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RSA HOUSE INSURANCE - ASBESTOS.

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  • 08-08-2014 11:53am
    #1
    AnnaStezia
    Registered Users Posts: 289 ✭✭


    We got our house insurance renewal. RSA have now introduced a list of exclusions relating to asbestos.

    Many houses have asbestos somewhere in their structures but owners probably don't know it. A surveyor told me about different types of asbestos. In houses, it is usually white asbestos and that is safe unless it is disturbed in any way.

    I am fully aware of the medically serious consequences of asbestos dust if there has been actual exposure to it - i.e. working with it - so I won't waste time on that aspect of matters.

    I understand that insurers have had bad financial exposure to asbestos claims. However, most of this probably relates to commercial type insurance risks where there was wholesale exposure to it. e.g shipbuilding and the like.

    Why are RSA shifting the risk of exposure to asbestos claims on to householders as some kind of measure to protect themselves and leaving householders so open ?

    I could understand this approach with commercial risks. However, it strikes me that the probability of such a claim arising from a household must be relatively small or do I have this wrong ?

    What is so unsatisfactory about RSA's attitude is that they are exposing many of their household insurance policyholders to quite a big risk without the clients realising it.

    I appreciate that asbestos related claims can be very costly.

    In summary, it seems to me that the chances of an asbestos claim arising from a household policy are small but the cost could be high in the event that it happens. RSA's underwriters seem to be taking a very disproportionate view of the issue of the risk and leaving household policyholders in the lurch. I thought that insurance companies were good at assessing risks and being able to take a proportinate view. What will they decide to exclude next ?

    Any thoughts - other than trying another insurer ?


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    #2
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭ytpe2r5bxkn0c1


    It has become standard with many insurers, not just RSA.


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    #3
    NUTLEY BOY
    Registered Users Posts: 2,344 ✭✭✭NUTLEY BOY


    Same here with RSA Insurance.
    We have some asbestos roof panels.
    Is there any way to insure the asbestos risk if house insurers are excluding it?
    Given the abundant volumes of asbestos around many houses RSA's attitude seems a bit shabby in terms of leaving clients without cover for a potentially serious hazard in a context of a low probability of a claim.


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