Zurich has announced that it is to exit the new home warranty and building control market. It is to cease taking on new business including the registration of new sites with immediate effect. The insurer will now begin to implement a run-off of its business.
Our new build conveyancing team have had a number of former clients asking if the warranty on their existing home will be honoured. After investigating the matter further we understand that Zurich will honour in full all commitments to existing customers and policy holders and ensure that all warranties and contracts are fulfilled.
Rob Allison, Zurich Municipal managing director said: “The decision to withdraw from these markets has not been undertaken lightly and is driven by sound business and financial factors. More than ever in these challenging times, we must do all we can to protect our profitability and sustainability for the ongoing benefit of all our customers”.