June 2009 - Property Protector News

1 June 2009

News and Views from Property Protector - Issue 3 June 2009

In this issue

  • ResidentialLite - It keeps on getting better !!
  • Authority Limits Increased - Saving you time on quote turnaround
  • Unoccupied Property - Taking a sensible approach …
  • Account Rollovers - Our latest recruit !

ResidentialLite … It keeps on getting better and better !

ResidentialLite is our 'tandem' Residential policy, that provides cover for a wider range of
tenants, backed by one of Europe's largest insurance providers, AXA Insurance, and is ideal
for those money conscious property owners, but it excludes many of the fringe covers provided by our Standard policy, such as Legal Expenses and Legal Indemnities.

Having listened to the feedback from many of our supporting brokers, we are making some enhancements to this product effective from 1 June 2009, including:-

Policy Excess Reduced

Our standard excess has now been reduced to £200* (previously £250)
(£250 excess still applies for Escape of Water Claims)

Enhanced Cover – Accidental Damage now included for most tenants*

Accidental Damage cover is now available to a wider range of tenants - not only does this
valuable cover apply to Professional Tenants, but we’ve also included Student and DSS
tenants too ! (* restrictions still apply for Asylum Seekers and DSS Referral tenants)

The Lite policy is now 15% less than our standard policy*

Further premium savings can be made by volunteering a higher excess, with additional discounts of up to 20% available. Cover can be provided for all tenants types, including DSS Referrals, Asylum Seekers, Bedsits, and Housing Association tenants. (*Claim Free Only)

To remind you, since the introduction of our Lite product …..

  • 15% more members are placing their Property Owners Business with us.
  • Several of our major supporting brokers have increased their renewal retention ratios from the historical 88% to approaching a 90% level.
  • All Residential Tenancy types now catered for including DSS referral and Asylum seekers.

The renewal retention improvement is particularly pleasing and we thought it would be useful to share with you the practice adopted by our most successful brokers.

  • The renewal offer is being issued in good time.
  • The price conscious landlord is being identified early and the Property Protector Lite is being offered as an option prior to the renewal date.
  • A proactive contact on all renewals is made around 7 days prior to renewal to discuss the options available.
  • Property Protector Lite is offered when the insured has obtained a perceived cheaper quote elsewhere.
  • Remember we can price match on Property Protector Lite on a like for like basis for all our major supporting brokers.

We feel that this flexible approach will help you retain your existing business and provide you with the options and tools to expand your Property Owners business. In these difficult economic times this market sector remains comparatively buoyant and gives you an excellent opportunities.

Authority and Survey Limits Increased !

Our authority limits have recently been enhanced, so we can now turn around quotations more quickly than before, without referral to our underwriters - even for larger risks.

Our survey limits have also been increased, saving both you, and your client, time and money.
Take a look a the table below

Type of Risk Authority Limit Survey Limit
Private Dwelling Houses £2,500,000 £3,000,000
Blocks of Flats (Purpose Built) £2,500,000 £4,000,000
Offices £2,500,000 £3,000,000
Shops £1,250,000 £2,000,000
Industrial/Commercial £500,000 Varies

Did you know?? – We are writing more Commercial business

We aim to be your “One Stop Shop” when it comes to Property Owners business, and would ask you to remember to think “Property Protector” even for your large and more complex risks.

Your At a Glance laminates give you an idea of the type of business we can write - we have a large and varied book of commercial business, from general retail shop premises to much larger office buildings and business park developments.

Our expert underwriters at Zurich have a swift turnaround, and sensible attitude to most commercial risks, so next time you are looking - “Think Property Protector”

Unoccupied Property – Taking a sensible approach!

In the current economic climate terms for unoccupied properties are becoming increasingly challenging; however our approach to short term unoccupied residential lets remains attractive with full cover still available subject to your client complying with the unoccupancy conditions. (see the policy wording for details)

However, underwriters are becoming more cautious on commercial unoccupied property, and property being renovated. In order that we can obtain the best possible terms for our supporting brokers, more vigorous background information is required – here are some useful thing to ask your client before referring this type of business in to us :-

  • How long has the property been unoccupied for?
  • Are tenants actively being sought?
  • If the property is long term unoccupied, a photograph of the risk is useful before considering terms
  • Has the property been previously insured by this client?
    • if yes, when?
    • if no, why not?
  • We appreciate it's hard to say in the current economic climate, but how long does the client envisage the property will remain unoccupied for / have they had many enquiries?
  • What type of security is present, locks / alarms / CCTV / shutters / floodlights etc?
  • Does this client have any connected business with you or have any connected business already with Property Protector?
  • Target terms with any restrictions in cover or consideration of a higher excess is useful information.
  • As much detail as possible on the construction and age of the property can be critical information.

Our flexible approach has been successful over the last few years in this area and we can assure you of our best efforts to continue help in placing these risks.

Account Rollovers … Our latest recruit !!

We are pleased to welcome Swinford Insurance Consultants to our “exclusive” group of fellow Broker Network members that have arranged a “rollover” of their existing book of Property Owners business to our care.

“We had been using Property Protector for about a year and were very impressed by the policy cover and service that we decided to roll over all our account of Residential and Commercial business to them to make sure that all our clients benefit from the best policy cover available to them. I would strongly recommend this scheme to any Broker as the quote turn round is usually minutes and not days as with some insurers and you can get a quote by simply faxing a presentation which we find very convenient.”
Mike Brevitt (Swinford Insurance Consultants)

Our aim is to give you the opportunity to expand your property owner's book of business with an easy to use "one stop shop" facility for all your Property Owners business, and help you enhance your commission income whilst giving your client peace of mind with our superior wording. Why not give us a call, Mike did !!

Swinbet …..Fellow Broker Network Member Betting Shop Scheme

On negotiating our rollover deal with Swinford Insurance Consultants, we were interested to learn that they also have access to a niche scheme, which is available to other fellow Broker Network Members

SWINBET, which is also underwritten by Zurich Insurance, is extremely comprehensive and can cover one or several shops under the same policy, whether located in the UK or Northern Ireland. Internet and Telephone Betting Offices can also be accommodated under the Scheme, and includes the following standard benefits:-

  • Contents cover for accidental damage including theft or attempted theft
  • Employers' Liability to a limit of indemnity of £10 million (£5 million in respect of terrorism)
  • Public and Products Liability to a limit of indemnity of £2 million
  • Money in transit, in the premises during business hours, and in any bank night safe covered to £3,000
  • Money in safe outside business hours covered to £3,000
  • Business Interruption and Book debts limit of £500,000
  • 24 months indemnity period for Business Interruption
  • Contents cover whilst temporarily removed for cleaning, renovation, repair or similar purposes
  • £2,500 loss of metered water
  • £2,500 exhibition cover
  • £2,500 trace and access
  • £1,000 theft of keys
  • Accidental breakage of fixed glass

Optional Cover:

  • Buildings Including Subsidence
  • Money limits can be increased to £5,000 (subject to acceptable security)
  • On Course Liability
  • Terrorism
  • Goods in transit
  • Frozen Foods

The SWINBET Policy is now recommended by the Independent Bookmakers Association and a special 10%

Discount now applies for all Members of the IBA who arrange a new SWINBET Policy.

Should you have a line of this business already, or feel that this is a marketing opportunity your would like to explore, why not contact them for a quotation.

For more information, why not visit www.swinbet.co.uk or call them on Tel: 01384 872299 for more details.