Insurance costs spiral as insurers pull out of specialist care market

Posted on September 1st, by editor in Caring Times. No Comments

Insurance costs for many businesses have shown significant increases in recent months and care operators are among those who are having to pay much more for their insurance cover. Some categories of care homes for younger people are facing particularly swingeing increases. One such care home, which had been paying an annual premium in the order of £1,500 was quoted £15,000 ­ a tenfold increase. Specialist insurer Geoff Patrick said the number of employer liability claims was making it increasingly difficult to insure special needs units, homes for highly dependent mentally ill people and secure units. “Insurers are pulling out of these markets,” Mr Patrick told Caring Times. “In the care sector generally insurance has been underpriced. There have been some newcomers offering cheap insurance, but many have subsequently pulled out of the market when the level of claims becomes apparent.” Mr Patrick, whose company GR Patrick & Co has specialised in care sector insurance since 1981, said that apart from the in

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