Let Property Insurance

Transcription

1 Let Property Insurance POLICY SUMMARY AND TERMS OF BUSINESS assetsure.com

2 ABOUT THIS SUMMARY OF COVER This summary provides key information only about insurers and the insurance cover available within Assetsure Let Property Insurance. This summary does not contain the full terms and conditions of the insurance which can be found in the policy wording. The policy wording is available on request, but if you are in any doubt as to the cover afforded you should contact Assetsure on This Summary of Cover does not form part of your insurance contract. Where the benefits or exclusions differ from those outlined in this summary, you will be advised by Assetsure. We reserve the right to change or limit any cover. ABOUT THE INSURER This insurance is underwritten by a consortium of the following leading UK insurers: Legal & General Group 1 Coleman St, London, EC2R 5AA. ERGO Versicherung AG ( Uk Branch) MUNICH RE Group offices, Plantation Place - 3rd floor, 30 Fenchurch Street, London, EC3M 3AJ. Both insurers are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. You can check these details with the Financial Conduct Authority either on their website at or by calling them on Details of each insurer s proportionate liability will be provided upon request. In relation to Section 3 ARAG Plc ARAG plc is registered in England number Registered in England and Wales at 9 Whiteladies Road, Clifton, Bristol BS8 1NN. ARAG plc is authorised and regulated by the Financial Conduct Authority firm registration number ARAG plc is authorised to administer this insurance on behalf of the insurer Brit Syndicate 2987 at Lloyd s (written under unique market reference B0356KA233D12A000 or replacement thereof). Brit Syndicates Limited, the managing agent for Brit Syndicate 2987 at Lloyd s, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. DURATION OF THIS INSURANCE The period of insurance will be for 12 months unless otherwise agreed by us. The period of insurance will be shown in the schedule. CANCELLATION OF THIS INSURANCE If 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 Assetsure 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. If you wish to cancel your policy after 14 days you can do so at any time by contacting Assetsure. 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. We can cancel your policy by giving you 30 days written notice at your last known address. We will only cancel this policy or any part of it for a valid reason. Where possible, we will try to seek an opportunity to resolve the matter with you. If we cancel the policy we will refund premiums already paid for the remainder of the current period of insurance based on a proportional daily rate depending on how long this insurance has been in force. 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. HOW TO MAKE A CLAIM UNDER THIS INSURANCE Naturally, we hope that you won t have any accidents of misfortune but if you do, and wish to make a claims under this insurance you can do so by calling our claims helpline on: To help us deal with your claim quickly we may require you to provide us with assistance and evidence that we require concerning the cause and value of any claim. Ideally, as part of the initial notification, you will provide: Your name, address, and your home and mobile telephone numbers Policy/Certificate number The date of the incident Police details / Crime Reference number where applicable The cause of the loss or damage Details of the loss or damage together with claim value if known Names and addresses of any other parties involved or responsible for the incident (including details of injuries) and addresses of any witnesses. This information will enable us to make an initial evaluation on policy liability and claim value. IN RELATION TO SECTION 3 OF YOUR POLICY If you need to make a claim you must notify ARAG as soon as possible and in relation to rent arrears, within 60 days of the rent first becoming due. When legally required, you must first have issued the necessary notices informing your tenant of your intention to repossess the property. Under no circumstances should you instruct your own lawyer as the insurer will not pay any costs incurred without our agreement. You can request a claim form by telephoning between 9am and 5pm Monday to Friday (except bank holidays) or online at ARAG will issue you with a written acknowledgement within one working day of receiving your claim form. Within five working days of receiving all the information needed to assess the availability of cover under the policy, ARAG will write to you either: - confirming the appointment of a suitably qualified representative who will promptly progress the claim for you; or - if the claim is not covered, explaining in full why and whether ARAG can assist in another way. When a lawyer is appointed they will try to resolve your dispute without delay. Matters cannot always be resolved quickly particularly if the other side is slow to cooperate or a legal timetable is decided by the courts.

