This is a summary of the cover available under the Residential Property Owners policy. It does not include all the policy benefits, limits and exclusions. Full terms and conditions can be found in the policy booklet and accompanying schedule of insurance that will be issued to you if you decide to take out the 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 broker.
English Law will apply to the contract of insurance.
NAME OF INSURER
This insurance policy is underwritten by Lloyd’s Syndicate No 2001 managed by Amlin Underwriting Limited, St Helen’s, 1 Undershaft, London EC3A 8ND UK through their service company Amlin Insurance Services. They have delegated authority for the administration of your policy to ABACUS. Amlin Underwriting Limited is listed on the Lloyd’s Register of Underwriting Agents, reference number 01901D. Amlin Underwriting Limited is authorised and regulated by the Financial Services Authority.
TYPE OF INSURANCE AND COVER
This policy covers property insurance of let properties.
This insurance provides cover for • Buildings. • Landlord’s Contents (optional). • Property Owner’s liability. Please refer to your policy schedule for your selected cover. Please contact your broker if you would like a copy of the policy wording.
SIGNIFICANT FEATURES AND BENEFITS Buildings standard cover The cost of repairing or rebuilding the property following loss or damage to your house by specified perils (including subsidence).
Additional cover
•
• •
Loss of rent up to a maximum of 20% of the building sum insured following the action of a peril insured by this policy or at your choice reasonable additional expenses of comparable alternative accommodation. Communal contents of common parts owned by you as landlord up to £25,000. Accidental damage to buildings (if selected).
Contents cover (if selected)
The cost of repairing (or where applicable the new for old replacement of) landlord’s contents in the property following loss or damage by specified perils.
Property Owner’s liability
Any amount which you as owner of the property are legally liable to pay as damages for bodily injury or damage to property, plus defence costs and expenses, up to £2 million any one accident (£2 million in all for pollution or contamination).
SIGNIFICANT CONDITIONS
• You must tell us if the type of tenant in the property changes or if the property becomes unoccupied for more than 30 days. • You must tell us in advance if you are planning to carry out structural building work to the premises insured. • If a part of the roof at the premises is flat, you must have this checked and maintained where necessary every 5 years.
SIGNIFICANT OR UNUSUAL GENERAL POLICY EXCLUSIONS
• Any loss or damage caused by the use of portable heating appliances other than oil filled electric radiators or fan assisted electric heaters – General conditions –portable heating.
• Any loss or damage caused by cooking in rooms other than rooms that are fitted and designed as kitchens – General exclusions – cooking in rooms.
SIGNIFICANT OR UNUSUAL EXCLUSIONS Buildings • Damage to gates and fences due to falling trees, telegraph poles or lampposts – Section 1-cover 11 exclusion ii).
Accidental damage extension
•
• •
Loss or damage while the home is being altered, repaired, cleaned, maintained or extended -Section 1, optional extension exclusion iii). Damage to swimming pools, tennis courts, drives, patios, walls, gates, fences, fuel tanks, piers, jetties, bridges and culverts – Section 1, optional extension exclusion x). Damage to outbuildings and garages which are not of standard construction – Section 1, optional extension exclusion iv).
Contents
• Malicious damage by tenant – Section 2 – cover 8 exclusion ii). • Jewellery, furs, gold and silver including plated articles, pictures – General definitions-contents. • Theft by tenant – Section 2- cover 6 exclusion i).
Version 3 – Mar 2007
COVER APPLICABLE SHOULD YOUR PROPERTY BECOME VACANT
The property will be considered vacant if the property has not been lived in for 30 consecutive days. Should the property become vacant during the policy period, the following restrictions apply. • Buildings – restricted cover will apply. • Property Owners liability – unaffected by unoccupancy of property.
• Contents – restricted cover will apply.
POLICY EXCESSES
• Subsidence – £1,000 unless otherwise advised. • All other sections- £100 (£500 for vacant properties) unless otherwise advised.
DURATION
This is an annually renewable policy.
