Welcome to our new partnership page which provides the following information
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.
Below are details of the full policy wording and product summary (IPID – Insurance Product Information Document)
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 0333 043 1326
All our Rent Guarantee Insurance claims are managed by our partner CoPlus 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 (Motorplus Limited). 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.
2 Forms Of ID – 1 inclusive of a Photo
Proof of earnings at 2.5x the rental amount.
Credit Reference from a licenced credit agency confirming no CCJs, IVAs or bankruptcies in the last 3 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.
Policies can be taken out mid tenancy, however there will be a 90 day exclusion period for any claims, unless there was insurance previously in place elsewhere.
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.
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…
Jen studied Technical theatre and production, working on many productions at “The Questors” largest community theatre in Europe. Jen then pursued a career in Hospitality…