Ocaso UK Insurance Company
Ocaso made its first appearance in Britain in 1988 - the first Spanish general insurance company to do so. The company's head office is in Madrid and it maintains UK offices in London and Manchester.
Ocaso was founded in 1920 by Ramón D'Ortega y Hervella and has ever since maintained a position of independence from other financial groups or banks.
Ocaso is one of the market leaders in general insurance in its native Spain. Specialist financial analysts A M Best rate the company's financial strength as "A" (excellent).
Such a rating is supported by the company's most recently (year end 2012) declared solvency margin of almost €950 million, which is more than six times the margin required by Spanish legislation. After tax, net profits for Osaco Insurance during the same period were declared to be more than €108 million.
Income from general insurance represents approximately 50% of the company's present turnover, with the participation of around 30,000 staff, contractors, suppliers and agents.
In the UK
Osaco's principal activities in the UK relate principally to the provision of various types of property insurance:
- holiday or second home insurance;
- household insurance; and
- property owners insurance.
In addition, the company markets in the UK a relatively narrow range of general insurance products for those who are resident in Spain.
When arranging property insurance it is important to distinguish between policies designed for owner occupiers of their own homes and those intended for landlords or let property.
Although both forms of insurance typically include broadly similar elements of cover for protection of the structure and fabric of the building, together with any contents owned by the property owner, the risks and liabilities encountered when the property is let are different to those when it is owner occupied. Moreover, a buy to let property is typically run as a business proposition - a home is the owner's principal residence.
Ocaso landlord insurance
This distinction between the two types of residential property insurance is reflected in Osaco's two products - Household Insurance (for your home) and Property Owner's Insurance (for landlords).
There are two different types of Property Owner's Insurance depending on whether your tenants are principally drawn from the professional classes or whether they are more likely to be students.
Professional Let Property Insurance is available to cover buildings or buildings and contents from major perils such as fire, flooding, impacts, subsidence and theft. Property owner's liability of up to £2 million is also included as standard, as is compensation (up to 20% of the total insured sum) for loss of rental income following an insured event.
Student Let Property Insurance extends to the same risks and liabilities, but premiums are adjusted to reflect the additional hazards that full-time students and their families may present with respect to the let property.