RESIDENTIAL PROPERTY OWNERS INSURANCE POLICY SUMMARY

Transcription

1 RESIDENTIAL PROPERTY OWNERS INSURANCE POLICY SUMMARY

2 RESIDENTIAL PROPERTY OWNERS INSURANCE POLICY SUMMARY This document is a summary of your Policy and other key information about the insurance cover that you should read. It does not contain full details of the terms and conditions of the Policy which can be found in the Policy Booklet. Please read the Policy Booklet carefully when you receive it and keep it for your future reference. If you have any questions about this Policy Summary, the Policy Booklet or the insurance cover generally, please contact your insurance adviser. WHO ARE THE INSURERS? This Policy is arranged and administered by e-underwriting. The insurer for all sections (other than Landlord s Professional Fees and Rent Guarantee section) is Legal & General Insurance Limited. The insurer for Landlord s Professional Fees section and Rent Guarantee section is UK General Insurance Limited on behalf of Ageas Insurance Limited, the Coverholder for this section is Legal Insurance Management Ltd. CORE COVERS For your cover to apply you must comply with the conditions of the Policy. These are explained in the Policy Conditions section at the back of the Policy Booklet. These conditions include, but are not limited to, taking reasonable precautions to prevent loss and limit damage as well as actions you must take as soon as you are aware of a possible claim. Each section of the Policy contains exclusions and you must also refer to the Policy Exclusions section of the Policy Booklet for details of exclusions that apply to the entire Policy. In addition to the standard exclusions and limitations your Policy Schedule will advise you of any special exclusions or limitations applying only to you. These are described on your Policy Schedule as Endorsements. WHAT IS THE RESIDENTIAL PROPERTY OWNERS INSURANCE POLICY? The Residential Property Owners Insurance Policy includes cover for buildings, contents, property owners liability and employers liability. This Policy Summary outlines the benefits, features and any significant or unusual exclusions or limitations to the above insurance covers. Your Policy Schedule will show clearly what covers you have selected. 02

3 PROPERTY DAMAGE FEATURES AND BENEFITS SIGNIFICANT OR UNUSUAL EXCLUSIONS OR LIMITATIONS Cover for buildings is available on an All Risks or Specified Contingencies basis and includes: Up to 2,500 for replacement of locks, following loss of keys by theft or attempted theft Damage to landscaped gardens and grounds 25,000 Loss of metered water, gas or electricity up to 25,000 Removal of debris following a loss The first part of any claim (the Excess) Wear and tear; gradual deterioration; faulty or defective design, materials or workmanship; frost or change in the water table level Damage to moveable property in the open, including gates, fences, by wind, rain, hail, sleet, snow, flood or dust Mechanical or electrical breakdown or derangement of the Property Insured Costs and expenses incurred in locating and repairing the actual source of the damage caused by escape of water or oil from any tank, apparatus or pipe up to 25,000 Subsidence, groundheave or landslip caused by collapse, cracking, shrinkage or settlement of any building or coastal or river erosion Contents of common parts up to 25,000 unless otherwise stated in the Policy Schedule Theft or attempted theft by you, your family or an employee or any resident or their guest Specified Contingencies - includes loss or damage from specific causes - fire, lightning, earthquake, explosion, aircraft, riot, civil commotion, strikers, locked-out workers, persons taking part in labour disturbances or malicious persons, storm or flood, falling trees, escape of water from any tank, apparatus or pipe, falling trees or aerials, breakage or collapse of aerials or satellite dishes, impact, sprinkler leakage, leakage of oil from heating installations, theft or attempted theft, subsidence, ground heave and landslip Accidental breakage of Glass and Sanitary Fixtures if stated as insured in the Schedule Accidental damage does not include maintenance and normal redecoration costs; wear and tear; gradual deterioration; corrosion, rust, rot or fungus; vermin or insects; atmospheric or climate conditions; normal settlement or shrinkage; damage caused by domestic pets Damaged caused by mechanical or electrical breakdown, cracking, collapse and weld failure of boilers and equipment Pollution or contamination unless resulting from a loss covered by the Policy 500 escape of water excess unless otherwise stated in the Policy Schedule Damage as a result of the movement of solid floors slabs unless there is damage to the foundations at the same time 1,000 excess applies for subsidence, ground heave or landslip, unless otherwise stated in the schedule LOSS OF RENT AND ALTERNATIVE ACCOMMODATION EXPENSES Provides cover in the event that your rented premises can not be lived in or access to them is denied as a result of loss, destruction or damage insured under the Property Damage section of the policy FEATURES AND BENEFITS SIGNIFICANT OR UNUSUAL EXCLUSIONS OR LIMITATIONS Loss of rent (including ground rent and management charges) Losses excluded under the Property Damage section of the policy Reasonable alternative accommodation for owners or lessees, including the temporary re-housing of cats and dogs belonging to any owner or lessee in a cattery or kennels Temporary storage of your furniture The standard cover is 25% of the sum you chose for your buildings insurance. 03

