Welcome to our partnership page which provides the following information:
Please read the following pages carefully regarding the purchase of products and how these form part of your service to landlords
Alan Boswell Group are one of the UK’s largest independent insurance brokers and a major player in the landlords insurance and letting agents insurance space. Having dealt with letting agents and property managers for many years we are confident our range of products available. We are an agile and innovative partner who provides first class advice as evidenced by our multiple awards, independent reviews and chartered status.
We are delighted to announce that following a temporary suspension, we are again be able to offer new rent guarantee insurance policies for purchase.
Our customers have been our primary concern, and with this in mind we took the decision to suspend sales whilst we assessed the impact of Covid-19 on our policies. Working with our insurer partner we have taken the time to evaluate our policies and ensure they are able to respond under the recently introduced government legislation.
Rent Guarantee Insurance along with other products such as travel and critical illness policies have been massively impacted during the Covid-19 pandemic. It is with this in mind and in order to protect the integrity of our product we have undertaken a review of the covers available for new purchases:
Price £150 inclusive of IPT
All previous purchase processes remain the same, and please see below for full policy wordings and summaries.
To get started with the ABG 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 that you’re good to go.
Invoicing is run on the 15th day of the month where an invoice will be generated for the previous months sales e.g. 15th July for June sales.
Invoices will be sent automatically and we provide a variety of payment options, including an automated payment facility for ease.
For a full list of our acceptable forms of identification and proofs of income, please see our acceptance documents list
To make a claims call 01384 377 000
(for policies taken out prior to 15th January 2020 please continue to use 0333 043 1326)
All our Rent Guarantee Insurance claims are managed by our partner Legal Insurance Management who are a multi award winning claims management company.
For a full flowchart of our claims process click here
All our policies have different terms and conditions specific to the policy purchased so please read these carefully. However in general to make a claim you must have met the following criteria:
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.
Below you will find a link to a contract of guarantee which needs to be part of the service agreement between you and your landlord.
Please print this and provide this to your landlord as it helps to explain how the contract of guarantee you are offering as part of your service works.
This is an important document as it makes clear to the landlord the benefit they are receiving is an extension to the service that you offer and is separate to and distinct from the Rent Guarantee insurance that you buy from us.
In the interest of clarity, please do not supply a copy of your insurance schedule to the Landlord.
The contract of guarantee document that follows also makes it clear that any rental defaults will be individually reviewed by you as their agent, and that you will discuss available options with them if the tenant were to fall into and remain in arrears.
The guarantee that you provide should form part of your service with the landlord, and the following document has been written with this in mind.
The guarantee has to be a relatively small part of the overall service that you provide and your clients need to be able to use your services without having to take the guarantee.
If you are in any doubt as to whether you are complying with the above guidelines, please contact email@example.com
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.
2 Forms Of ID – 1 inclusive of a Photo
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 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 there 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 1 must be primary
In general they will require a guarantor, but it does depend on the frequency and severity. To be sure please refer 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.
Simon has worked in insurance his whole career, having joined Sedgwick Insurance Brokers (now Marsh) after his A-levels. He subsequently moved on, spending several years…
Senior Insurance Adviser
Adam has been working in insurance broking since 1998. He has worked for a number of different Norfolk-based brokers and started at Alan Boswell Group…