Published: November 15, 2020 | Source: Enterprise Insurance
Enterprise Insurance in line with being a leader in providing Cutting Edge Insurance solutions has introduced an exciting profit sharing option on a number of its personal lines, that entitles an insured to share in the profit made on his/her policy if the insured doesn’t make a claim for a period.
The introduction of the profit sharing option is in direct response to the insuring public’s clamor to receive real reward from insurers, when they do not make a claim. Even though insureds often receive discounts when they do not make a claim, it is clear they want something more and the profit sharing option offers just that.
How Enterprise Profit Sharing Policy Works
1. Insured opts for the profit sharing option when signing up for either Motor, Home, Personal Accident or Fire policy
2. Profit begins to accrue on the insured’s account after the first claim free year
3. Profit continues to accrue each year for as long as insured does not make a claim
4. After the 3rd claim-free year, insured has the option to:
o “cash in” on the accrued profit by asking for a cheque/cash payment.
o or leave the policy to keep accumulating profit.
5. If insured makes an admissible claim during the first three years, the claim will be paid but the insured loses any accumulated profit. However, if no claim is made until after the first three years, the insured gets to keep any accumulated profit and still get the claim paid.
FAQs around Enterprise’s profit sharing policy
What is a profit sharing policy?
Profit sharing policies are only available from Enterprise Insurance. They are policies that allow you to receive cashback from us, once you don’t make a claim in 3 years. It is our way of sharing with you, the profit that we have made on your policy, because you did not make a claim.
What to I do to qualify for profit sharing?
First of all, you must opt for profit sharing at the inception of the policy or at your earliest renewal. Then once your policy is profit sharing and you remain claim –free for 3 years, you qualify for your profit sharing amount at your third renewal date.