Red Sands Insurance Company
Red Sands Insurance Company (Europe) Limited is registered in Gibraltar, with a head office at Ocean Village Promenade, and is regulated by the Financial Services Commission of Gibraltar. As a result of its off-shore status, the company is subject to only limited regulation by the UK's Financial Conduct Authority.
The company was set up in 2003, on a wave of interest in Gibraltar's nascent financial services industry, the ease of access to European markets and compliance with the European regulatory framework for off-shore financial services providers.
Since its founding, Red Sands now claims operations in 11 different European countries, where it offers up to 15 classes of life and general insurance, through 13 partners.
The company claims that it has more than one million policy holders throughout Europe and paid out a total of £34 million during the course of 2012. The Red Sands group - Red Sands Insurance Company (Europe) Limited and Red Sands Life Assurance Company (Europe) Limited - claims holdings of assets worth more than £62 million.
Principal areas of business include:
- insurance-backed guarantees;
- life insurance;
- health insurance;
- motor insurance; and
- equine and pet insurance.
There are typically two principal elements to a buy to let business:
- the landlord's capital investment in a property which is intended to let; and
- the income stream which the business is expected to generate through rents from tenants.
Landlord insurance typically seeks to protect both elements of the business. On the one hand it offers safeguards for the structure and fabric of the building, and of the landlord's contents within it, against such risks as flooding, fire, impacts, storm damage, theft and vandalism. At the same time, such insurance also looks to protection of the ongoing income stream by compensating for any business interruption caused by the loss of rental income.
Different landlord insurance policies may also offer the additional security of enhanced protection against the property owner's public liability and any employer's liability that might be appropriate.
Red Sands landlords insurance
Red Sands does not appear to offer landlord insurance in any shape or form.
Although its published range of products covers a number of general and life insurance products, cover for landlords is not among them. The company nevertheless invites enquiries from prospective customers who may be in search of insurance otherwise not listed in the company's advertised listing.
Furthermore, although the company may be authorised to operate in a number of European countries - including the UK - its compliance with the basic EU regulatory framework, rather than the rules imposed by the UK's Financial Conduct Authority may be a barrier as far as many landlords in Britain are concerned.