Elite withdraws Japanese knotweed insurance cover
Elite, a key provider of insurance-backed guarantees to the Japanese knotweed control industry, has recently announced that it is not accepting new business. All policies for new knotweed control projects will therefore need to be covered by other providers. It’s a great shame as the products provided by Elite were simple to apply for and were excellent value for money. The change only affects new policies, so anyone with an existing Elite insurance-backed guarantee for their ongoing Japanese knotweed treatment works will still be covered. The statement from Elite is as follows:
July 5th, 2017: Elite Insurance has today announced that it has resolved to cease writing new business with immediate effect. All policies issued up to date will remain in force and policyholders will not be affected. All claims should continue to be submitted to the company’s claim handling agents as stated on policy documents. CEO Jason Smart said, “Elite has today taken the decision to cease writing new business. The Board is confident that it will be able to conduct an orderly runoff and is working with its advisors to ensure that obligations to policyholders and other creditors will be satisfied in full”.