Service Insurance Company Limited
Service Insurance Company Limited is registered in Gibraltar and is a member of the Gibraltar Insurance Association (GIA).
Service was set up relatively recently, in 1997 and in the UK operates from offices in Tunbridge Wells. Service Underwriting was originally established as a motor syndicate at Lloyds and today continues to provide products underwritten by the Gibraltar registered company Service Insurance Company Limited.
The company continues to provide products related exclusively to motor insurance and roadside assistance and vehicle recovery and rescue cover. The latter is administered from a new control centre in Leeds, whilst insurance management and claims services are operated from headquarters in Hove, Sussex.
Although Service Underwriting Agency Ltd is regulated and authorised by the UK’s Financial Conduct Authority, its parent Service Insurance Company Limited is regulated by the local authorities in Gibraltar – including the Gibraltar Financial Services Commission.
As a member of the Gibraltar Insurance Association, Service Insurance Company Limited is part of an association which exists to promote Gibraltar as an offshore insurance domicile.
Service Insurance Company Limited’s operations in the UK revolve solely around the provision of motor insurance and related products. The local representatives claim to act for a number of insurers, underwriting and processing policies, handling claims and auditing.
The product range offered by Service Insurance Company Limited includes:
- high risk motor insurance cover in the UK;
- insurance for small commercial vehicles;
- cover for taxis;
- insurance for driving schools and for the motor trade in general.
Landlord insurance is typically a niche product designed to safeguard the business operations of a buy to let landlord together with comprehensive insurance for the structure and fabric of the let property and its contents.
In general, therefore, landlord insurance is likely to offer cover for:
- the insured building and its contents against such risks as fire, storm damage, flooding, impacts and vandalism;
- indemnity for claims arising from allegations of the landlord’s negligence as a property owner or as an employer; and
- a degree of compensation – depending on the particular insurance cover chosen – for loss of rental income following an insured event.
Service landlord insurance
As already noted, the insurance products with which Service Insurance Company Limited is involved relate exclusively to motor policies and roadside assistance, recovery and rescue.
None of the company’s products are in any way relevant, therefore, to the needs of landlords in search of cover for their investment in the let property, any liabilities arising from such ownership, or for the recovery of any loss of earnings – namely rental income – following an insured event.