Your Residential Buy to Let Property Insurance Policy

Transcription

1 Your Residential Buy to Let Property Insurance Policy THIS POLICY SUMMARY DOES NOT CONTAIN THE FULL TERMS AND CONDITIONS OF THE CONTRACT. FULL TERMS AND CONDITIONS CAN BE FOUND IN THE POLICY DOCUMENT. Landlords Residential Buy to Let Property Insurance is arranged by Uinsure Limited, administered by Direct Group Limited, with UK General Insurance Limited on behalf of Ageas Insurance Limited. About your cover Uinsure Residential Buy to Let insurance is designed to offer a package of cover for your Buildings and/or Landlords Contents of tenanted Residential property if they are damaged by certain insured events. The policy is available to cover buildings (and landlords contents of your tenanted property if required) situated within the United Kingdom. Main features and benefits of landlords residential let insurance The policy provides protection for the buildings and/or landlords contents of your tenanted UK property, if they are damaged by certain events, including: Fire and smoke. Earthquake. Explosion. Lightning. Aircraft. Riot & civil commotion. Impact. Breakage or collapse of communication aerials. Falling trees or branches, telegraph poles or lamp posts. Theft or attempted theft. Malicious acts/vandalism Flood. Escape of water or oil. Subsidence, heave or landslip. Storm. Giving you wide protection and peace of mind, ensuring you do not have to face expensive repair or replacement costs. Subject to certain limitations explained in the policy wording we will pay up to the buildings and landlords contents sum insured you have selected.

2 Significant Features of Cover Your Residential Buy to Let Property Insurance Policy Automatic index linking of buildings & contents values at renewal. No Claims Discount for up to 3 claim free years Loss of rent or alternative accommodation up to 20% of the building & contents sum insured. Loss of metered water or oil up to 750 Accidental Damage to fixed glass and sanitary fittings, except when the property is unoccupied Cover included for the new owner when selling the property until the sale is completed. Cover for the cost of professional fees, debris removal & demolition and rebuilding or repairing following a loss on the buildings. Accidental Damage to underground pipes, tanks and services you are responsible for Trace and access cover up to 5,000. Landlords Legal liability as owner up to 2,000,000 per property Liability for your Domestic Employees up to 5,000,000 Third party financial interests can be noted provided we are informed. Under the Buildings section you are automatically protected for Loss of Rent caused by an insured event and your Legal Liability as a Landlord, including accidental bodily injury to domestic employees such as a cleaner working under a contract of service with you. Excesses A Standard all sections policy excess of 300 applies, this is reduced to 200 for single professional / working Family Tenants. For all Water Escape claims, a standard excess of 500 applies, which is increased to 1,000 for certain tenancy types and whilst unoccupied more than 30 days For Subsidence, Heave and Landslip claims, a standard 1,000 Excess applies You can add further Voluntary Excesses in return for a premium discount For full details of the benefits and features available in your insurance, please refer to the policy documentation and schedule. What happens if the occupancy or my Tenant changes? If the type of tenant(s) occupying your property changes or the property should become unoccupied for a period of time ( i.e. more than 30 days between lets) you must immediately contact Millennium Insurance who administer your policy on behalf of the insurers. Write to us at : Uinsure Residential Buy to Let Policy Administration, Unit G3, Lacy Way, Lowfields Business Park, Elland, Yorkshire, HX5 9DB, or Telephone : Fax: MIBUinsure@directgroup.co.uk

