CIS General & Co-Operative Insurance Limited
CIS General Insurance Limited trades under the name of The Co-operative Insurance
The Co-operative Insurance Company Limited (later renamed The Co-operative Insurance) was founded in 1867, principally to provide fire insurance for the many co-operative societies of the time. By 1886, the company was also selling life assurance policies, with all profits from such trading belonging exclusively to the policy holders.
In 1899 the company became an industrial and provident society (a formal legal entity trading for the mutual benefit of its members) and was renamed Co-operative Insurance Society Limited (CIS). At the same time, insurance was sold to members of the general public instead of being restricted only to members of co-operative societies.
In 1913, the shares of the company were acquired by the Co-operative Wholesale Society (CWS) and the Scottish Co-operative Wholesale Society, with the eventual merger of the two in 1973. CWS became The Co-operative Group in 2000.
In 2006, Co-operative Insurance Society Limited split its life and general insurance businesses, with the latter taken over by a new name, CIS General Insurance Limited, trading under the name of The Co-operative Insurance.
Landlord insurance is a variety of general insurance but typically offers wider protection than the home insurance normally arranged by owner occupiers of their homes.
Landlords are effectively running a business in which the let property represents the principal investment and rents the principal source of business revenue. Rental income is critical to a landlord in a way that it is clearly not relevant to the owner occupier.
Landlord insurance therefore typically includes protection of the landlord's principal business interests, including not only the capital investment, but also the risk of lost rental income and other potential claims against the business arising for the landlord's liabilities as a property owner or as an employer.
CIS General Insurance landlord insurance
Amongst its range of business insurance products, The Co-operative Insurance actively markets landlord insurance to buy to let property owners, corporate landlords, residents' associations and those owning up to 10 rental properties.
The landlord cover offered is particularly comprehensive:
- buildings cover includes the risk of subsidence (which is not covered by some other insurers);
- landlord's contents may be covered either as a core element or as an optional extra;
- property loss or damage may include or exclude accidental damage to buildings and contents and, if included, also covers damage to internal decoration;
- glass replacement cover for all internally and externally glazed areas;
- property owner's liability cover of up to £5 million (other insurers may not cover to such a high sum);
- employer's liability cover of up to £5 million (which many other policies may not include as standard);
- compensation in the event of an assault by a tenant; and
- loss of rental income - up to a maximum of 20% of the total building sum insured, or up to 30% upon request.