4 EMPLOYERS LIABILITY SECTION FEATURES AND BENEFITS SIGNIFICANT OR UNUSUAL EXCLUSIONS OR LIMITATIONS Legal costs and expenses in defending prosecutions under all relevant Health and Safety legislation Bodily injury to any employee engaged by you outside of the defined territories Payment for court attendance Legal expenses arising from Corporate Manslaughter and Corporate Homicide Act 2007 Bodily injury to an employee carried in or upon, entering or getting on to, or alighting from a vehicle where any road traffic legislation requires insurance or security Cover for acts of terrorism limited to 5,000,000 per event Liability in respect of liquidated damages, penalty clauses, fines, punitive and similar damages PROPERTY OWNERS LIABILITY SECTION FEATURES AND BENEFITS SIGNIFICANT OR UNUSUAL EXCLUSIONS OR LIMITATIONS Actions under the Defective Premises Act The first part of any claim (the Excess) Legal expenses arising from Corporate Manslaughter and Corporate Homicide Act 2007 Legal fees and expenses defending prosecutions under relevant Health and Safety legislation Legal liability for accidental bodily injury in respect of contingent motor liability not owned by, not loaned, leased, hired or rented to you nor provide by you, which is being used in connection with the business in the defined territories Liability arising out of any work or any products supplied which affects or could affect the navigation, propulsion or safety of any aircraft or other aerial device and the safety or operation of nuclear installations Loss or damage to property which is held in trust or in the custody or control of the insured or any other party who is carrying out work on your behalf Pollution or contamination unless caused by a sudden identifiable incident Payment for court attendance Legal liability for financial loss, subject to a maximum in any one period of insurance of 500,000 Legal liability for accidental damage to employees and visitors personal belongings Legal expenses arising from Consumer Protection Act 1987 and Food Safety Act 1990 Cover for acts of terrorism is limited to 2,000,000 or any other amount specified in the Policy Schedule for Property Owner s Liability whichever is the lower Exposure to, inhalation of, fears of exposure to or inhalation of costs incurred by anyone repairing, removing, replacing, recalling, rectifying, reinstating or managing (including those of any persons under any statutory duty to manage) any property arising out of the presence of asbestos including any product containing asbestos Liability for accidental damage to hired, rented or occupied business premises (including fixtures and fittings) within the defined territories Personal liability for any director, partner or employee in respect of bodily injury or damage to property overseas Indemnity provided under other policies and deliberate acts or omissions Indemnity in respect of any agreement for or including the performance of work outside the defined territories 04

5 LANDLORD S PROFESSIONAL FEES (only applicable if stated as insured in The Schedule) The policy is designed to cover the cost of professional fees charged by a claims handler, solicitor or accountant following a specific occurrence, provided that cover for that occurrence is detailed within the policy wording and is not specifically excluded within the policy schedule issued. Section of Cover Cover Provided Specific Section Exclusions (Please note that this only shows the significant exclusions and reference should be made to the policy wording for a definitive list) Breach of Tenancy Agreement Pursuit of Rent Arrears Eviction Legal Defence Rent Arrears Guarantee (Where selected) Pursuit following a breach by the tenant of any of their obligations under the tenancy Agreement. The pursuit of Rent Arrears which commenced during the period of insurance. The eviction of anyone in the property without your permission. The defence of civil or criminal proceedings in respect of any act or omission by you arising from your ownership or management of the property. Rent Arrears owed by the Tenant. Cover is subject to: 1. a full month s Rent being in arrears after deduction of the Excess; 2. the Rent Arrears Guarantee only being payable during the period of the Tenancy Agreement or until vacant possession has been gained, whichever happens sooner; 3. the claim being made during the Period of Insurance; 4. Rent Arrears Guarantee being paid at the rate of 1/30th for each continuous day in arrears. Professional Fees incurred in connection with interest on rent or service charges payable by the tenant. Any rent payable after you have recovered full and vacant possession. Where the Insured should reasonably have realised when purchasing this insurance that a claim under this insurance might occur. The Insured Person and their agent must act promptly to gain vacant possession of the Insured Property and recover Rent Arrears. Legal Advice Helpline Service Free access to legal advice & assistance. The helpline can provide general advice only and cannot assist with complex legal matters which may require the review of documentation and is not intended to replace the services of a solicitor. 05