3 Your Residential Buy to Let Property Insurance Policy Security of the property and occupancy conditions Please read the section of General Conditions if any of your properties have any flat roofs, are left unoccupied, or are used as holiday lets or bedsits. Please be aware of any minimum security requirements the insurer may need to ensure theft cover is operative. If you have not got a policy document please ask us for a copy so you can check cover and exclusions in detail and that the policy covers your needs How long does my insurance policy run for? Your insurance is an annual policy and cover will commence on the date shown on the policy schedule and will continue for 12 months. You should regularly review your policy to ensure the cover provided continues to meet your needs. Millennium will send you a renewal notice prior to each anniversary advising of any changes of terms or cover required by the insurers. What happens if I take out cover and then change my mind or want to cancel the policy early? If for any reason this policy does not meet all your requirements, you have the right to cancel within 14 days of receiving your policy and get back any premium you have paid in full, providing no claims have been made or are pending. Should you need to cancel your policy after this 14 days period you will be entitled to a pro rata return of premium paid for the unexpired cover. Please see page 3 of the policy document under the section heading Cancellation. How do I make a Claim under my insurance policy? 1. To make a claim for Property Loss or Damage If you wish to make a claim for any loss of damage to your property, or contents owned by you, please telephone immediately. Please read page 38 of the policy booklet for full details. Please note that Property damage claims are handled at the first response stage by Direct Group Property Services ( a Direct Group Limited company ) on behalf of UK General Ltd and Ageas Insurance Limited. UK General Insurance Ltd are an insurers agent and in the matters of a claim act on behalf of the insurer. Our Complaints Process It is the intention to give you the best possible service but if you do have any questions or concerns about this insurance policy or the handling of a claim, you should follow the Complaints Procedure set out below: Complaints regarding the Sale or Administration of your Policy We and Us and Our in this policy means; the insurance intermediary, or distributor /affinity or retail brand from whom you purchased this insurance as specified on your policy documents, Millennium Insurance Brokers Ltd, the Insurer(s) as named in your current Schedule, Insurance Policy or Statement of Insurance, and any holding companies, subsidiaries or linked companies. In this policy, we and us and our, means the insurance intermediary, or distributor /affinity or retail brand from whom you purchased this insurance as specified on your policy documents, the Insurer named in your current Schedule, Insurance policy or Statement of Insurance, Millennium Insurance and any holding companies, subsidiaries or linked companies. If you have cause for complaint it is important you know we are committed to providing you with an exceptional level of service and customer care.

4 Initiating Your Complaint: Your Residential Buy to Let Property Insurance Policy If your complaint is about your policy please contact the agent who arranged the Insurance on your behalf, or write to Millennium Insurance, the administrators of this Policy on behalf the Insurers at: The Customer Relations Manager Residential Let Policy Administration Unit G3 Lacy Way Lowfields Business Park Elland HX5 9DB Complaints regarding Claims If you have a complaint about a claim, call our claim helpline first. See your policy schedule where you will find the claim handler s name and phone number on any letters they have sent you. We will try to resolve your complaint by the end of the next business day. If we re unable to do this, we will write to you within five working days to either: 1. Tell you what we ve done to resolve the problem; or 2. Acknowledge your complaint and let you know when you can expect a full response. We will also let you know who is dealing with the matter. Please contact Direct Group Property Services at Managing Director Direct Group Property Services Direct House, Lacy Way, Lowfields Business Park, Elland, HX5 9DB. We will always aim to resolve your complaint within four weeks of its receipt. If we are unable to do this we will give you the reasons for the delay and indicate when we will be able to provide a final response. If for any reason you remain dissatisfied with our final response, you should escalate the matter as outlined below. Contacting the Financial Ombudsman Service You can ask the Financial Ombudsman Service to review your complaint if for any reason you are still dissatisfied with our final response, or if we have not issued our final response within eight weeks from you first raising the complaint. You can contact the Financial Ombudsman Service at the address below, however they will only consider your complaint once you ve tried to resolve it with us first. Financial Ombudsman Service (FOS) South Quay Plaza 183 Marsh Wall London E14 9SR FOS can also be contacted by telephone on See website at Following this complaints procedure does not affect your right to take legal proceedings. Maintenance/Service Visits: Home Emergency cover Please note that any maintenance/service visit related complaints fall outside of the FOS remit.

5 Your Residential Buy to Let Property Insurance Policy Would I receive compensation if my insurers were unable to meet its liabilities? In the event that Ageas Insurance Limited is unable to meet its liabilities you may be entitled to compensation from the Financial Services Compensation Scheme (FSCS). Further information can be found in your policy under Compensation Scheme on page 37 of your policy. FCA STATUS DISCLOSURE Landlords Residential Let Insurance is arranged by : Millennium Insurance Brokers Ltd. Registered in England and Wales No Registered Office : Quay Point, Lakeside Boulevard, Doncaster, DN4 5PL Millennium is a Direct Group Limited company. Authorised and regulated by the Financial Conduct Authority No Our permitted business is advising on and arranging non-investment general insurance contracts. The FCA Register can be checked by visiting the FCA's website or by contacting the FCA on