3 THE COVER AVAILABLE Assetsure Let Property Insurance is a comprehensive Landlord insurance. This insurance product offers customers the opportunity to purchase Buildings, Contents or a Buildings & Contents policy which provides the level of cover you need at a competitive price. Section One - Buildings Buildings are defined as: The home and its decorations including: Fixtures and fittings attached to the home, Tennis courts, swimming pools, drives, paths, patios and terraces, walls, gates and fences and fixed fuel tanks, Solar panels permanently attached to the main private dwelling, which you own or for which you are legally responsible within the premises named in the schedule. Section Two - Contents Household goods, within the home, which are your property or which you are legally responsible for. Contents include: Radio and television aerials, satellite dishes, their fittings and masts which are attached to the home, Contents that are within the premises shown in the schedule but not contained within the home or outbuildings at the time of loss or damage up to 500 in total (other than radio and television aerials, satellite dishes, their fittings and masts which are attached to the home), Carpets but not permanently fitted flooring, Contents in outbuildings up to 1,000, unless otherwise stated in the schedule. WHAT ARE YOU INSURED AGAINST? - BUILDINGS & CONTENTS Fire, smoke, lightning, explosion or earthquake Aircraft and other flying devices or items dropped from them Storm, flood or weight of snow Escape of water from and frost damage to fixed water tanks, heating installation, apparatus or pipes. Escape of oil from a fixed domestic oil-fired heating installation and smoke damage caused by a fault in any fixed domestic heating installation Subsidence, or heave of the site upon which the buildings stand, or landslip Falling trees, lamp posts or telegraph poles. Theft of attempted theft Breakage or collapse of fixed radio and television aerials, fixed satellite dishes and their fittings and masts Riot, violence, strike, labour disturbance, civil commotion or malicious acts Collision by any vehicle or animal.

4 ADDITIONAL BENEFITS INCLUDED AS STANDARD Section One - Buildings Accidental damage to fixed glass and glazing, solar panels, sanitary ware and ceramic hobs all forming part of the buildings Accidental damage to domestic oil pipes, underground water supply pipes, underground sewers, drains and septic tanks, underground gas pipes and underground cables serving the home and which you are legally responsible Loss or rent due to you and temporary accommodation costs up to 50,000 Architect s, surveyor s, consulting engineers and legal fees, the cost of removing debris and making safe the building and costs you have to pay in order to comply with any Government or local authority requirements Up to 750 in increased water meter charges following and escape of water claim Up to 500 towards replacing and fitting locks if you lose your keys anywhere in the world Anyone buying the home will have the benefit of buildings cover until the sale is completed or the insurance ends, whichever is sooner, excluding any loss or damage if the buildings are insured under another insurance Up to 1,000 for damage to the buildings caused by forced access to deal with medical emergency or to prevent damage to the home Up to 2,500 to find the source of an escape of water or oil from any fixed water tanks, apparatus or pipes following loss of damage to the buildings. Up to in respect of malicious damage or attempted theft by your tenant. Section One - Buildings Personal Liability as Owner of the Home and Supplier of Landlords Contents Legal liability as owner of the building up to 2,000,000 Section Two - Contents Up to 500 to replace locks following theft or loss of keys anywhere in the world Increased metered water charges you have to pay following an escape of water up to 750 in any period of insurance. If you claim for such loss under buildings and contents we will not pay more than 750 in total Accidental damage to mirrors and glass furniture Up to 1,000 for damage to the contents caused by forced access to deal with medical emergency or to prevent damage to the home Section Two Contents - Accidents to Domestic Employees Up to 5,000,000 for any one claim or series of claims arising from a single event. OPTIONAL EXTENSIONS TO COVER AVAILABLE ON REQUEST FOR AN ADDITIONAL PREMIUM Additional Accidental Damage cover Landlord Legal Expenses

5 SUMMARY OF SIGNIFICANT EXCLUSIONS AND LIMITS This is a summary only - you must read this in conjunction with the Policy Document for full details, as well as your Schedule for specific terms and conditions Applicable to Sections One and Two Buildings & Contents There are restrictions on cover if: It is a condition of this insurance that: i. The home is inspected internally by you or your representative at least every 180 days with records kept of each visit. ii. All waste including accumulated mail must be removed. iii. The buildings are maintained and not neglected. iv. You must comply with all regulations/statutory conditions regarding the letting of the premises including, but not limited to:- The number of persons legally allowed to reside at the premises. Compliance with the Furniture and Furnishings (Fire Safety) Regulations 1988 (amended). Having the minimum legal number of smoke detectors/ fire extinguishers/fire blankets installed at the premises. v. All gas appliances fitted at the premises must be serviced by an individual registered with the Gas Safe Register on an annual basis. A valid Landlord Gas Safety (also known as a CP12 certificate) must be in place at all times when the premises are let to tenant(s) and records kept for a minimum of 2 years. We will request sight of these if you wish to make a claim. Your circumstances change and you do not inform us, this includes; changes in the type of tenant the home becoming unoccupied, unfurnished or illegally occupied, the home becomes your permanent residence or work being carried out at the property which is not routine repair maintenance or decoration for example structural alteration or extension. If you have a pet, loss or damage caused by them is not covered under this policy. We will not pay for any loss, damage, liability, cost or expense of any kind directly or indirectly caused by, resulting from or in connection with any act of Terrorism. This insurance does not cover: damage to your tenants personal contents. This insurance does not cover deliberate damage caused by you or any person legally in the home. The maximum we will pay for malicious damage/attempted theft by a person legally entitled to be in your home is 5,000. vi. A short-hold tenancy agreement of six months or more must be in force at all times along with suitable references. vii. You must retain utility bills relating to the home as we may request sight of these following a claim for loss or damage caused by escape of water from and frost damage to fixed water tanks, heating installations, apparatus or pipes. Heating Clause It is a condition of this insurance, that in the event of:- a) The home being permanently vacated by the tenant(s), or b) Your tenant(s) (if students) have left the home for more than 24 hours outside their relevant semester period, or c) The home becomes unoccupied for more than 30 days. During the period 1st November to 28th February each year that you comply with one of the following:- If you fail to comply with any of these conditions, this insurance will not cover loss or damage caused by escape of water from and frost damage to fixed water tanks, apparatus or pipes. If any claim is made then we reserve the right to request from you any bills for any utilities being supplied to the home for verification by us. i. Where the entire home has the benefit of a gas or oil fired central heating system, the system must be set to operate continuously for 24 hours each day at not less than 12 degrees Celsius or 54 degrees Fahrenheit; or Ii. All water supplies to the home to be turned off at the mains and the entire water system be drained of all the water.

