Let Property FlexiLet Buildings and Contents Insurance Summary of Cover

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1 Let Property FlexiLet Buildings and Contents Insurance Summary of Cover

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3 Towergate Underwriting Let Property Flexilet Policy Summary Cover under this policy is arranged by Towergate Underwriting Let Property and is underwritten by a consortium of insurers. The lead insurers are Royal & Sun Alliance plc, with Pinnacle Insurance plc and Allianz Insurance plc. Cover under the Landlord s Professional Fees and Rent Guarantee sections of this policy is underwritten by UK General Ltd on behalf of Ageas Insurance Ltd and administered and serviced by Legal Insurance Management Limited. The Policy is arranged and administered by Source Insurance Ltd. 3

4 Summary of Cover 1. Some important facts about your insurance are summarised below. This summary does not describe all the terms and conditions of your policy, so please take time to read the policy wording and schedule to make sure you understand the cover provided. 2. The Towergate Underwriting Flexilet insurance policy provides cover for Landlords Buildings and/or Contents, Professional Fees and Rent Guarantee. 3. Significant or unusual exclusions and limitations: SECTIONS 1 and 2 You must comply with conditions of the policy explained in the General Conditions Section (Page 29) of the policy wording for cover to apply. These include your duty to take reasonable precautions to prevent loss and actions you must take as soon as you are aware of a possible claim under the policy. See also the General Exclusions Section (Page 34) of the policy wording for those exclusions that apply to all Sections. You will have to pay the first part of most claims - this is known as an excess. The standard excess is 100 for Professionals, students and DSS tenants, but an excess of 250 applies for escape of water and all other tenant types, or, 1,000 applies for subsidence under the Buildings and Contents Sections. For any additional specific endorsements which have been applied to your policy, please read your policy schedule Loss or damage due to illegal activities will not be covered under this policy Where your sum insured is less than 80% of the true rebuild cost, we reserve the right to repudiate your claim We will not be liable to provide any cover or benefit under this policy where doing so would breach any legal prohibition or restriction 4

5 Section 1 - Buildings (see pages 11-18) Significant Features and Benefits Cover is provided for an extensive list of perils such as fire, storm, flood, theft, etc.- see policy wording. In addition cover is provided for: loss of rent & alternative accommodation following an insured loss accidental damage to fixed glass, sanitary fixtures and underground services damage caused by emergency access your legal liability as the owner of your property With the Accidental Damage Option this cover is extended to cover all other accidental damage that we regard as insurable - see Buildings section 1, Accidental Damage, for details. Significant and unusual exclusions or limitations Damage by wet or dry rot Certain losses or damage when your home is unoccupied or unfurnished for more than 30 days in a row Certain loss or damage caused by you, paying guests or tenants Damage due to a fault or limit of design, manufacture or installation. In particular there is no cover for damage to underground services that do not work because they are worn out. The cost of replacing any undamaged items, which form part of a set, suite or item of a uniform nature Loss or damage to your buildings from any cause not listed in the policy wording - but wider cover is available with the Accidental Damage Option ADDITIONAL COVER AVAILABLE FOR ADDITIONAL PREMIUM: Buildings Malicious Damage by Tenants Employers Liability for domestic employees up to 10,000,000 Accidental Damage Trace and Access Property owners liability increased to 5,000,000 5

6 Section 2 - Contents (see pages 19 26) Significant Features and Benefits Cover is provided for an extensive list of perils such as fire, storm, flood, theft, etc.- see policy wording. In addition cover is provided for: accidental damage to audio, video and computer equipment contents in outbuildings (limited to 2,500 for theft) and in the open (up to 250) replacement locks if keys are lost or stolen (up to 500) loss of domestic fuel and metered water (up to 1,000) loss of rent & alternative accommodation following an insured loss damage caused by emergency access to deal with a medical emergency or to prevent damage to the property With the Accidental Damage Option all other accidental damage occurring in the home, that we regard as insurable, is covered. See Contents Section 2, Accidental Damage, for details. Significant and unusual exclusions or limitations - see Contents Section of policy wording for details. No cover is provided for boats, boards or water craft of any kind No cover is provided for items used for business or professional purposes Certain losses or damage when your home is unoccupied for more than 30 days in a row Theft or malicious damage caused by you, members of your household, paying guests or tenants (unless these covers have been purchased for an additional premium - see below) The cost of replacing any undamaged items, which form part of a set, suite or item of a uniform nature Frost damage to contents in out buildings Theft of contents temporarily removed from the home The following exclusions apply under the Accidental Damage Option - see Contents section, Section 2, Accidental Damage, for details Accidental damage occurring outside the home ADDITIONAL COVER AVAILABLE FOR ADDITIONAL PREMIUM: Contents Theft by Tenants Liability arising out of ownership of Contents Accidental Damage Malicious damage by the tenant 6

7 Landlord s Professional Fees Section (This cover is provided by Legal Insurance Management Limited and underwritten by UK General Ltd on behalf of Ageas Insurance Ltd). Included with all policies. Significant features and benefits This section will provide indemnity against 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. Significant and unusual exclusions or limitations If you should engage the services of as 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 or rate tribunals unless defending an action brought against you by the tenant. Any professional fees relating to your alleged dishonesty, criminal act or violent behaviour. Any event which you notify us more than 30 days after it occurred or ought to have reasonably 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. Landlord s Rent Guarantee Section (if selected) (This cover is provided by Legal Insurance Management Limited and underwritten by UK General Ltd on behalf of Ageas Insurance Ltd). Significant features and benefits 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, pursuing proceedings under this policy. 7

8 Significant and unusual exclusions or limitations 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 purchasing this insurance that a claim under this insurance might occur. 4. Policy Duration This is an annually renewable policy. 5. Cancellation 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. 6. How to Claim For all claims under Section1 Buildings or Section 2 Contents, please call Towergate Underwriting Let Property on For claims under the Landlord s Professional Fees or Landlord s Rent Guarantee sections please call the following helpline number This is a legal helpline which will provide advice on any legal problem affecting the policyholder. All potential claims must be reported initially to the claims helpline for advice and support. 8

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12 This policy is administered by Source Insurance Ltd. on behalf of Towergate Underwriting Let Property. Source Insurance Ltd. is registered in England and Wales no Registered office: Drake House, Plymouth Road, Penarth, CF64 3TP. Source Insurance Ltd. is authorised and regulated by the Financial Conduct Authority (FCA) no The Landlord s Professional Fees and Landlord s Rent Guarantee Sections of this policy are covered by: Legal Insurance Management Limited, Registered in England and Wales No Registered Office:1 Hagley Court North, The Waterfront, Brierley Hill, West Midlands, DY5 1XF UK General Insurance Ltd on behalf of: Ageas Insurance Ltd, Registered in England No Registered Office: Ageas House, Tollgate, Eastleigh, Hampshire, SO53 3YA. The Buildings and Contents sections are arranged by Towergate Underwriting Let Property which is a trading names of Towergate Underwriting Group Limited. Registered in England No Authorised and regulated by the Financial Conduct Authority. Underwritten by a consortium of specialist insurers. The Lead Insurers are Royal & Sun Alliance Insurers plc No Registered in England & Wales at St Mark s Court, Chart Way, Horsham, West Sussex RH12 1XL. Also underwritten by Pinnacle Insurance plc No Registered in England at Pinnacle Insurance plc, Pinnacle House, Al Barnet Way, Borehamwood, Hertfordshire WD6 2XX and Allianz Insurance plc No Registered in England at 57 Ladymead, Guildford, Surrey GU1 1DB. 7114/194/SOC/03.14/17001 GENSF/NB139.2.MAR14