UK General Insurance
UK General Insurance is based in Leeds and is the UK’s biggest Managing General Agency (MGA), according to the insurance industry’s trade magazine Insurance Age. The company is relatively young – having first been incorporated on the 12th of August 2009.
An MGA is a specialised kind of insurance provider. Unlike traditional agents and brokers of insurance, an MGA is granted authority from an insurer to underwrite insurance policies. MGAs, therefore, typically conduct business normally done only by insurers – such as providing binding cover, pricing and underwriting, appointing brokers and other retail agents, and settling claims.
Thanks to the company’s specialist role as an MGA it is able to offer to its network of brokers and partners underwriting of non-standard policies which some traditional insurers either choose not to offer or lack the expertise to provide.
The company’s relationship with its broker partners, therefore, is paramount.
Regarded by some as an example of non-standard insurance, landlord insurance may be a specialized product but is nevertheless a priority for any owner of buy to let residential or commercial property.
To the extent that landlord insurance typically offers protection of the structure and fabric of the building, together with the landlord’s contents if required, this type of cover might not appear to be any kind of niche product but to resemble standard home insurance.
In reality though landlord insurance takes on a quite different role in helping to defend the owner of buy let property from a number of potential liability claims, the provision of legal expenses cover that may be needed in the event of dealing with difficult tenants, and the provision of some degree of compensation for loss of rental income from tenants in the event of an insured incident that leaves the premises temporarily uninhabitable.
UK General Insurance landlord insurance
Some of these unique features of landlord insurance are illustrated by the particular offering made by UK General Insurance:
- all risks cover to safeguard against loss or damage to the building or its contents;
- standard cover for £5,000 of landlord’s furnishings and a further £10,000 cover for items in communal areas;
- property owner’s public liability indemnity of up to a maximum £2 million;
- loss of rental income compensation – up to a limit equivalent to 20% of the building sum insured;
- in the case of residential lettings – provision of alternative accommodation in the event of an insured incident;
- in addition, optional cover provides protection against such risks as employer’s liability, terrorism and subsidence.
As may be seen, therefore, the landlord insurance offered by UK General Insurance is likely to meet the needs of the typical owner of buy to let property.