plug into our home and landlord s insurance

plug into our home and landlord s insurance

Welcome Choice to pay annually (via Direct Debit or credit/debit card) as well as by monthly Direct Debit! Paymentshield is excited to introduce you to our Home and Landlord s Insurance products. These products offer enhanced cover options, increased flexibility and be available exclusively via Inertia Online. Our Home Insurance is now underwritten by a panel of insurers with the benefit of a common policy wording: Not yet registered for Inertia Online? Don t worry, contact us on 08450 615 100 for help activating your account. Our landlords Insurance product is also underwritten by a panel of insurers. In order to start selling our Home Insurance product, your business* will need to agree to our updated terms of business. *If you are directly authorised these updated terms of business must be agreed by someone within your business with FCA controller status. For appointed representatives, the updated terms of business must be accepted by your Network. Please contact your Network if you are unsure if you can have access to our new Home Insurance Product

What s different? Our Home & Landlord s Insurance offers: Buildings sum insured increased to 400,000 for Home and Landlord s Insurance (Home Insurance can be increased to 600,000 for an additional premium) Choice to pay annually (via Direct Debit or credit#/debit card) as well as by monthly Direct Debit* The option to pay over 10 or 12 months A greater choice of excess** amounts (available in 50 increments from 50-500) Trace & access cover up to 5,000 for home insurance and 2,500 for landlords insurance for tracing and accessing leaking water or oil from pipes, tanks and fixed heating systems PLUS: Our Landlords Insurance allows you to add malicious damage by tenants to the policy HOME INSURANCE FEATUREs! Trace & access cover up to 5,000 for tracing and accessing leaking water or oil from pipes, tanks and fixed heating systems #Credit Card transactions are subject to 1.5% charge *Monthly installments are subject to a charge for credit **The excess for the buildings is separate to the excess for the contents. If a claim occurs affecting both Buildings & Contents, the single higher excess will apply. (Our standard excess is 100. Escape of water claims carry a minimum excess of 250 or the amount stated in your client s certificate, whichever is greater. Subsidence claims under buildings insurance carry a minimum excess of 1,000).

Home insurance additional features ü Replacement items settled on a new for old basis if they cannot be economically repaired ü Contents sum insured up to 50,000 which can be increased to 75,000 for an additional premium ü A 2,500 increase in contents cover for one month before and one month after a family birthday, wedding/civil ceremony, or religious festival celebrated by the policyholder ü Up to 2,000,000 Property Owner s Liability Cover ü Up to 60,000 alternative accommodation (or up to 90,000 with extra cover) for your clients and their pets under Buildings and 10,000 under Contents ü Up to 2,000 for loss or damage to your client s trees, shrubs, plants, hedges and lawn under Buildings and up to 1,500 under Contents ü Up to 15,000 for your client s valuables ü Up to 5,000 per item for your client s unspecified contents ü Up to 2,000 per item for jewellery, gold and silver articles, furs, clocks, watches, pictures, other works of art, sculptures and collections of stamps, medals or coins unless specified ü Up to 3,000 theft cover for items in your client s garage or outbuildings ü Cover for replacement of food from your client s freezer that has been spoilt by accidental change in temperature ü Replacement locks covered as standard up to 750 under buildings and up to the sum insured under contents Remember: your client can further enhance their policy with our range of optional extras which include accidental damage, personal possessions, home emergency and legal expenses cover. What s not covered? As with all insurance policies there are certain circumstances when your client will not be able to make a claim. These include the following: ü Any loss or damage caused by wet rot or dry rot ü General wear and tear ü Storm or flood damage to fences, hedges and gates ü Loss or damage by some events which occur after the insured property has been unoccupied for more than 60 days Full details of the exclusions which apply are provided in our Policy Document.

Quote & application process Step 1: Login Obtaining a quotation is quick and easy! Simply log in to Inertia Online via www.paymentshield-advisers.co.uk. If you need to activate your account either click on Need to activate your Account from the home page or visit www.paymentshieldadvisers.co.uk/activate Step 3: Quote Enter all the client information then click Get Quotes. We will search our panel of insurers and provide you with the lowest premium available. You are then able to tailor the quote by choosing the preferred payment frequency and method along with a choice of optional extras. Step 2: Start Quote Select Home Insurance then Start New Quote. Step 4: Apply Finally, provide the remaining information we need to set up the policy i.e. address and payment details, then submit the application online.

