QUESTION
If we are endorsing a policy after 1 July but removing/reducing cover, are we using the old FENZ levy or the new one?
Example - building placed 1 August 2024 but 30 July 2024 we are reducing the sum insured, are we reducing the FENZ at .106 or at the new .1195 since it is after 1 July.
Simon Moss replies
I'm sure FENZ will also reply but my understanding is that in these circumstances the FENZ levy refund will be calculated on the old rate, 0.106.
FENZ has published guidelines online.
