LANDLORDS INSURANCE FOR LET PROPERTY This is a summary of the cover available under the OIM Underwriting Ltd Policy. It does not include all the policy benefits, limits and exclusions. Full terms and conditions can be found on your policy booklet (and accompanying schedule of insurance) that will be issued to you if you decide to take a Let Property Policy. You should read this document carefully and immediately upon receipt of it and, if you have any queries you should raise them with your insurance advisor. NAME OF INSURER This Insurance is underwritten by the Royal & Sun Alliance Insurance plc. Royal & Sun Alliance Insurance plc are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. TYPE OF INSURANCE AND COVER This policy covers property insurance of let properties. This insurance provides cover for landlords buildings and landlords contents. Accidental damage cover is available as an option for buildings only. Property owner s liability cover also is included. Please refer to your policy schedule for your selected cover. Please contact your insurance advisor if you would like a copy of the policy wording. The maximum amount that your insurer will pay is the sum insured shown within your policy wording or policy schedule. It is important that the sum insured shown represents the full value of re-building / replacement of your property. SIGNIFICANT FEATURES AND BENEFITS Buildings Cover The cost of repairing or rebuilding the property following loss or damage to your house by the following specific perils: Fire, lightning and explosion Riot, civil commotion, strikes, locked-out workers or malicious people Malicious damage by tenant Theft or attempted theft Earthquake Impact by aircraft, vehicles or animals, falling of trees, branches, telegraph poles, lamp-posts, falling aerials or satellite dishes Storm, flood, escape of water or oil Subsidence or heave of the site upon which the buildings stand or landslip Accidental breakage of sanitary fittings Accidental breakage to underground services which extend from your home to the public mains Buildings Cover also includes Accidental damage to oil pipes, underground supply pipes, sewers, drains and cables Frost damage to fixed water tanks, apparatus and pipes Damage caused by falling aerials and satellite dishes Breakage of fixed glass, solar panels, sanitary fixtures and ceramic hobs Loss of rent due to you and temporary accommodation costs up to 20% of the sum insured for Buildings Architect s and Surveyor s fees, debris removal and additional costs as a result of Local Authority requirements Increased domestic metered water charges up to 750 in all following an escape of water Anyone buying your home until completion of sale The cost of finding the source of an escape of water from fixed water tanks, apparatus or pipes up to 2,500 Property Owners legal liability
Contents Cover The cost of repairing, or where applicable the new for old replacement of landlords contents in the property following loss or damage by the following specific perils: Fire, lightning and explosion Riot, civil commotion, strikes, locked-out workers or malicious people (Not by tenants) Theft or attempted theft Earthquake Impact by aircraft, vehicles or animals, falling of trees, branches, telegraph poles, lamp-posts Storm, flood, escape of water or oil Subsidence or heave of the site upon which the buildings stand or landslip Legal Liability to the Public Any amount which you are legally liable to pay as damages for bodily or damage to property, plus your defence costs and expenses arising as owner of the property up to 2,000,000 for any one accident or series of accidents arising out of one event or 2,000,000 in all for pollution or contamination. SIGNIFICANT CONDITIONS If a part of the roof at the premises is flat, you must have this checked and maintained where necessary every five years. Where a single flat is the subject matter of this insurance policy, insurer s liability for loss or damage to the common parts of the building which the insured flat forms part of, is limited to the percentage that said flat bears to the total number of flats forming he building. In any event, insurer s maximum liability will not exceed the sum insured stated. SIGNIFICANT OR UNUSUAL GENERAL POLICY EXCLUSIONS Loss or damage caused directly or indirectly by radioactive contamination and nuclear assemblies Loss, damage or liability directly or indirectly occasioned by, happening through or in consequence of war, invasion, acts of foreign enemies, hostilities (whether war be declared or not), civil war, rebellion, revolution, insurrection, military or usurped power, or confiscation or nationalisation or requisition or destruction of or damage to property by or under the order of any government or public or local authority Existing or Deliberate Damage Loss or damage that is not directly associated with the incident that caused you to claim, unless expressly stated in this insurance Loss, damage or liability resulting from computer viruses, erasure or corruption of electronic data or the failure of any equipment to correctly recognise the date or change of date Loss, damage or liability caused by Biological or Chemical contamination arising from (i) (ii) terrorism, steps taken to prevent, suppress, control or reduce the consequences of any actual, attempted, threatened, suspected or perceived act of terrorism Any reduction in value of the property insured following repair or replacement Damage caused by wear and tear or any other gradually operating cause. Any loss or damage caused by the use of portable heating appliances other than oil filled electric radiators or fan assisted electric heaters Any loss or damage caused by cooking in rooms other than rooms that are fitted and designed as kitchens SIGNIFICANT OR UNUSUAL EXCLUSIONS RELATING TO BUILDINGS Theft or attempted theft unless violent or forcible entry or exit occurs Damage to gates and fences due to falling trees, telegraph poles or lamp-posts Subsidence or heave damage to domestic fixed fuel-oil tanks, swimming pools, tennis courts, drives, patios and terraces, walls, gates and fences unless the property was damaged at the same time by the same cause Theft or attempted theft for loss or damage which your lodgers or tenants have caused, allowed, chosen to overlook or not reported to the police
