Welcome to our partnership page which provides the following information:
Aviva policy From £135 (including Insurance Premium Tax)
To get started with our agent portal, you’ll need to set a new password. To do this, click below and enter your email address:
You’ll receive a password reset email from us. Click on the link and set a new password.
Once you’ve completed this step, you’re all set up.
We send invoices on the 15th day of the month, where an invoice will be generated for the previous months sales e.g. 15th July invoice for June sales.
Invoices will be sent automatically and we provide a variety of payment options, including an automated payment facility for ease. If you wish to sign up for this please visit the following link https://www.alanboswell.com/automated-payment-agreement/
As a Letting Agent under Financial Conduct Authority rules, you are not allowed to sell, arrange or promote insurance to your clients (as you are not regulated to do so). Arranging insurance without proper authorisation could lead to enforcement action being taken by the regulators.
To enable you to purchase a rent guarantee policy in your agency name that your landlords can benefit from you must have insurable interest. This is evidenced by the full management of a property which includes tenant find, tenant referencing, check-in with an inventory, rent collection, and at the termination of the tenancy a check out with a final inventory. This enables you to offer a management service that includes rent and legal protection. Please bear in mind that when marketing the scheme you cannot give the impression you are offering an insurance product. You must refrain from referring to the cost of the scheme as a ‘premium’ or using the word ‘insurance’. Instead you are offering your clients a guarantee. The policy must be in your name as letting agent, you must pay the premium, but either you or the property owner can make a claim against the policy.
In terms of the service Alan Boswell Group is providing you (the letting agent), please note this is a non-advised sale and that we only provide rent guarantee insurance from a single provider (Legal Insurance Management). Our Terms of Business to you are available here.
To help you position the service, below we explain how it should be described as a ‘contract of guarantee’. By following this process you are able to formalise the arrangement with your client.
You must ensure that any charge needs to form part of your managed service charge and is subject to VAT. There cannot be a direct cost to the landlord for the insurance otherwise this would be a regulated activity and require FCA authorisation.
Such a charge may be levied as follows:
Largely driven by market forces, the costs for the added benefit of having the guarantee needs to be proportionate and reasonable.
You can only renew the guarantee if you are still fully managing the property.
If you do not comply with the above guidelines, we reserve the right to restrict your access to the portal.
Once you have purchased a policy you will be able to make a claim via our agent portal.
The claims process will be automated and will allow you to upload all required documents. Ongoing payments will be proactively managed by us, cutting down on admin time for you.
Once a claim is in process you will also have access to ongoing communications relating to your claim via our solicitors.
Two forms Of ID – at least one photographic.
Proof of earnings at 2.5x the rental amount.
A credit reference from a licenced credit agency confirming all CCJs, IVAs or bankruptcies have been settled for at least three years.
If a tenant has been in the property for 12 months without payment issues then the need for the above checks is waivered and in the event of a claim you would just need to provide a rental statement confirming the past 12 months rent have paid on time. These will be acceptable and their income can be proved using the following.
These will be acceptable and their income can be proved using a number of documents articulated above in our acceptance criteria.
If a tenant can’t pass the reference requirement, they will need a UK based guarantor who can pass referencing.
Guarantors would be required to pass the same referencing requirements as a tenant, except their earnings need to be 3x the rental amount.
Acceptable IDs – two forms of ID, a minimum of one must be primary
In general they will require a guarantor, but it does depend on the frequency and severity. To be sure please refer the scenario to us for a decision.
Cover is provided against the property, if a tenant moves out and a new tenant moves in cover will remain valid provided the new tenant passes referencing.
Provided all documents are received and validated, a valid claim should be paid around 45 days after the 1st payment is missed.
Payments will continue being paid a month in arrears until eviction is achieved. If you have opted for the vacant possession cover you will receive a further two months rental cover at 75% of the monthly amount assuming the property is not let.
Any deposit taken will be used against the final payment provided it has not be used against dilapidations.
The full claims process is outlined in the claims flowchart document.