6 POLICY EXCESS Standard Excess 100 Escape of Water Excess 250 Subsidence, Landslip & Heave Excess 1,000 Unless stated otherwise in your Schedule SUMMARY OF SIGNIFICANT EXCLUSIONS AND LIMITS This is a summary only - you must read this in conjunction with the Policy Document for full details, as well as your Schedule for specific terms and conditions. Section Three - Landlords Legal Expenses The insurer will pay your legal costs & expenses, including the cost of appeals up to 50,000 for claims reported during the period of insurance for the following: It must be more likely than not that your claim will be successful. Your claim must be reported to us during the period of insurance and as soon as possible after you first become aware of circumstances which could give rise to a claim. In relation to rent arrears, this must be within 60 days of the rent first becoming due. You must agree to use our appointed advisor before proceedings are issued or for claims heard in the small claims court. The insurer will not pay legal costs & expenses incurred before we agree to cover your claim. 1. Repossession We will pursue a claim for repossession of your property which is let in England, Wales or Scotland as an assured shorthold, shorthold or assured tenancy under the 1988 Housing Acts or in Northern Ireland subject to the Private Tenancies (NI) Order to a limited company or business partnership under licence agreements if you live at the property. You must be able to provide evidence that you have demanded overdue rent in writing There must be mandatory grounds for repossession 2. Property Damage, Nuisance and Trespass We will pursue a claim if your property or contents are damaged or affected by a public nuisance or trespass. You must prepare an inventory and keep rental records up to date. Damage that arises from a contract other than a tenancy agreement. Trespass by your tenant or ex-tenant. 3. Recovery of Rent Arrears We will pursue a claim to recover rent arrears owed to you. 4. Accommodation & Storage Costs We will pay accommodation and/or storage costs while you are unable to get possession of your property. You must be repossessing your property to live in it yourself. Accommodation costs exceeding 175 per day and in excess of 5,250 in total. Storage costs exceeding 50 for each complete week and in excess of 300 in total

7 SUMMARY OF SIGNIFICANT EXCLUSIONS AND LIMITS This is a summary only - you must read this in conjunction with the Policy Document for full details, as well as your Schedule for specific terms and conditions. Section Three - Landlords Legal Expenses - Continued 5. Prosecution Defence We will defend a prosecution against you that relates to the letting of your property. Territorial Limit Tenancy-related Legal Advice Access by phone to legal and tax experts for EU-wide legal advice and UK tax advice. Prosecutions alleging violent acts, dishonesty or relating to illegal drugs or alcohol, illegal immigration or indecent or obscene materials. Your property must be located in England & Wales, Scotland or Northern Ireland. We will not put advice in writing. Advice is restricted to landlord & consumer legal matters. Advice on UK tax law is available Monday to Friday between 9am and 5pm (except bank holidays). We cannot advise on financial planning or financial service products. Services are subject to fair and reasonable use. Landlords Legal Services website Visit our Landlords Legal Services website and register using your voucher code to download legal documents that can assist you with day-to-day issues that affect your residential property. Many documents offer legal review services. You can access our online law guide. Documents are restricted to landlord & consumer legal matters. Some documents can only be used in England & Wales. Many documents are free while others attract a modest charge. Legal review services are subject to a fee. HOW WE SETTLE YOUR CLAIM Section One - Buildings If your claim for loss or damage is covered under Section 1, we will pay the full cost of repair as long as: The buildings were in a good state of repair immediately prior to the loss or damage, and The sum insured is enough to pay for full cost of rebuilding the buildings in their present form and the damage has been repaired or loss has been reinstated. Section Two - Contents If you claim for loss or damage to the contents, we will repair, replace or pay for any article covered under Section 2 contents.