6 Landlords Professional Fees and Rent Guarantee POLICY SUMMARY Some important facts about the Professional Fees policy are summarised below. This summary does not describe all of the terms and conditions of the policy, so you will need to take time to read the insurance policy wording to make sure that you understand the cover that it provides. All references below to the cover provided are contained within the full policy wording. Please note that a full policy wording is available for your inspection upon request. NAME OF INSURER The policy is underwritten by Ageas Insurance Limited, Registered in England No Registered Office: Ageas House, Tollgate, Eastleigh, Hampshire SO53 3YA. The company is authorised and regulated by the Financial Conduct Authority. NAME OF COVERHOLDER The policy is administered on behalf of the insurers by Legal Insurance Management Ltd, 1 Hagley Court North, The Waterfront, Brierley Hill, West Midlands DY5 1XF. TYPE OF INSURANCE 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. SIGNIFICANT FEATURES AND BENEFITS The policy includes the following features (unless specifically excluded by the policy schedule issued), which are fully explained in detail in the policy wording. The claim limit provided will be shown on the policy schedule issued. CLAIM LIMITS Legal Expenses - Any one claim and any one period of insurance: 25,000 Rent Arrears Guarantee - 2,500 or the monthly Rent shown in the Tenancy Agreement whichever is the less in any one claim for a maximum period of 6 months. Unless detailed otherwise below. 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 following a breach by the tenant of any of their obligations under the tenancy Agreement. Pursuit of Rent Arrears The pursuit of Rent Arrears which commenced during the period of insurance. 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. Eviction The eviction of anyone in the property without your permission. Legal Defence 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.

7 TAX, VAT, PAYE, &NIC Investigations Comprehensive enquiries or in depth investigations of your tax affairs, including Aspect enquiries above , VAT Disputes, PAYE Disputes and NIC Disputes. Any dispute arising within the first 60 days of the first period of insurance. Rent Arrears Guarantee 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. 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 Helpline 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. 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.

8 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. The following circumstances are not covered by the policy: - An Event which occurs within the first 90 days of the Period of Insurance where the Tenancy Agreement commenced before the Tenant Reference unless the Insured had continuous legal expenses and rent guarantee insurance with another insurer in respect of the same Tenancy Agreement and the same Tenant and there had been no claims reported under that insurance. - Claims where the Tenancy Agreement commenced more than 31 days after the date of the Tenant Reference. - Any Insured Incident arising out of a tenancy agreement which does not fall within the definition of Tenancy Agreement. - A dispute relating to service charges or any compensation payment to a tenant. - The defence of dilapidation claims that fall within Small Claims limits. - The Tenancy Agreement having been granted without first obtaining the requisite consent or licence. - Claims arising out of rent registration or reviews, purchasing the freehold of the Property, rent tribunals, land tribunals or rate tribunals unless defending action bought against you by the Tenant. - Disputes where the Tenant is not aged 18 years or over. DURATION OF THE CONTRACT The cover provided by the policy is normally for a twelve month period. Where this is altered, it will be clearly shown within the quotation provided and policy schedule subsequently issued. CANCELLATION We wish you to be happy with the cover provided by your policy. However you have the right to cancel the policy within 14 days of receiving the policy documents without giving reason. If you chose to cancel, we will refund your premium after first (at our discretion) charging for the cover provided from the date of commencement of the contract until the date of cancellation and any helpline costs incurred. CLAIMS ADDRESS The person insured by the policy should report immediately (and in accordance with the policy terms and conditions during the period of insurance and no later than 30 days after the occurrence) any incident which may give rise to a claim under the policy. Failure to do so could mean that we decline to pay a claim under the policy. The telephone number for the reporting of a claim is contained within the policy schedule. A claim form will be dispatched for completion by the insured person and return to the address shown below. If you wish to make a claim in writing, this must be made in person by the Insured Person seeking cover under the policy issued. Please note that we will not enter into dialogue or correspond with anyone other than the Insured Person or the Insured Person s personal representatives (following death or serious incapacity) in relation to the notification and subsequent handling of a claim. Claims Department Legal Insurance Management Ltd 1 Hagley Court North The Waterfront Brierley Hill West Midlands DY5 1XF COMPLAINTS PROCEDURE In the event of a complaint arising under this Insurance, you should in the first instance write to the Managing Director of Legal Insurance Management Ltd at the above address. If it is not possible to reach an agreement, you may have the right to make an appeal to the Financial Ombudsman Service. This applies if you are insured in a business capacity and have an annual turnover of less than 2 million and fewer than ten staff. You may contact the Financial Ombudsman Service at: -

9 Financial Ombudsman Service South Quay Plaza 183 Marsh Wall London E14 9SR COMPENSATION SCHEME Ageas Insurance Ltd is covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme, if it cannot meet its obligations. This depends on the type of business and the circumstances of the claim. Most insurance contracts are covered for 90% of the claim with no upper limit. You can get more information about compensation scheme arrangements from the FSCS or visit

