Police Mutual Assurance Society Limited
Just as the name suggests, this is a friendly society set up for and committed to providing benefits for police officers - serving, retired or their family members.
It is built and run on friendly society principles to the extent that there are no shareholders of the company and all of its operations are geared to helping its members. There are currently some 200,000 members of the society, making it one of the largest friendly societies in the UK.
The society was set up in 1922 and continues the same policy of membership for police officers and staff whether serving, retired, or family members of the same.
The Police Mutual Assurance Society Limited currently offers a wide range of financial services products including:
Insurance - for the home, car and car breakdown cover, life insurance, mortgage and income protection cover;
- savings and investment plans;
- mortgage advice and mortgage protection insurance;
- financial education courses;
- retirement advice - including a stakeholder pension scheme; and
- healthcare insurance.
Once headquartered in the very centre of Birmingham, the society now operates from a main office in Lichfield, Staffordshire.
By 1997, assets under the management of the society broke the £1 billion mark and in the same year civilian members of staff became eligible for the benefits of membership of the society. Similar benefits were opened up to family members of officers and staff in 2003.
Practically any property, and its contents, is exposed to certain risks of loss or damage - whether through fire, storm damage, flooding, impacts, theft or damage. The damage may be so severe that the building is a total loss and needs to be completely reconstructed. The total sum insured under any building insurance policy, therefore, typically reflects this cost of reconstruction.
Similarly, it may prove necessary to completely replace any of the contents within the building that have been lost or damaged in an insured event.
Just as with standard home insurance policies, landlord insurance also keeps these safeguards at its heart. But it also typically extends cover to such business-related aspects as compensation for loss of rental income in the event of an insured incident and the additional security of enhanced property owner's and landlord's liability cover.
Sometimes landlord insurance might also include employer's liability cover, if this is appropriate, together with compensation for accidental or malicious damage caused by tenants.
Police Mutual landlord insurance
Although the company offers standard home insurance policies for the protection of owners' buildings and contents, it does not specifically advertise landlord insurance. As already noted, this type of cover is unlikely to be appropriate for the owners of let property.
However, the society does invite customers who have been unable to find the appropriate cover to telephone to discuss their particular requirements with an agent.