8 Terms of Business Agreement - This forms part of your contract About us Assetsure is a trading name of Hildon Park Limited, registered address: First Floor, Millbank Tower, Millbank, London, England, SW1P4QP. We are authorised and regulated by the Financial Conduct Authority. Our FCA Number is We are permitted to make arrangement, advise and deal as an agent of insurers with respect to non-investment insurance policies. We can also act as a credit broker. You can check these details on the FCA s register by visiting or by calling the FCA on Your duty of disclosure You must take reasonable care not to make a misrepresentation to the insurer. This means that all the answers you give and statements you make as part of your insurance application, including at renewal and when an amendment to your policy is required, should be honest and accurate. If you deliberately or carelessly misinform the insurers, this could mean that part of or all of a claim may not be paid. How to cancel You are entitled to cancel this contract of insurance by writing to us within 14 days of either the date you receive this contract of insurance or the start of the period of insurance, whichever is the later, and receive a full premium refund. We may keep an amount which reflects the administrative costs of arranging and cancelling the policy. Details of these amounts are given in our tariff of administration charges. Protecting your information We take your privacy extremely seriously and we will only use your personal details in line with our Privacy Notice. Please read our Privacy Notice carefully (This document can be obtained by visiting our website. and contact us immediately if you have any queries. Where necessary, where we would like to use your data for marketing purposes, we shall ask for your specific consent to do so. Your personal information includes all of the details you have given us to process your insurance policy (we will not ask for more information than is necessary). We may share your data with Third Parties for the provision and ongoing performance of your insurance policy. Your data may be transferred outside the UK. We will not sell, rent or trade your data under any circumstances. All of the personal information you supply to us will be handled strictly in accordance with the applicable Data Protection regulations and legislation. Tariff of Administration Fees and Charges For services in providing this product we charge an annual administration fee of up to 50. This charge is for the provision of our services including all policy documentation, claims handling and renewal invitation. Protecting your money Prior to your premium being forwarded to the insurer, and for your protection, we hold your money as an agent of the insurer. This means your policy is treated as being paid for. We may transfer your money to another intermediary in some cases. However your money will be protected at all times because of the requirements of FCA rules. We also reserve the right to retain interest earned on this account. By accepting this Terms of Business Agree. Our earnings You are entitled, at any time, to request information regarding any commission which we may have received as a result of placing your insurance business. Complaints We are committed to treating our customers fairly. However, We realise that there may be times when things go wrong. If this happens, please use the most suitable contact from the following list. Please tell us your name and your claim number or policy number and the reason for Your complaint. We may record phone calls. Policy administration complaints For complaints about policy administration and documents, contact Customer Care Line, 3 Atlantic Quay, 20 York Street, Glasgow, G2 8JH. Telephone: pencomplaints@penunderwriting.com. Claims Related Complaints Customer Care Line, Ryan Direct Group, Quay Point, Lakeside Boulevard, Doncaster, DN4 5PL Tel: customer. relations@ryandirectgroup.co.uk. Buildings, Contents and Extra Protection Complaints For complaints regarding section 1 Buildings, section 2 Contents, and section 3 Extra Protection please refer to your policy schedule for the contact details. Legal Expenses For complaints about Legal Expenses contact ARAG plc Customer Relations Department. Address: ARAG plc 9 Whiteladies Road, Clifton, Bristol BS8 1NN. claims.director@groupama.co.uk. Telephone: Should you remain dissatisfied with how Arag dealt with your complaint, you may be entitled to pursue your complaint further, contact Lloyd s. Address: Policyholder and Market Assistance, Market Services, Lloyd s, Fidentia House, Walter Burke Way, Chatham Maritime, Kent ME4 4RN. Telephone: Fax: complaints@lloyds.com. Financial Ombudsman Service If you remain unsatisfied with how your claim was dealt with, you may be able to pass your complaint to the Financial Ombudsman Service (FOS). The FOS is an independent organisation and will review your case. Address: The Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR. Telephone: (if calling from a land line) or (if calling from a mobile). You can visit the Financial Ombudsman Service website at The ombudsman s service is available to personal policyholders. Their service is also open to charities, trustees and small businesses with income or assets within defined limits. You can get more information from us or the ombudsman. If you take any of the action mentioned above, it will not affect your right to take legal action. Compensation arrangements We are covered by the Financial Services Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Insurance advising and arranging is covered for 90% of the claim, without any upper limit. For compulsory classes of insurance, insurance advising and arranging is covered for 100% of the claim, also without any upper limit. Further information about compensation scheme arrangements is available from the FSCS on or by visiting Which Services do we provide you with? We do not specifically recommend products, however, we will ask you questions to determine that the product we are offering is applicable for your circumstances. You can then choose whether you wish to proceed. How to claim Please refer to your policy schedule or your policy document if you need to notify a claim. You should contact us as soon as possible using the contact details provided. LLPS0518