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22 February 2019
Estimated Read Time: 1 minute
Following on from press reports about UK businesses stockpiling for potential post-Brexit shortages and brokers feeling nervous, we’re taking some of the uncertainty away. Our products with stock cover will benefit from a Brexit stockpiling extension, where there is an automatic provision for seasonal stock increases already in place.
At the point of claim, where the policy benefits from a Seasonal Increase Extension, we’re prepared to extend that extension to include the period 30 days before and after 29th March 2019. This additional period cannot be accumulated with any other period specified in the Seasonal Increase extension, which may run concurrently with this period.
Sonya Bryson, Managing Director of NIG said:
"As a further demonstration that we understand UK businesses we're automatically including an extension to our Seasonal Stock Increase cover to include 30 days prior and post 29th March. This will provide some peace of mind for sum insured protection in case businesses have been stockpiling ahead of the decision on Brexit.”
NIG is happy to take some of the uncertainty around Brexit away from its customers and make this change free of charge. No specific action is required by NIG brokers and NIG Claims teams have been briefed about this one-off change.