Question re voided/cancelled insurance policy consequences
Discussion
One for all the insurance-type people out there.
We've just had our buildings insurance voided due to a genuine mistake regarding past flooding on the initial application. Not arguing the insurance company's right to do this (though the broker has handled it appallingly) but it does mean we now have to declare that we have had insurance cancelled/voided on any future applications.
The question is: what effect is this likely to have? Presumably a smaller range of insurers who will cover us and increased premiums? Also, for how long do we need to declare this?
Massive pain in the arse if we have to declare for the rest of eternity for a genuine oversight
We've just had our buildings insurance voided due to a genuine mistake regarding past flooding on the initial application. Not arguing the insurance company's right to do this (though the broker has handled it appallingly) but it does mean we now have to declare that we have had insurance cancelled/voided on any future applications.
The question is: what effect is this likely to have? Presumably a smaller range of insurers who will cover us and increased premiums? Also, for how long do we need to declare this?
Massive pain in the arse if we have to declare for the rest of eternity for a genuine oversight
judas said:
One for all the insurance-type people out there.
We've just had our buildings insurance voided due to a genuine mistake regarding past flooding on the initial application. Not arguing the insurance company's right to do this (though the broker has handled it appallingly) but it does mean we now have to declare that we have had insurance cancelled/voided on any future applications.
The question is: what effect is this likely to have? Presumably a smaller range of insurers who will cover us and increased premiums? Also, for how long do we need to declare this?
Massive pain in the arse if we have to declare for the rest of eternity for a genuine oversight
To an extent this was covered in a previous thread in the SPL section albeit regarding car insurance.We've just had our buildings insurance voided due to a genuine mistake regarding past flooding on the initial application. Not arguing the insurance company's right to do this (though the broker has handled it appallingly) but it does mean we now have to declare that we have had insurance cancelled/voided on any future applications.
The question is: what effect is this likely to have? Presumably a smaller range of insurers who will cover us and increased premiums? Also, for how long do we need to declare this?
Massive pain in the arse if we have to declare for the rest of eternity for a genuine oversight
https://www.pistonheads.com/gassing/topic.asp?h=0&...
If asked you should disclose it but in terms of the declination of a policy or voiding there is no large database that it's recorded on simply because there are bigger fish to fry and these days isn't much of a concern.
The insurer that declined the policy will likely have an internal process to record it however these aren't infallible and it's distinctly possible you could insure with them again in the future.
Will it affect premiums? no idea, may do or it may not.
Just make sure you answer honestly when asked as not to do so could lead to another void.
judas said:
Thanks for that. We've managed to arrange cover through one of our other insurers with everything declared, so that's a relief!
Still would like to know how long we're supposed to inform any insurers of this issue without the risk of it coming back to bite us
If they ask - tell them. Still would like to know how long we're supposed to inform any insurers of this issue without the risk of it coming back to bite us
If they don't ask - then it shouldn't come back to bite you, unless you then find in the small print that they require you to tell them about any previous cancellations/policies being voided.
judas said:
Thanks for that. We've managed to arrange cover through one of our other insurers with everything declared, so that's a relief!
Still would like to know how long we're supposed to inform any insurers of this issue without the risk of it coming back to bite us
Unlike claims and convictions they don't typically ask 3-5 years, they just ask "Have you ever" which technically means you're on for the disclosure until your last breath, however realistically I'd say 5-7 years is more than prudent and would be really pressuring an insurer as to whether a cancelled/voided policy 7 years ago is a major factor.Still would like to know how long we're supposed to inform any insurers of this issue without the risk of it coming back to bite us
As I said previously it really isn't a concern now but to be safe I'd err on the side of caution.
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