St Andrew's Insurance PLC
St Andrews Insurance PLC and the St Andrews Group are part of the Lloyds Banking Group (LBG). The company is a leading underwriter of a wide range of insurance classes, principally in the life and home insurance divisions.
LBG – in the shape of Lloyds Bank – traces its roots back to 1765, making it one of the oldest banks in the UK. From relatively humble beginnings in Birmingham in the 18th century, the bank grew to become one of the “Big Four” banks on the British high street.
It achieved this status through the acquisition of other major names, such as:
- the Bank of Scotland – an even older institution, dating back to the 17th century and second in age only to the Bank of England itself;
- the Halifax Building Society – which was founded in 1853; and
- the Trustee Savings Bank (TSB) – which is able to trace back its own roots to 1810.
Lloyds Bank’s merger with the Trustee Savings Bank (TSB) occurred in 1995 and led to the creation of the Lloyds TSB Group.
With the acquisition of HBOS is 2008, Lloyds TSB was renamed the Lloyds Banking Group (LBG).
LBG’s insurance division makes it one of the largest insurers in the UK, with a wide range of products including life assurance, investments, pensions and general insurance products such as motor, home, creditor, pet and travel insurance.
The latter are marketed through Lloyds Bank Insurance Services Limited, Halifax Insurance and the Bank of Scotland.
Landlord insurance is a specialist form of insurance designed to protect not only the building and contents of a landlord’s business but also the undisrupted flow of the business by safeguarding rental income following an insured event.
Landlord insurance also typically includes indemnity against the landlord’s liabilities to third parties as the property owner and, where appropriate, employer’s liability cover, too.
It is important to distinguish landlord insurance from standard home insurance since the latter typically excludes the majority of risks if the property is let to tenants. In other words, specifically written landlord insurance is likely to be required if the property is to be let.
St Andrews insurance plc
Although St Andrews may be underwriting the risks, landlord insurance is in fact provided by one of LBG’s retail operations such as Lloyds Bank, Halifax or Bank of Scotland.
From Lloyds Bank, for example, landlord insurance is arranged through the business banking arm and directed towards both residential and commercial property owners. The products offered are designed to cover:
- loss of rent; and
- property owners liability.
This type of insurance is targeted towards those landlords with a business turnover of up to £1 million a year and cover may be arranged to take immediate effect.