AXA Buy to Let Policy Summary

Transcription

1 AXA Buy to Let Policy Summary This policy summary does not contain full details and conditions of your insurance - these are located in your policy booklet. This policy is underwritten by AXA Insurance UK plc. AXA Insurance UK plc, registered in England No Registered Office: 5 Old Broad Street, London, EC2N 1AD. A member of the AXA Group of Companies AXA Insurance UK plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the prudential Regulation Authority. Types of insurance and cover Buildings and Landlord s contents insurance for residential property owners. This insurance provides cover for buildings and/or landlord s contents and employer s liability. It may be optionally extended to include accidental damage to buildings and landlords contents. Your policy schedule will show which sections you have selected and all other sections that are in force. The maximum amount we will pay are the sums insured shown in your policy booklet or on your policy schedule. Conditions Failure to comply with these conditions may jeopardise your claim or cover. You must let us know as soon as reasonably possible if the full replacement costs of the buildings or landlords contents exceeds the sum insured in your policy schedule. If a building is untenanted for 7 consecutive days or more you must ensure that the gas and electricity are turned off at the mains and the premises are visited at least once every 7 days. Please refer to General conditions 6 in your policy booklet. If you are responsible for maintenance of any passenger lifts within the insured building, these must have a maintenance contract with the manufacturer or other competent party. All maintenance and other safety related work must be carried out immediately. Please refer to General conditions 7 in your policy booklet. You must tell us as soon as reasonably possible if your circumstances changes or if any information shown in your proposal form, statement of fact or schedule changes during the period of insurance. See policy booklet for changes we need to know about. Buildings Loss or damage to the buildings caused by fire, explosion, lightning, earthquake, storm, flood, riot, malicious persons, subsidence, ground heave or landslip, escape of water (e.g. from burst pipes or tanks) or oil, theft or attempted theft, collision by vehicles or animals, collapse of aerials and falling trees (cover 1 11 in the policy booklet). Accidental damage to underground pipes and cables Accidental breakage of fixed glass in windows, fixed ceramic hobs and fixed sanitaryware and bathroom fittings. Property owner s liability up to 2,000,000 Alternative accommodation or loss of rent up to 20% of the buildings sum insured Page 1 of 5

2 Replacement of locks to external doors following loss or theft of keys up to 1,000 Necessary trace and access costs towards finding the source of damage to the buildings up to 5,000 Landlord s contents Loss or damage to the landlords contents caused by fire, explosion, lightning, earthquake, storm, flood, riot, malicious persons, subsidence, escape of water (e.g. from burst pipes or tanks) or oil, theft, collision by vehicles or animals, collapse of aerials and falling trees (cover 1 11 in the policy booklet). Accidental breakage of or damage to mirrors, fixed glass in furniture, ceramic hobs and audio and audio visual equipment. Public liability up to 2,000,000 Contents in garages and outbuildings up to 1,000 Employer s liability Employer s liability up to 10,000,000 Significant or Unusual Exclusions or Limitations The standard excesses and any increased amount you have agreed to pay shown in your policy wording or on your policy schedule. General Exclusions Riot or civil commotion outside of the United Kingdom, the Isle of Man or the Channel Island, confiscation, sonic bangs, radioactive contamination, war risks, terrorism, reduction in market value, date change, pollution and contamination. Watercraft (e.g. windsurfers and sailboards) and mechanically propelled vehicles (e.g. quad bikes and motorcycles) and any liability arising from them. Exclusions under Buildings Loss or damage occurring after the insured property has been unoccupied (see policy booklet for definitions of unoccupied) by theft, malicious people, escape of water or oil and accidental breakage of glass and sanitaryware. Damage caused by any gradually operating cause. The cost of removing fallen trees or branches that have not caused damage to the building The cost of replacing keys and locking mechanism due to the tenant not returning the keys Exclusions under Landlord s contents Loss or damage occurring after the insured property has been unoccupied (see policy booklet for definitions of unoccupied) by theft, malicious people, escape of water or oil and accidental breakage of mirrors and glass. Accidental damage to landlord s contents by chewing, scratching, tearing or fouling by domestic animals Damage caused (whilst being carried) to audio or audio visual equipment which is designed to be portable. Damage caused by any gradually operating cause Page 2 of 5

