Proposed changes to your Insurance Policy in anticipation of the UK withdrawal from the European Union (‘Brexit’)

We wanted to let you know about some necessary changes to your insurance policy that may affect you in response to the United Kingdom’s (UK) decision to leave the European Union (EU), commonly known as ‘Brexit’.

What is happening?

As things currently stand (as of the date of this letter) the UK will be leaving the EU on 29th March 2019. Your insurance policy is currently underwritten and administered in the UK and therefore should no agreement be reached between the EU and the UK regarding the sale and administration of financial services ‘across borders’ (a ‘hard Brexit’), UK regulated brokers and insurers will be unable to advise EU policyholders.
This current uncertainty is worrying for many and as a result Hamilton Fraser Cosmetic Insurance wanted to reassure customers that we are committed to providing you with information as to what will happen should a ‘hard Brexit’ become the default UK position and how this may impact your policy.

How does a ‘hard Brexit’ affect me should this be the default UK/EU position?

All insurance policies issued and arranged by Hamilton Fraser Cosmetic Insurance up to and including 29th March 2019 will continue to be administered by your insurer (Hiscox Insurance) and Hamilton Fraser Cosmetic Insurance. However, after 29th March 2019 Hamilton Fraser Cosmetic Insurance will no longer be able to advise you on any aspect of your policy. Despite this, your insurer will be able to continue to advise and administer your insurance policy through their European office which is based in Dublin.
Therefore, in the event of a hard Brexit, Hamilton Fraser Cosmetic Insurance will not be able to continue as your insurance adviser and you will transfer through to a direct relationship with your insurer relating to policy renewals, amendments and claims.
The proposed transfer, should this be required, will have no impact on the cover provided by your current policy and will not need any new insurance documents to be issued. The terms and conditions (including applicable policy limits) of your policy will stay the same. Your insurer’s obligations to you will also not change.

What happens if there is a ‘softer Brexit’

In the event of a softer Brexit it is assumed that there will be no changes to how your insurance is administered by Hamilton Fraser Cosmetic Insurance during any agreed transition period between the UK and the EU. Unfortunately, at this time we are unable provide you with any certainty or clear advice until further announcements are made by the UK Government, especially with regards to any financial services agreements. We will, however, keep you fully informed as events unfold and more information becomes available to us.

We appreciate that this is an uncertain time for our customers and it is therefore extremely important to us to keep you up to date with the information that we currently have. We want to ensure that you have as much up to date advice as we can provide to allow you to make an informed decision when it comes to renewing your insurance with Hamilton Fraser Cosmetic Insurance.

If you have any questions or concerns, please contact us using the contact details provided in this letter. If you are aware of anyone else who has an interest in and/or is entitled to benefits under your policy – such as a joint policyholder, shareholder of a limited company or another beneficiary or claimant – please ensure that they have an opportunity to review this letter.

We will be in touch again within the coming weeks with further updates and we thank you for your understanding at this time.