April 2012 - Residential Gold Changes.

4 April 2012

Residential Gold - Changes to policy cover.

We are announcing a few changes to the cover offered under our Gold contract from 1 April 2012, which will also apply to renewal business from 1 May 2012.

A Notice to Policyholders will accompany every renewal and we would ask you to ensure that this is delivered to your client together with the renewal documentation.

Standard Policy Excess – now £250 for all tenant types

The standard policy excess for Residential risks will be £ 250 in respect of all tenant types. Professional tenants previously attracted a slightly lower excess. There may be additional variations to the standard excess depending on the location of the property insured. Any additional excess applying to a specific property will be shown on your policy schedule.

Terrorism Cover

Cover for Terrorism is now available as an option.  This was previously included as a ‘no cost ‘buy back’ option for private individuals.  Cover will now be available on request, so would ask you contact us for a separate quotation, should you wish to include Terrorism cover.

ARAG Legal Expenses & Property Emergency Cover

The GOLD policy automatically included Property Emergency Cover providing your client 24/7 access to an emergency helpline and approved contractor. For those policyholders that do not require this excellent benefit we have now made this an optional extension of cover. Premiums can be reduced should your client wish to ‘opt out’ of this section of policy cover. However we will still automatically include Legal Expenses and Legal Indemnities cover.   Please contact us for further details.

Illegal Cultivation of Drugs Clause

This has been introduced in line with many other insurers, however we will continue to indemnify your client in respect of damage arising from the tenants use of the premises for the manufacture, cultivation, harvest or processing controlled substances, subject to internal and external inspections of the buildings, and suitable tenant referencing.  The exact definition of this is shown on the clients policy schedule and is detailed on the notice to policyholders.