6 SIGNIFICANT AND UNUSUAL EXCLUSIONS OR LIMITATIONS The policy will exclude claims where the incident falls outside of the scope of cover provided by the policy wording or where this is subject to a specific exclusion or limitation. Please refer to the policy wording for full details. The most significant or unusual exclusions or limitations are outlined below. Other than the excess (first amount of any claim you are required to pay) shown under the relevant section of cover listed above, unless otherwise shown on the policy schedule, no additional excess applies. You must obtain or have obtained and be able to produce an up to date satisfactory credit reference prior to the granting of the tenancy. If you can convince us that there are sensible prospects of being successful in your claim and that it is reasonable for Professional Fees to be paid we will take over the claim on your behalf appoint a specialist of our choice to act on your behalf. We may limit the Professional Fees that we will pay under the policy where we consider it is unlikely a reasonable settlement of the claim will be obtained, the potential settlement amount of the claim is disproportionate compared with the time and expense incurred in pursuing or defending the claim or where there are insufficient prospects of obtaining recovery of any sums claimed. Where it may cost us more to handle a claim than the amount in dispute we may at our option pay to you the amount in dispute which will then constitute the end of the claim under the policy. If Legal Proceedings have been agreed by us you may at that stage decide to nominate and use your own solicitor or indeed, you may wish to continue to use our own specialists. If you decide to nominate your own solicitor we must agree this in advance and you will be responsible for any Professional Fees in excess of those which our own specialists would normally charge us (Details are available upon request). At conclusion of the claim if you are awarded any costs (not your damages), these must be paid to us. Please note that if you should engage the services of a solicitor prior to making contact with us any costs that you incur are not covered by this Insurance. This is a policy where you must notify us during the period of insurance and within 30 days of any circumstances which may give rise to any claim under the policy. Failure to do so could mean that we decline to pay a claim for your professional fees. The jurisdiction and territorial limits of the policy is The United Kingdom. 06

7 FURTHER INFORMATION Cancellation You have a right to cancel your Policy within 14 days from the day of purchase or renewal of the contract or the day you receive your Policy or renewal documentation, whichever is the later ( cooling off period ). The insurance cover will be regarded as not having been taken up by you and will be cancelled from inception. Following the expiry of your 14 day cooling-off period, you continue to have the right to cancel your Policy at any time during its term. If your request for cancellation is received after the inception date of the Policy, you will be entitled to a refund of any premium you have paid, subject to a deduction for the time you have been on cover. This will be calculated in proportion to the period for which you received cover. We may cancel the Property Owners Insurance Policy by sending you 30 days written notice to your last known address. We will refund a proportionate part of the premium paid for the unexpired period, provided that no claims have been paid or are outstanding. We may cancel the Residential Property Owners Insurance Policy immediately if the premium has not been paid or if there has been a default under an instalment or linked credit agreement. We will not refund any instalment paid and at our discretion may request full payment of the annual premium if any claims have been paid or are outstanding. How to make a claim? If you need to make a claim under any section of your Policy please contact us straight away by calling the number stated in the Policy Schedule. Please also refer to Policy Condition (4) Claims under the Policy Conditions section at the back of your Policy Booklet for full details of your duties and how we deal with any claim. What to do if you have a complaint Our goal is to provide excellent service to all our customers, but we recognise that things do go wrong occasionally. We take all complaints we receive seriously and aim to resolve all our customers problems promptly. To ensure that we provide the kind of service you would expect we welcome your feedback and we will record and analyse your comments to make sure we continually improve the service we offer. In the event that you wish to make a complaint please contact your insurance adviser. Full details of the complaints procedure can be found in your Policy Booklet. If you remain unhappy with the final decision you receive from us you may be entitled to refer to the Financial Ombudsman Service (FOS) who are an independent body. Following the complaint procedure does not affect your right to take legal action. Compensation Scheme e-underwriting, the Insurer(s) for which it acts as agent (shown in your Policy Schedule) is covered by the Financial Compensation Scheme (FSCS). If they cannot meet their obligations, you may be entitled to compensation under this scheme depending on the type of insurance and the circumstances of your claim. Unless you and we specifically agree otherwise the law of England and Wales will apply to this contract Our Regulatory Status e-underwriting is authorised and regulated by the Financial Conduct Authority. We are a limited company registered in England and Wales under company number Our registered office is located at The Walbrook Building, 25 Walbrook, London, EC4N 8AW. 07

8 e - Underwriting is a trading name of OIM Underwriting Limited, which is authorised and regulated by the Financial Conduct Authority. Registered Office: The Walbrook Building, 25 Walbrook, London, EC4N 8AW. Registered No: England and Wales. POPSOU v