CANCELLATION PROCEDURE
You have 14 days from inception/renewal date or receipt of your policy documents (whichever is the later) to cancel the cover. We will refund your premium less a charge for the time on cover. We may also make an additional administrative charge of £20 or 10% of the premium, whichever is the greater.
HOW TO MAKE A CLAIM
To make a claim, please contact your broker who will then notify ABACUS. Two estimates should be obtained from reputable suppliers and only emergency repair work completed. If you need clarification as to whether repairs are considered ‘emergency’, please contact your broker. Alternatively, if you cannot register this claim with your broker, please contact ABACUS directly on 08700 668012.
COMPLAINTS PROCEDURE
Any complaint you may have should, in the first instance, be directed to your broker who will inform ABACUS immediately. In the event that you are not satisfied with the way in which the complaint has been handled, you should write to
ABACUS, Compliance Director, 7th Floor Maitland House, Warrior Square, Southend on Sea, Essex, SS1 2JN.
If you are still unhappy with any issue connected with the handling of your insurance policy or claim then you should direct your enquiry in writing to:
Amlin Insurance Services Amlin House Parkway Chelmsford
Essex, CM2 0UR
In the event that you remain dissatisfied and wish to make a complaint you can do so at any time by referring the matter to the Complaints Department at Lloyd’s without prejudice to your rights in law. Their address is:
Complaints Department Lloyd’s One Lime Street London EC3M 7HA Telephone: 020 7327 5693 Fax No: 020 7327 5225 Email: Complaints at Lloyds.com
Complaints that cannot be resolved by the Complaints Department may be referred to the Financial Ombudsman Service. Further details will be provided at the appropriate stage of the complaints process.
FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)
In the event that your insurer is unable to meet their liabilities, you may be entitled to compensation from the Financial Services Compensation Scheme. The first £2,000 of a claim or policy is protected in full. For the remainder of any claim or unused premium, compensation is made to 90% of its value. More information regarding this scheme can be found on www.fscs.org.uk Telephone 0207 892 7300.
English Law will apply to the contract of insurance.
NAME OF INSURER
This insurance policy is underwritten by Lloyd’s Syndicate No 2001 managed by Amlin Underwriting Limited, St Helen’s, 1 Undershaft, London EC3A 8ND UK through their service company Amlin Insurance Services. They have delegated authority for the administration of your policy to ABACUS. Amlin Underwriting Limited is listed on the Lloyd’s Register of Underwriting Agents, reference number 01901D. Amlin Underwriting Limited is authorised and regulated by the Financial Services Authority.
TYPE OF INSURANCE AND COVER
This policy covers property insurance of let properties.
This insurance provides cover for • Buildings. • Landlord’s Contents (optional). • Property Owner’s liability. Please refer to your policy schedule for your selected cover. Please contact your broker if you would like a copy of the policy wording.
SIGNIFICANT FEATURES AND BENEFITS Buildings standard cover The cost of repairing or rebuilding the property following loss or damage to your house by specified perils (including subsidence).
Additional cover
•
• •
Loss of rent up to a maximum of 20% of the building sum insured following the action of a peril insured by this policy or at your choice reasonable additional expenses of comparable alternative accommodation. Communal contents of common parts owned by you as landlord up to £25,000. Accidental damage to buildings (if selected).
Contents cover (if selected)
The cost of repairing (or where applicable the new for old replacement of) landlord’s contents in the property following loss or damage by specified perils.
Property Owner’s liability
Any amount which you as owner of the property are legally liable to pay as damages for bodily injury or damage to property, plus defence costs and expenses, up to £2 million any one accident (£2 million in all for pollution or contamination).
SIGNIFICANT CONDITIONS
• You must tell us if the type of tenant in the property changes or if the property becomes unoccupied for more than 30 days. • You must tell us in advance if you are planning to carry out structural building work to the premises insured. • If a part of the roof at the premises is flat, you must have this checked and maintained where necessary every 5 years.
