PRODUCT OVERSIGHT & GOVERNANCE

At NBS Underwriting we have a comprehensive Product Oversight and Governance Policy in place. This page contains the target market statements and fair assessment outcomes for each product.

two people looking at laptop

Target Markets and Fair Value Assessment Outcome

Our policy outlines our approach and demonstrates how we design, monitor & review all our products to ensure they continue to provide fair value and meet the needs of our target markets.

Read our Product Oversight and Governance Policy in full.

Product Oversight & Governance Policy

Target Market Statements

We have Target Market Statements for each of our products. This provides information to help our brokers identify the market for which the insurance product is intended.

Man with glasses reviewing document

Fair Value Assessment Outcomes

For all products we have a Fair Value Assessment Outcome. These detail how and what we have assessed and the outcome for each product. The assessments consider:

  • The value of the core insurance product’
  • The value of any additional products’
  • The overall price of the package taking into account our distribution arrangements’

You will find our Target Market Statements and Fair Value Assessment Outcomes below.

Commercial
This information is intended for insurance professionals only and not intended for distribution to the public.
Pint of beer being pulled

SME Package

Business in the UK Food and Leisure sector including: Hotels, Cafés, Restaurants, Takeaways, Fish & Chip Shops, Retail, Pubs, Nightclubs and Bars.

Insurer: Accelerant Insurance Europe SA

Target Market Statement – SME Package

Fair Value Assessment Outcome – SME Package

Petrol station pump

Petrol Stations

Designed for customers involved in the retail of petrol and other associated items.

Insurer: Accelerant Insurance Europe SA

Target Market Statement – Petrol Stations

Fair Value Assessment Outcome – Petrol Stations

Hairdressing or hair and beauty image

Hair & Beauty

Designed for customers who provide hair & beauty treatments.

Insurer: Accelerant Insurance Europe SA

Target Market Statement – Hair & Beauty

Fair Value Assessment Outcome – Hair & Beauty

rugby image representing sports and social club image

Social clubs

Designed for Members Clubs, non-profit organisations run by committees or trustees including: Working Mens Clubs, Sports Clubs, Political Clubs.

Insurer: Accelerant Insurance Europe SA

Target Market Statement – Social Clubs

Fair Value Assessment Outcome – Social Clubs

Community enterprise and third-sector insurance image

Community Enterprise

Designed for customers in the charitable & not for profit sectors.

Insurer: Accelerant Insurance Europe SA

Target Market Statement – Community Enterprise

Fair Value Assessment Outcome – Community Enterprise

image of houses representing Property owners insurance

Property Owners

Designed for clients with both commercial and residential portfolios of property.

Insurer: Accelerant Insurance Europe SA

Target Market Statement – Property Owners

Fair Value Assessment Outcome – Property Owners

A workman and workwoman looking at laptop representing combined liability insurance

Contractors

Contractors. Designed for customers who need liability covers for their business.

Insurer: Accelerant Insurance Europe SA

Target Market Statement – Contractors

Fair Value Assessment Outcome – Contractors

Two people holding hands representing care home insurance

Care homes

Designed for clients owning and running care homes for the elderly.

Insurer: Accelerant Insurance Europe SA

Target Market Statement – Care Homes

Fair Value Assessment Outcome – Care Homes

Professional Indemnity (PI)

Professional Indemnity Insurance. Designed for clients that provide professional services, advice, or designs to their customers to reduce the risks associated with providing professional services.

Insurer: Accelerant Insurance Europe SA

Target Market Statement – PI

Fair Value Assessment Outcome – PI

Commercial Combined

Commercial Combined

Commercial Combined Insurance is to enable customers to manage and reduce the risks associated with the management of the running of a UK commercial business.

Insurer: Accelerant Insurance Europe SA

Target Market Statement – Commercial Combined

Fair Value Assessment Outcome – Commercial Combined

Excess of Loss Liability

Excess of Loss Liability

Excess of Loss Liability Insurance is designed to increase the public liability limit of indemnity providing additional cover beyond that offered by any primary insurance policy.