SIGNIFICANT OR UNUSUAL EXCLUSIONS RELATING TO CONTENTS Theft or attempted theft unless violent or forcible entry or exit occurs Malicious damage by tenant Theft or attempted theft for loss or damage which your lodgers or tenants have caused, allowed, chosen to overlook or not reported to the police Electrical goods, jewellery, furs, gold and silver including plated articles For loss or damage whilst the buildings are undergoing any structural repairs, alterations or extensions. SIGNIFICANT OR UNUSUAL EXCLUSIONS RELATING TO ACCIDENTAL DAMAGE EXTENSION Infestation, corrosion, damp, wet or dry rot, mould or frost For loss or damage while the home is being altered, repaired, cleaned, maintained or extended For any damage to swimming pools, tennis courts, drives, patios and terraces, walls, gates, and fences, fuel tanks, piers, jetties, bridges and culverts TELL US ABOUT ANY CHANGES 1. You must take reasonable care to provide complete and accurate answers to the questions we ask when you take out, make changes to and renew your policy. 2. You must take all reasonable steps to prevent loss, damage or an accident and keep the buildings in a good state of repair. 3. You must also tell your broker within fourteen days of becoming aware: of any intended alterations, extension or renovation to the buildings. You do not need to tell us about internal alterations to the buildings, or of any change that may result in an amendment to the amounts insured or the limits that are shown in your schedule, or of the home being let under different circumstances or the nature of tenancy alters from that originally disclosed, or of the home being left without an occupant for more than thirty consecutive days, or that you are charged with, or convicted of a criminal offence (other than motoring offences). If the information provided by you is not complete and accurate, we may:- cancel your policy and refuse to pay any claim, or not pay any claim in full, or revise the premium and/or change any excess, or revise the extent of cover or terms of this insurance. POLICY EXCESS The subsidence excess applicable to this policy is 1,000 unless otherwise agreed and noted on your schedule. The policy excess applicable to this insurance is 250 of every claim other than escape of water and any accidental damage which is 500 of every claim and subject to the type of tenant in your property. See your schedule for confirmation. In the event that a property is vacant at inception or becomes vacant during the policy period, the all other section excess is increased by 250. unless otherwise agreed and noted on your schedule Excesses can vary depending on tenant types (refer to you insurance advisor for full details) DURATION This is an annually renewable policy.
CANCELLING THE POLICY Cooling-off Period If after reading through your insurance policy you decide not to proceed with this insurance, you have the right to cancel back to the start of the period of insurance without giving any reason, providing your instruction to cancel is submitted to your Broker within 14 days of either: the date you receive the policy documentation, or the start of the period of insurance, whichever is the latter. Providing no claim has been made we will refund your premium in full. Your Right to Cancel If you wish to cancel your policy after 14 days you can do so at any time by contacting your Broker. On policies where the annual premium has been paid in full a refund of premium will be calculated from receipt of this notice on a pro-rata basis, providing no incidents have occurred which give rise to a claim. On policies where the premium is paid by monthly payments the cancellation will take effect from the end of the period for which you have paid and therefore no refund will be due. Our Right to Cancel We can cancel your policy by giving you 30 days written notice at your last known address if: We have identified serious grounds (such as the use or threat of violence or aggressive behaviour against our staff, contractors or property) There is a change in risk occurring which increases the risk under your policy and which we are unable to insure You breach any terms and conditions of your policy There is a default in instalment payments due under any linked loan agreement If we cancel the policy we will refund premiums already paid for the remainder of the current period of insurance providing no claims have been made. Where possible, we will try to seek an opportunity to resolve the matter with you. If a claim has been submitted or there has been any incident likely to give rise to a claim during the current period of insurance, no refund for the unexpired portion of the premium will be given. This will not affect your right to make a claim for any event that happened before the cancellation date. Please note that upon cancellation of this policy your Broker may impose a charge. Please contact your Broker for further information. HOW TO MAKE A CLAIM If you believe that you have a claim under this Insurance, you should notify: RSA Claims, Lynch Wood Park, Peterborough, Cambridgeshire, PE2 6GG Tel : 0844 871 0049 E : broker.fnol@uk.rsagroup.com COMPLAINTS Our aim is to ensure that all aspects of your insurance are dealt with promptly, efficiently and fairly. At all times we are committed to providing you with the highest standard of service. Any enquiry or concern about this Policy should be addressed in the first instance, to your broker. If you are not satisfied, you may contact the Insurer s Complaints Team at: Customer Relations Team P O Box 2075 Livingston EH54 0EP Email: crt.halifax@uk.rsagroup.com Tel: 0800 107 6161 Fax: 01422 325227
If you remain dissatisfied and wish to make a complaint, you may refer the matter at any time to: Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London, E14 9SR. Telephone: 0800 023 4567 (for landline users) 0300 123 9123 (for mobile users) Email - complaint.info@financial-ombudsman.org.uk. Website - www.financial-ombudsman.org.uk COMPENSATION The Royal & Sun Alliance Insurance plc are members of the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if insurers are unable to meet their liabilities under this policy. The levels of compensation available under the scheme for insurance are 100% of the claim for compulsory insurance and 90% of the claim for non-compulsory insurance, both compensatory levels are without any upper limit. Further information can be obtained from the Financial Services Compensation Scheme website at http:www.fscs.org.uk/. LAW APPLICABLE Under the laws of the United Kingdom (England, Scotland, Wales and Northern Ireland) both you and we may choose the law which applies to this contract, to the extent permitted by those laws. Unless you and we agree otherwise, we have agreed with you that the law which applies to this contract is the law which applies to the part of the United Kingdom in which you are based, or, if you are based in the Channel Islands or the Isle of Man, the law of whichever of those two places in which you are based. We and you have agreed that any legal proceedings between you and us in connection with this contract will only take place in the courts of the part of the United Kingdom in which you are based, or, if you are based in either the Channel Islands or the Isle of Man, the courts of whichever of those two places in which you are based. LANGUAGE OF CONTRACT OF INSURANCE Unless otherwise agreed the language for this contract of insurance shall be English.