SIGNIFICANT OR UNUSUAL GENERAL POLICY EXCLUSIONS
• Any loss or damage caused by the use of portable heating appliances other than oil filled electric radiators or fan assisted electric heaters – General conditions –portable heating.
• Any loss or damage caused by cooking in rooms other than rooms that are fitted and designed as kitchens – General exclusions – cooking in rooms.
SIGNIFICANT OR UNUSUAL EXCLUSIONS Buildings • Damage to gates and fences due to falling trees, telegraph poles or lampposts – Section 1-cover 11 exclusion ii).
Accidental damage extension
•
• •
Loss or damage while the home is being altered, repaired, cleaned, maintained or extended -Section 1, optional extension exclusion iii). Damage to swimming pools, tennis courts, drives, patios, walls, gates, fences, fuel tanks, piers, jetties, bridges and culverts – Section 1, optional extension exclusion x). Damage to outbuildings and garages which are not of standard construction – Section 1, optional extension exclusion iv).
Contents
• Malicious damage by tenant – Section 2 – cover 8 exclusion ii). • Jewellery, furs, gold and silver including plated articles, pictures – General definitions-contents. • Theft by tenant – Section 2- cover 6 exclusion i).
Version 3 – Mar 2007
COVER APPLICABLE SHOULD YOUR PROPERTY BECOME VACANT
The property will be considered vacant if the property has not been lived in for 30 consecutive days. Should the property become vacant during the policy period, the following restrictions apply. • Buildings – restricted cover will apply. • Property Owners liability – unaffected by unoccupancy of property.
• Contents – restricted cover will apply.
POLICY EXCESSES
• Subsidence – £1,000 unless otherwise advised. • All other sections- £100 (£500 for vacant properties) unless otherwise advised.
DURATION
This is an annually renewable policy.
CANCELLATION PROCEDURE
You have 14 days from inception/renewal date or receipt of your policy documents (whichever is the later) to cancel the cover. We will refund your premium less a charge for the time on cover. We may also make an additional administrative charge of £20 or 10% of the premium, whichever is the greater.
HOW TO MAKE A CLAIM
To make a claim, please contact your broker who will then notify ABACUS. Two estimates should be obtained from reputable suppliers and only emergency repair work completed. If you need clarification as to whether repairs are considered ‘emergency’, please contact your broker. Alternatively, if you cannot register this claim with your broker, please contact ABACUS directly on 08700 668012.
COMPLAINTS PROCEDURE
Any complaint you may have should, in the first instance, be directed to your broker who will inform ABACUS immediately. In the event that you are not satisfied with the way in which the complaint has been handled, you should write to
ABACUS, Compliance Director, 7th Floor Maitland House, Warrior Square, Southend on Sea, Essex, SS1 2JN.
If you are still unhappy with any issue connected with the handling of your insurance policy or claim then you should direct your enquiry in writing to:
Amlin Insurance Services Amlin House Parkway Chelmsford
Essex, CM2 0UR
In the event that you remain dissatisfied and wish to make a complaint you can do so at any time by referring the matter to the Complaints Department at Lloyd’s without prejudice to your rights in law. Their address is:
Complaints Department Lloyd’s One Lime Street London EC3M 7HA Telephone: 020 7327 5693 Fax No: 020 7327 5225 Email: Complaints at Lloyds.com
Complaints that cannot be resolved by the Complaints Department may be referred to the Financial Ombudsman Service. Further details will be provided at the appropriate stage of the complaints process.
FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)
In the event that your insurer is unable to meet their liabilities, you may be entitled to compensation from the Financial Services Compensation Scheme. The first £2,000 of a claim or policy is protected in full. For the remainder of any claim or unused premium, compensation is made to 90% of its value. More information regarding this scheme can be found on www.fscs.org.uk Telephone 0207 892 7300.
Policies vary; ensure this document is the correct version for your policy. Whilst we will make every attempt to keep this key fact document up to date, please check directly with the broker or insurance company for the most up to date version.