Finex National unveiled its new ‘VEAGIS’ branded business liability insurance specifically tailored for UK property professionals. VEAGIS has been specifically tuned in order to appeal to the insurance needs of such professionals as surveyors, auctioneers, valuers, and estate agents.
The new brand has been enhanced with new benefits and wording, read a statement from Finex National. Additionally the firm stated that this new offering enters the market at a time when property professionals have been struggling to find adequate insurance cover to safeguard both their individual assets and their company against the growing threat of legal liability.
Finex National VEAGIS team leader Howard Phillips elaborated on the problem. Mr Phillips stated that corporate mortgage defaults and insolvencies have increased due to the global economic downturn. As property owners have tried to recoup their lost profits from fallen property values, contractual disputes have become quite common, he continued. As a result insurers have developed a reluctance to provide cover to property professionals due to rising overvaluation claims, particularly against surveyors. Moreover these insurers have pushed their rates up accordingly.
Despite the modern approach it takes to current economic issues, VEAGIS is actually not a new scheme. It began life in 1978 as a joint venture between the Royal Institution of Chartered Surveyors and Willis Group. Willis now wholly owns the scheme with full approval by RICS. Moreover many professional industry bodies recognise the scheme as well.
Willis has stated that it, along with Aviva, has come together to offer one of the most comprehensive business insurance covers currently available on the market. The facility is underwritten by the largest insurer in the UK, which enables the broker to both quote and confirm cover on behalf of Willis without referral, provided the practices seeking insurance have no Survey & Valuation exposure and generate up to £750,000 in income.
Aviva’s Neil Gunn, Regional Underwriting Manager, Professional Indemnity Underwriting, commented: “Aviva are delighted to be supporting Willis, one of our largest intermediary partnerships, with PI cover for property professionals. We look forward to developing further the already well-established VEAGIS brand with the Willis FINEX National team.”