UK General Insurance Limited has been trading for approximately the past 20 years as a specialist managing general agent (MGA).
That is to say, it provides a range of products and portfolios of specialist and niche insurance packages for onward sale by insurance brokers. The company’s principal business relationship, therefore, is with this network of brokers.
Priding itself on being able to provide insurance for practically any risk, UK General has a flexible and adaptable approach to landlord insurance, so that it may be tailored specifically to meet individual customers’ needs.
Landlord insurance is a specialist, niche insurance product since it differs quite markedly from the standard home insurance likely to be protecting an owner-occupier’s home.
Whereas the latter is the owner’s home, the purchase of a buy to let property represents a business proposition. The landlord’s principal interest is in letting the property to tenants and earning an income from the rents charged.
In that process, the risks to which a let property – as compared to someone’s own home – are quite different.
Maintaining rental income, for instance, is likely to be impossible if the premises are seriously damaged or even totally destroyed by an insured event such as fire, flooding, storms, impacts, vandalism or theft.
Landlord insurance may be arranged to ensure that in any such instant there is compensation available to make up for some or all of that lost rental income.
Landlord insurance is also typically a defence against a potentially crippling demand for compensation if a tenant, one of their visitors or a member of the public is injured or has their property damaged and claims the loss to be the result of the property owner’s – the landlord’s – negligence. The safeguard lies in landlord’s liability insurance.
On the other hand, landlords may want to protect their premises and any contents they own against malicious damage carried out by tenants or their visitors. Some landlord insurance policies may include protection against malicious damage as a standard feature of all such policies, whilst others may offer it as an optional extra.
Malicious damage cover is likely to be a part of the landlord’s fundamental insurance of the structure and fabric of the building and any contents he or she may own. In both respects, the total sum insured needs to provide sufficient cover for the worst case scenario in which the building needs to be entirely reconstructed and the entire contents replaced.
One of UK General’s declared missions is to break new ground in its product offering, bringing into play new and imaginative ideas, together with returns which its network of insurance brokers and other trading partners may find rewarding.
In recent years, UK General has been recognised as one of the industry’s leaders in its role by collecting a number of awards in successive years. In 2015, for example, it was the Insurance Times winner of the year both as Managing General Agent (MGA) and in the category for its company training, excellence and impact.
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