Insurer: Allied World Assurance Company Ltd

Target Market Statement – Excess of Loss Liability

Fair Value Assessment- Excess of Loss Liability

Personal
This information is intended for insurance professionals only and not intended for distribution to the public.
living room representing home and contents insurance

Home & Contents Plus

A retail product suitable for household owners of private homes within the UK. This is designed for people who are domiciled in the UK.

Insurer: AXA Insurance UK plc

Target Market Statement – Home & Contents Plus

Fair Value Assessment Outcome – Home & Contents Plus

Image of sofa in modern living room representing home and contents insurance

Home & Contents Plus

A retail product suitable for household owners of private homes.

Insurer: HCC International Insurance Company plc

Target Market Statement – Home & Contents Plus

Fair Value Assessment Outcome – Home & Contents Plus

Person with bike in living room representing contents insurance

Contents plus

A retail product suitable for household owners of private homes within the UK, who are looking to cover their personal contents.

Insurer: AXA Insurance UK plc

Target Market Statement – Contents Plus

Fair Value Assessment Outcome – Contents Plus

couple in living room watching tv representing contents insurance

contents plus

A retail product suitable for household owners of private homes who are looking to cover their personal contents.

Insurer: HCC International Insurance Company plc

Target Market Statement – Contents Plus

Fair Value Assessment Outcome – Contents Plus

Person sealing box representing running a business at home

Business home

A retail product suitable for household owners of private homes who also carry out an element of business from the home.

Insurer: AXA Insurance plc

Target Market Statement – Business Home

Fair Value Assessment Outcome – Business Home

Man working at laptop representing business home insurance

Business home

A retail product suitable for householdowners of private homes who also carry out an element of business from the home.

Insurer: HCC International Insurance Company plc

Target Market Statement – Business Home

Fair Value Assessment Outcome – Business Home

picture of the coast in UK representing holiday home and holiday let insurance

Holiday home/holiday let

A retail product suitable for property owners and investors, limited companies, and other incorporated organisations within the UK, who own property from which they either occupy as a second home or commercially let for short stays.

Insurer: AXA Insurance UK plc

Target Market Statement – Holiday Home/Holiday Let

Fair Value Assessment Outcome – Holiday Home/Holiday Let

houses at the coast representing holiday home and holiday let insurance

holiday home/holiday let

A retail product suitable for property owners and investors, limited companies and other incorporated organisations who own property from which they either occupy as a second home or commercially let for short stays.

Insurer: HCC International Insurance Company plc

Target Market Statement – Holiday Home/Holiday Let

Fair Value Assessment Outcome – Holiday Home/Holiday Let

Jewellery in a jewellery box representing mid net worth home insurance

Mid net worth

A retail product suitable for Mid Net Worth household owners or private tenants of private homes who may also have collections, jewellery and fine art.

Insurer: AXA Insurance UK plc

Target Market Statement – Mid Net Worth

Fair Value Assessment Outcome – Mid Net Worth

modern living room representing mid net worth insurance

Mid net worth

A retail product suitable for Mid Net Worth household owners or private tenants of private homes who may also have collections, jewellery, and fine art.

Insurer: HCC International Insurance Company plc

Target Market Statement – Mid Net Worth

Fair Value Assessment Outcome – Mid Net Worth

Two people in living room carrying boxes representing residentail let insurance

residential let

A retail product suitable for property owners who own property within the UK from which they earn a rental income.

Insurer: AXA Insurance UK plc

Target Market Statement – Residential Let

Fair Value Assessment Outcome – Residential Let

Image of woman in kitchen representing residential let insurance

residential let

A retail product suitable for property owners who own property from which they earn a rental income.

Insurer: HCC International Insurance Company plc

Target Market Statement – Residential Let

Fair Value Assessment Outcome – Residential Let

Empty living room representing short term unoccupied insurance

Unoccupied Residential

A retail product suitable for property owners who own a property which is unoccupied.

Insurer: HCC International Insurance Company plc

Target Market Statement – Short Term Unoccupied

Fair Value Assessment Outcome – Short Term Unoccupied

Image of three people in an empty property representing sub-let plus

Sub let plus

A retail product suitable for tenants who sub-let their property either full term or on a short-term basis.

Insurer: HCC International Insurance Company plc

Target Market Statement – Sub Let Plus

Fair Value Assessment Outcome – Sub Let Plus