3 Duration This is an annually renewable policy. Cancellation period You are free to cancel this policy at any time. Claim notification To make a claim, contact: Buildings or Landlord s contents Making a Complaint Any complaint you may have should in the first instance be addressed to the claim office, your Insurance Agent or you can write to the Customer Care Department of AXA Insurance. If the complaint is still not resolved, you can approach the Financial Ombudsman Service. Referral to the Financial Ombudsman will not affect your right to take legal action. Full details of addresses and contact numbers can be found within the policy booklet. Financial Services Compensation Scheme (FSCS) AXA Insurance UK plc is covered by the Financial Services Compensation Scheme (FSCS). You may be entitled to compensation from the scheme in the unlikely event we cannot meet our obligations to you. This depends on the type of insurance and the circumstances of the claim. Further information about the compensation scheme arrangements is available on the FSCS website or by calling Page 3 of 5

4 Landlords Legal Professional Fees and Landlords Rent Guarantee Policy Summary Landlords Professional Fees Cover under this section is administered by Legal Insurance Management Ltd and underwritten by UK General Insurance Ltd on behalf of Ageas Insurance Limited. Type of Insurance and Cover The policy is designed to cover the cost of professional fees charged by a claims handler, solicitor or accountant following a specific incident, for example; Breach of Tenancy Agreement; Pursuit of Tenancy Arrears; Eviction or Legal Defence. 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. Legal and professional fees, costs and expenses up to 50,000 in connection with legal proceedings in respect of any of the following incidents: A breach by the tenant of any of his obligations under the tenancy agreement. The 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 or alleged act or omission by you arising out of your ownership or management of the property. Significant Exclusions or Limitations The insurer will not cover: If you should engage the services of a solicitor prior to making contact with us any costs you incur are not covered by this insurance. Professional Fees incurred arising out of rent registration or reviews, purchasing the freehold of the property, rent tribunals, land tribunals unless defending an action brought against you by the tenant. Any Professional Fees relating to your alleged dishonesty, criminal act, or violent behaviour. An event which you notify to us more than 30 days after it occurred or ought to reasonably have come to your knowledge. Where the amount in dispute is less than 250 Including VAT. Claims where the Tenancy Agreement commenced more than 31 days after the date of the Tenant Reference. At the conclusion of the claim if you are awarded any costs (not your damages), these must be paid to us. Landlords Rent Guarantee (this cover is only operative if shown on your Policy Schedule) Cover under this section is administered by Legal Insurance Management Ltd and underwritten by UK General Insurance Ltd on behalf of Ageas Insurance Limited. The Insured Person is covered for rent arrears owed by the tenant under the tenancy agreement during the period of insurance and up to the limit of indemnity, where an insured event occurs and the insured person is, where appropriate, pursing proceedings under this policy. Page 4 of 5

5 Significant Exclusions or Limitations The insurer will not cover: Any event where the time of occurrence commenced prior to the commencement of the insurance. An event which you notify to us more than 30 days after it occurred or ought to reasonably have come to your knowledge. Any event where the insured person and their agent fail to act promptly to gain vacant possession of the insured property and recover rent arrears. Rent arrears indemnity claims where the property is not occupied for residential purposes only. An event where the insured person should reasonably have realised when Duration This is an annually renewable policy that is part of your Home Insurance policy. Cancellation Period If after consideration you decide this policy does not meet your needs, you have 14 days from the date you receive your policy schedule to cancel this and receive a full refund provided that no claim has been made. Claim Notification To make a claim under this section of your policy, please contact: 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 Legal Insurance Management Ltd, 1 Hagley Court North, The Waterfront, Brierley Hill, West Midlands, DY5 1XF. 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: - Financial Ombudsman Service South Quay Plaza 183 Marsh Wall London E14 9SR Financial Services Compensation Scheme (FSCS) 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 Page 5 of 5