fair Value Assessment Document
This product is designed for commercial customers. The product is diverse, with the primary elements covering Event Cancellation, Event Cancellation & Non-Appearance, Film, Prize Indemnity and Miscellaneous. The product is typically written on an All-Risks basis meaning unless an exclusion is in place, cover is offered. This gives the product flexibility to be tailored to the client needs as necessary.
Outcome
Fair Value
Product Information Exchange Pack available here.
Cyber
Fair Value Assessment Document
This is a Commercial Lines General Insurance product suitable for business customers. This product is designed for customers who require insurance protection against the financial impact of cyber risks, such as hacker attacks, ransomware, social engineering fraud, denial of service attacks, reputational damage or compensation claims made against the business for failing to keep personal or commercial data secure.
Outcome
Fair Value
Product Information Exchange Pack available here.
Engineering
Fair Value Assessment Document
This is a Commercial Lines General Insurance product suitable for business customers. This product is designed for customers who require insurance protection for Construction and Erection of Machinery and business assets (including machinery, plant, computer and electronic equipment) should they be damaged or destroyed by events such as a fire or breakdown. Cover may be extended for the loss of business income following insured damage to property and to help customers meet statutory obligations with regards to machinery and equipment inspections at agreed intervals.
Outcome
Fair Value
Product Information Exchange Pack available here.
Film and Media
Fair Value Assessment Document
This product is designed for commercial customers responsible for the cost of film productions, who may be film production companies or advertising companies. The product is intended to provide a film product package to cover the financial impact to a production company or advertising agency of cancellation or delay in planned shoots, as well as the loss or damage to associated with equipment and sets.
Outcome
Fair Value
Product Information Exchange Pack available here.
Financial Lines
Fair Value Assessment Document
This product is intended to provide financial institutions with financial protection – Bankers professional indemnity/civil liability insurance, Bankers Blanket Bond insurance and D&O insurance. This product is designed for individual commercial customers, micro-enterprises, small and medium-sized enterprises, and large companies.
Outcome
Fair Value
Product Information Exchange Pack available here.
Prize Indemnity
Fair Value Assessment Document
The Prize Indemnity product is designed for commercial customers and is intended to provide insurance to businesses offering prizes as sales incentives for their customers, for example where a prize is being offered for a hole-in-one on a golf day, or to protect a TV production company where prizes are offered as part of a game show and other similar circumstances. This product also includes coverage in the event that a planned budget for a sales promotion is exceeded due to more consumers than expected responding to the promotional offer.
Outcome
Fair Value
Product Information Exchange Pack available here.
Product Recall
Fair Value Assessment Document
The product is designed for commercial customers and is intended to provide coverage for Product Recall, including Product Guarantee, Recall and Financial Loss and Auto Recall, and Contaminated Products.
Outcome
Fair Value
Product Information Exchange Pack available here.
Property Owners
Fair Value Assessment Document
This product provides cover for buildings, contents, loss of rent, and property owner’s liability. This product is designed for owners of residential portfolios, multi-occupancy residential properties or commercial property. It is not intended for consumers.
Outcome
Fair Value
Product Information Exchange Pack available here.
Specie Commercial
Fair Value Assessment Document
This is a Commercial Lines General Insurance product suitable for business customers. This product is designed for customers who require insurance protection against the financial impact to property owned by them or which they are responsible for against all risks of physical loss or damage in respect of Specie and Fine Art, through events such as fire, theft, flood, escape of water, etc.
Outcome
Fair Value
Product Information Exchange Pack available here.
Specie Consumer
Fair Value Assessment Document
This is a Consumer Lines General Insurance product suitable for individual customers. This product is designed for customers who require insurance protection against the financial impact to property owned by them or which they are responsible for all risks of physical loss or damage in respect of Specie and Fine Art, through events such as fire, theft, flood, escape of water, etc.
Outcome
Fair Value
Product Information Exchange Pack available here.