FAQs Can my customer still choose between BestQuote and FreeFirst payment options? We will still offer a choice of payment options for customers wishing to pay by monthly Direct Debit although these will no longer be named BestQuote and FreeFirst. Customers will now be offered one annual premium with a choice of three payment methods. They can choose to pay in one lump sum, over 12 monthly direct debit payments or they can select our two months payment free option which gives them the choice to defer their first two monthly payments and pay over 10 monthly payments. The cost of the cover commences from the start of the insurance policy therefore the total amount payable for customers choosing to pay over 10 months will be the same as if they paid over 12 months, meaning the monthly payments will be higher for customers paying over 10 months. Monthly payment options are subject to a Consumer Credit Agreement with an associated charge for credit. Will my customer be eligible for cover? Our new home insurance product has almost identical eligibility questions as our classic product but with more insurers competing for your customer s business the coverage available for your geographical region or clientele will be increased. Are there any additional checks on the customer and does this impact their credit file? Only if the customer accepts to have additional checks completed will Aviva perform a Quotation search to enable them to offer your client their cheapest premium. This will leave a soft footprint on your customer s credit file which whilst being visible to the customer and other credit providers (on request of the individual s file) will only show that a quotation has been requested and will not impact the customer s credit rating. How can my customer pay for their policy? Your customer can now choose to pay annually by annual Direct Debit, debit or credit card (subject to a handling charge of 1.5% to cover merchant transaction fees) or by monthly Direct Debit subject to a Consumer Credit Agreement with an associated charge for credit. how will renewal effect customer pricing? Paymentshield will closely monitor customer pricing and do all we can to keep the price your customer pays as competitive as possible on renewal. One way in which we have done this is by introducing a re-broke feature. Provided the customer has opted in to re-broke and not made a claim, we will ask our panel of insurers to offer their best rate. Subject to meeting our criteria, your customer may then have the option of remaining with the renewal price offered by their current insurer, or taking any lower price that is offered by another of our panel. In addition to our re-broke feature, our insurer and pricing initiatives should all help increase customer retention.

Will my customer receive a refund if they wish to cancel? Our home insurance product has a 30 day cooling off period during which your customer can cancel the policy back to the start date for a full refund, unless they have made a claim during this period, less any administration charges and also a cancellation fee may apply. After this period, your customer will be offered a pro-rata refund based on the premiums paid, less any administration charges. A cancellation fee may also apply. Is the policy subject to mid term amendment or cancellation fees? We do not charge customers to make changes to their policy mid-term. The charges applicable to the policy are an annual administration charge and a cancellation charge which may be applied should your customer cancel before the renewal date. If a customer is paying by monthly Direct Debit, they may be required to settle the balance of the premium on a pro-rata basis for the period of time they have been on cover for. This also applies to customers who choose to defer their first two monthly payments; which includes if they cancel prior to any payments being received. If the customer pays by monthly Direct Debit, their payments will be subject to a Consumer Credit Agreement with an associated charge for credit. All Charges are stated within the policy documentation. If my customer has a claim, when will their No Claim Discount (NCD) be reduced? As our home insurance policies are provided on an annual basis, should your customer have a claim their No Claim Discount (NCD) entitlement will be reduced by 2 years at the next renewal. At the following renewal, provided there are no further claims, the NCD will increase by 1 year. Who will handle my customers claims? The insurer your customer chooses will handle the claim from first notification through to repair/replacement. What policy documentation will my customer receive when they purchase a policy? Your customer will receive the Policy Document together with the following documents: Policy Certificate - containing the customer s details and chosen cover options Insurer Schedule - this shows the insurer(s) for your policy and important contact details Statement of Fact - details the information you and/or your customer have told us Statement of Price - showing the annual premium amount for their policy If your customer has chosen a monthly payment option, they will also receive a Consumer Credit Agreement outlining the monthly payable amount including the charge for credit. Will there be any changes to my Commission Payments? All current commission options are available to you under the new product, however the way that commission payments and clawback liabilities are calculated will be slightly different as the product has an annual contract of insurance. In addition, should the customer choose our two months payment free option your commission will now only be paid from month three following the customer s first payment; you will of course receive your full annual commission paid over the remaining 10 months of the policy term.

For all queries regarding Paymentshield Buildings & Contents insurance please contact our Broker Support Team on 08450 615 100 or visit our website at paymentshield.co.uk/plugin This document is intended solely for use by Directly Authorised or Exempt Firms as defined by the Financial Conduct Authority and should not be given to the general public. Paymentshield and the Shield logo are registered trademarks of Paymentshield Limited (registered number 02728936) which is a company registered in England and Wales at Paymentshield House, Southport Business Park, Wight Moss Way, Southport PR8 4HQ. Authorised and regulated by the Financial Conduct Authority. Telephone calls to Paymentshield may be recorded for security purposes and monitored under our quality control procedures. Paymentshield Limited 2013. PSL/00165 (02/15).