News & views

Wednesday, January 25, 2017

Our Property Owners eProduct has recently undergone several enhancements which we believe will make NIG the broker’s insurer of choice when trading property risks.

Broker feedback has been used to review our residential premiums. This has made our pricing more efficient ensuring that our rates remain competitive in this area.

You told us that you need to be able to trade faster, so we’ve removed a number of referrals to make it easier to get a quote first time.

We’ve also enhanced our Property Owners offering on The Hub by extending our Legal Expenses contract so that it now includes:

Commercial Property Owners 

  • Employment disputes and awards
  • Legal defence
  • Statutory licence appeals
  • Contract disputes
  • Tenancy disputes
  • Debt recovery
  • Property protection 

Residential Property Owners 

  • Dilapidations and maintenance
  • Repossession
  • Rent recovery
  • Nuisance and Eviction of squatters
  • Rent Arrears (Optional) 

Let’s take a closer look at Rent Arrears, a new optional cover included in the Legal Expenses contract of our Residential Property Owners product.

What is Rent Arrears Cover?

Rent Arrears is an optional element of cover for Residential Landlords. It covers rent arrears of your Tenant when they are still in the property, and covers 50% of the rent for 3 months once the property is vacant in cases where repairs are needed. Claims are paid 30 days in arrears on request by the Landlord.

What is required of the Landlord? 

  • They must have obtained a full reference* for each Tenant and Guarantor
  • They must have a detailed inventory which has been signed by the Tenants
  • They must keep a clear rental record
  • They must be seeking repossession of the property

*The reference must include the following: written references from a previous managing agent or Landlord; an employer/any other financial source; and a credit check (including EJO’s, CCJ’s and bankruptcy).

What is not covered? 

  • Rent Arrears once the property is re-let
  • Rent Arrears for any Premises in the Isle of Man and Channel Islands
  • Rent Arrears claims which are reported to DAS more than 90 days after the date you should have known about the insured incident  
  • Any disagreement with your Tenant when the date of occurrence is within the first 90 days of the first period of insurance
  • Any claim made when the tenancy agreement started prior to the inception of the policy                    

Our property owner’s products offer cover for residential or commercial property owner’s risks and covers up to 25 private dwelling houses or blocks of flats with up to £10m Building Sum Insured and £500,000 landlord’s contents.

You can find more information about our Property Owners eProduct, including Key Facts, Sales Aid, Proposal Form and Policy Wording, on our website here.

There’s never been a better time to get a quote from our award winning online trading platform, TheHub, so why not give us a try today?