Our client needed to be assisted with securing care home insurance for two homes their client was acquiring. These properties were in a high flood-risk area, which posed significant challenges in obtaining the necessary insurance coverage to satisfy the lender on the deal.
The lender stipulated that flood insurance was a mandatory requirement for funding the acquisition. However, due to the properties' locations being in a high flood zone, multiple insurers declined to provide quotes, labelling them as high-risk. This situation threatened to delay or even derail the completion of the acquisition, potentially leading to financial losses for the client.
Recognising the urgency of the situation, Quality Care Group leveraged its extensive network of insurers to find a viable solution. With access to a large panel of insurers, many of whom specialise in high-risk scenarios, we conducted a comprehensive search for appropriate coverage options.
Market Research: Our team approached various insurers, clearly outlining the specifics of the properties and the lender's requirements. Given the high-risk nature of the area, many insurers were initially hesitant.
Negotiation and Customisation: After careful negotiation and discussion, we identified an insurer willing to provide a quote tailored to the unique circumstances of the properties. We worked closely with the insurer to address their concerns about flood risks and ensure that adequate coverage was in place.
Finalisation: Once the quote was secured, we presented it to the client and the lender. The quote met all the requirements, allowing the lender to proceed with the funding.
The successful acquisition of insurance for the two homes enabled the transaction to move forward without delays. This not only satisfied the lender’s requirements but also provided peace of mind to the client, knowing their investment was protected against potential flood-related damages.
This case highlights the critical importance of using a specialist broker like Quality Care Group when navigating complex care home insurance scenarios. Our ability to tap into a broad panel of insurers and advocate for our clients made it possible to find a solution that others could not. Ultimately, our expertise in the insurance market ensured that client could complete their acquisition without setbacks, underscoring our commitment to delivering tailored insurance solutions that meet the unique needs of our clients.
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