Care providers reporting hike in insurance premiums

Care providers are reporting that their insurance premiums have ‘risen exponentially’ as a result of the Covid-19 pandemic.
Mike Padgham, who runs a nursing home and three care homes at Saint Cecilia’s Care Group in Scarborough, Yorkshire, previously paid £10,000 per year but when it came to renew his policy he was quoted £98,000, a rise of 880%, or £41,000, an increase of 300%. He finally received a quote for £18,000, a jump of 80%.

‘Our previous insurer, like many others, has stopped offering cover to care providers because the risk is too great,’ Padgham said. ‘Those that are offering cover are charging huge premiums because of the risk involved and because they know that we have to have insurance.’
Even with the increase in cover premium, the company will be covered for Covid-19 in the future, he said.

Padgham, who is also chair of the Independent Care Group, is calling on the government to intervene and support care providers. He has written to the government asking it to indemnify operators against insurance claims that might be made over residents who die from Covid-19 whilst under providers’ care.

https://www.laingbuissonnews.com/care-markets-content/news/care-providers-reporting-hike-in-insurance-premiums/

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