Sterling Insurance Company Limited

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Sterling Insurance Company Limited is an independent, privately owned, British company with headquarters in West Malling in Kent.

The Sterling Insurance Group was established relatively recently in 1994, but its series of acquisitions has included other companies with considerably longer histories and has contributed to appreciable growth in Sterling’s fortunes in a short space of time.

The latest filed accounts (year ending 31 December 2013), for example, suggest that the company has assets in excess of £75 million and a net worth of almost £34 million.

An important acquisition soon after the founding of the Sterling Insurance Group was the Albion Insurance Company Limited, which had been formed in 1951. In 2001, the Albion Insurance Company Limited was renamed Sterling Insurance Company Limited as the group streamlined its operations across its product range of term life, critical illness, payment protection and general insurance.

Other acquisitions included the Edgar Hamilton Group (which had been established in 1914), the Lloyd’s broker F E Wright Limited (a broker since 1929), Lloyds syndicate member Crowe Life, and a 60% holding in the web-based retrieval service, Yellowtag Limited

Most recently (27 June 2014) Fitch Ratings confirmed an Insurer Financial Strength (IFS) rating of “BBB+”, indicating a confidence in the company’s capital base, the solvency margins within which it operates and the relatively low risk of its investment portfolio.

Landlord insurance

Owners of let property typically face a number of risks:

  • loss or damage to the structure and fabric of the premises in question through storm damage, flooding, fire, vandalism or impacts;
  • loss or damage to the contents of the building;
  • compensation for loss of rental income in the event of an insured event – although policies may vary widely on the total amount paid out under these circumstances;
  • property owner’s liability cover; and
  • in some cases, employer’s liability cover may also be included.

Sterling landlord insurance

Underlining the distinction between standard home insurance and the different type of cover required by the owners of let property, Sterling describes landlord insurance as commercial cover under the specific brand name of Executive Asset.

Executive Asset landlord insurance appears to offer one of the more comprehensive kinds of this cover. Some of the key features, for example, include:

  • both the capital value of the property and of the rental income are protected against inflationary increases;
  • loss of rent and the provision of alternative accommodation for up to a maximum of three years is included as standard in all residential policies;
  • building insurance extends to theft of any fixed fabric (such as aerials);
  • property owner’s liability cover is included; and
  • employers’ liability cover is also included as a standard feature.

In addition to these standard features of the Executive Asset package, additional extras are included in the form of Asset Extra and/or Asset Ultimate to ensure above-average levels of cover for landlords of residential or commercial property.