Modus Underwriting is a relatively new player in the field of insurance, having been formed early in 2015. Its underwriting services are targeted towards e-trading markets in its role as a Managing General Agent (MGA).
An MGA is a specialist type of insurance broker or agent that – in a departure from more conventional brokers – has been granted authority to underwrite policies from a particular insurer.
With headquarters in London, the main focus of independently owned Modus is on underwriting and e-trading – a role which the company itself describes as a “virtual insurer”.
Modus’ principal activity is in the provision of landlord, home and commercial lines of business.
If you are the owner of buy to let or investment property, one of your principal concerns is likely to be landlord insurance – cover which is specifically designed to protect your physical asset in the building or buildings themselves, but also some of the principal threats to your business.
To that end, landlord insurance typically provides the safeguards you need in the following areas:
protection of the structure and fabric of your property against such potentially major risks as theft, flooding, fire, storm damage, and impacts;
protection of whatever contents you own as the landlord of the property – so that any theft, loss or damage of those contents is adequately compensated;
indemnity against claims made by your tenants, visitors to the property, neighbours or even passing members of the public who may have been injured or had their own property damaged through contact with your premises; and
the option for compensation for loss of rental income following any insured event which leaves your property unusable or unfit for habitation.
Modus landlord insurance
Modus specialises in the provision of landlord’s insurance – for both part-time, accidental and professional landlords, who own between one and ten investment properties.
In addition to cover against the usual range of risks of loss or damage to the building, Modus landlord insurance also includes compensation of up to £10,000 for the unauthorised use of gas, electricity or water, damage by emergency services whilst trying to gain access, trace and access cover (up to £25,000) and standard cover to include extensions to the property.
Landlord’s policies include cover for the contents owned by the landlord, including fixtures and fittings, furnishings and furniture, domestic appliances and utensils.
Up to 20% of the total building sum insured to cover the cost of alternative accommodation following a major insured event which leaves the let property temporarily uninhabitable.
Landlord insurance policies by Modus include provision for indemnity against public, property owner’s and landlord liability claims, although the maximum sum payable is not specified in the relevant Key Facts.