10 Residential Let Emergency POLICY SUMMARY Some important facts about the Let Home Emergency policy are summarised below. This summary does not describe all of the terms and conditions of the policy, so you will need to take time to read the insurance policy wording to make sure that you understand the cover that it provides. All references below to the cover provided are contained within the full policy wording. Please note that a full policy wording is available for your inspection upon request. NAME OF INSURER Ageas Insurance Limited, Registered in England No Registered Office: Ageas House, Tollgate, Eastleigh, Hampshire SO53 3YA NAME OF COVERHOLDER The policy is administered on behalf of the insurers by Legal Insurance Management Ltd, 1 Hagley Court North, The Waterfront, Brierley Hill, West Midlands DY5 1XF. TYPE OF INSURANCE The policy is designed to provide cover (up to the claim limits selected) for the cost of Contractors emergency call-out and labour charges, parts and materials 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. SIGNIFICANT FEATURES AND BENEFITS The policy includes the following features (unless specifically excluded by the policy schedule issued), which are fully explained in detail in the policy wording. The claim limits provided will be shown on the policy schedule issued. CLAIM LIMITS The Claim Limits for the policy shall be: Any One Claim: A maximum of 250 including VAT inclusive of 1 hours labour. Any One Period of Insurance: A maximum of 500 including VAT Unless otherwise shown below. SECTIONS OF COVER 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) Plumbing and Drainage 1) Damage to or failure of the plumbing and drainage system damage where the internal flooding or water damage is likely consequence. 2) Blocked toilet 3) Blocked external drains within the boundaries of the property where this can be resolved by jetting Any replacement of water tanks, cylinders and central heating radiators; external WC s; external pipes, taps and overflows no causing internal water damage Any claims for leaking waste pipes Internal Electricity, Gas, and Water Supplies Security Electricity failure of at least one complete circuit, gas leak and water supply system failure Damage or failure of external lock, door or window Any repair work to or the cost of replacing lead pipework All external lighting Any claim for failure or damage to Internal locks, doors, glass, external garages or outbuildings Lost Key Loss of the only available key to the Loss of keys to internal doors, garages and

11 Primary Heating System property which cannot be replaced and normal access cannot be obtained Primary Heating system where the system has failed or broken down outbuildings Any claim involving boilers over 15 years old or over 238,000 btu net input (70 Kilowatt) Excludes replacement of water tanks, cylinder and central heating radiators 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. The policy covers emergency situations only. It does not cover circumstances more properly handled by your Property Insurer. Please note if you engage the services of a contractor direct, cover will not apply. All claims must be reported to the Claims Helpline who will arrange to send a contractor. Where it is not possible to validate your claim at the time of initial notification, you will be required to leave either credit or debit card details which may be debited in the event that the cost of the call-out and any subsequent repairs are not covered by this insurance. REASONABLE CARE You must take reasonable care and maintain the Home and its equipment in good order and take all reasonable precautions to prevent loss or damage. Where a Temporary repair has been carried out, the onus will be upon you to carry out repairs or work to permanently resolve the reason for the Emergency occurring. Should you fail to carry out the Permanent Repair a Contractor will not be appointed to undertake any further Emergency Work. DURATION OF THE CONTRACT The cover provided by the policy is normally for a twelve month period. Where this is altered, it will be clearly shown within the quotation provided and policy schedule subsequently issued. CANCELLATION We wish you to be happy with the cover provided by your policy. However you have the right to cancel the policy within 14 days of receiving the policy documents without giving reason. If you chose to cancel, we will refund your premium after first (at our discretion) charging for the cover provided from the date of commencement of the contract until the date of cancellation and any helpline costs incurred. CLAIMS ADDRESS The insured person should report immediately to the Claims Helpline any incident which may give rise to a claim under the policy. Failure to do so could mean that we decline to pay a claim under the policy. The telephone number for the reporting of a claim is contained within the policy schedule. A claim form may be dispatched for completion by the insured person and return to the address shown below. Please note that we will not accept Claims Helpline calls, enter into dialogue or correspond with anyone other than the Insured or the Insured Person s personal representatives (following death or serious incapacity) in relation to the notification and subsequent handling of a claim. Claims Department Legal Insurance Management Ltd 1 Hagley Court North The Waterfront Brierley Hill West Midlands DY5 1XF COMPLAINTS PROCEDURE In the event of a complaint arising under this Insurance, you should in the first instance write to the Managing Director of Legal Insurance Management Ltd at the above address. If it is not possible to reach an agreement, you may have the right to make an appeal to the Financial Ombudsman Service. This applies if you are insured in a business capacity and have an annual turnover of less than 2 million and fewer than ten staff. You may contact the Financial Ombudsman Service at: -

12 Financial Ombudsman Service South Quay Plaza 183 Marsh Wall London E14 9SR COMPENSATION SCHEME Ageas Insurance Ltd is covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme, if it cannot meet its obligations. This depends on the type of business and the circumstances of the claim. Most insurance contracts are covered for 90% of the claim with no upper limit. You can get more information about compensation scheme arrangements from the FSCS or visit