Residential Property Owners Presentation by; John Yell 1
Introduction • Pen Underwriting formerly E-Underwriting • Underwriting Division for AJG AJG 4 th largest broker in the world • 2
What can we cover • Combined buildings and contents cover up to £1m ( Not Blanket Cover) • All tenant types • Unoccupied properties • Properties let to councils, local authorities or companies • Landlords Contents - £5,000 FOC • Accidental Damage • Malicious Damage by Tenant 3
What we can’t cover • Thatched properties • Converted churches / mills • Bedsits • Mansions • Any property not it a good state of repair • Former commercial properties • Boarded up properties • Northern Ireland (currently) • More than 10 flats in a block • Refurbishment works above £50,000 4
Summary of Cover Accidental damage by tenants Available for: Long Leasehold (>12 months) Private Rental less Than 6 Months Private Rental 6 Months or More Contents of common parts £25,000 Contents in the open £500 Damage to gardens by emergency services £25,000 Escape /Loss of Oil Up to Building Sum Insured Loss of metered utilities £25,000 Loss of rent / alternative accommodation 25% BSI Malicious Damage by tenants Up to Building Sum Insured Re-letting costs £2,500 Replacement Locks £2,500 Replanting of trees, shrubs, plants and turf £25,000 Trace and Access £25,000 5
What’s Changed Fit no Fit Referrals Uncompetitive Rates Flats Limited footprint Unoccupied Properties Holiday Home Rates 6
Unoccupied Properties • Good state of repair • Not boarded up • Building works up to £50,000 • Inspected every 14 days • FLEA Cover & Full Perils (Only insurer to quote on Powerplace) • 30 Days as standard 7
FLEA or FULL Perils The system will use one of two tenant types to determine what rate and cover is applied, either ‘Vacant’ or ‘Temporarily Unoccupied’. Vacant = Full Perils Temporarily Unoccupied = FLEA cover The broker must select the correct tenant type to get the correct intended cover. If vacant is selected the quote will include full perils, applying the full perils endorsement (PO93) and charge the higher premium. 8
Unoccupied Condition a) carry out internal and external inspections of the buildings at least every 14 days maintain a log of such inspections as soon as possible, repair or arrange to be repaired, any defects found remove all waste, combustible materials and gas bottles, either within or outside the buildings, from The Premises c) securely lock all external doors, close and secure all windows, and secure and seal all letter boxes and openings d) The gas and electricity supply must be turned off, however where the buildings are protected by an Intruder Alarm System, You must provide sufficient power to operate the system e) advise Us immediately if the buildings are to be occupied by contractors for renovation, alteration or conversion purposes or if the buildings are to become occupied or used. 9
Unoccupied – Full Perils • The most we will pay for contingency 8) Escape of water from any tank, apparatus or pipe is £5,000. • The most we will pay for contingency 11) Leakage of oil from any fixed heating installation is £5,000 • Clause 11) Loss of Metered Utilities The maximum that We will pay in respect of one claim is £5,000 • No Cover for Accidental or Malicious Damage 10
Holiday Let • No Bed & Breakfast’s • Self-catering holiday home only • Property must be let as short term holiday home(s) or second home(s) used by family and friends • No cooking facilities in bedrooms • Property must be let as a whole unit for self-catering purposes and not split in to individual rooms. 11
Holiday Home Escape of water from any fixed water tanks, heating installations, apparatus or pipes. No cover between 1st November and 31st March unless:- • water supply is switched off at the mains and the entire water system and central heating system is drained of all water; or • central heating system it is set to operate continuously for 24 hours and the thermostat set at 15 degrees Celsius/58 degrees Fahrenheit. • where fitted the loft hatch door is left open. Theft or attempted theft We will not pay for loss or damage • caused by You or Your family or an Employee • caused by any Resident or his/her guest • caused by theft or attempted theft unless there is evidence of entry into or exit from the Premises by forcible and violent means. • moveable property in the open except garden furniture up to a maximum of £500 12
Rates • Lowered base rates • Student rate reduced, matching private rental and long leaseholders • Ranking of 2/3 on panel • Rank 1 for UK Holiday Lets & Unoccupied Full Perils • Sustainable 13
Thank You Questions? 14
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