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Zurich withdraw from new home Warranty market Article by Stephen Crompton 30th September 2009.
Following a 30 day review Zurich Building Guarantee has decided to exit the new-home warranty and building control markets and will therefore cease taking on new business, including the registration of new sites, with immediate effect.
The insurer blamed the sustained decline in UK house-building market and the economic downturn for its decision, stating the area no longer represented a viable market.
The insurer will now begin to implement a run-off of its business.
Zurich has stated that it will honour its existing commitments to customers and policy holders, and will also provide resource to manage all site inspections, building control activity, claims and queries. Policies and certificates will be issued in the normal way as sites already registered commence and are completed.
The insurer blamed the sustained decline in UK house-building market and the economic downturn for its decision, stating the area no longer represented a viable market.
The insurer will now begin to implement a run-off of its business.
Zurich has stated that it will honour its existing commitments to customers and policy holders, and will also provide resource to manage all site inspections, building control activity, claims and queries. Policies and certificates will be issued in the normal way as sites already registered commence and are completed.
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