Q. Who are PARDUS?
A. PARDUS is a Lloyds Underwriter who have arranged this scheme through an 'A' rated Belgium Insurance Company:
Q. Who are B Portwood & Co?
A. B Portwood & Co Ltd are insurance brokers based in the north-east of England who have been in business since 1963. The firm is authorised and regulated by the Financial Conduct Authority for the arrangement and administration of non-investment Insurance Products. (This means we arrange personal insurance such as motor and house as well as commercial insurance such as landlords, shops, offices, liability - but we don't arrange pensions or any product where there is an unknown financial return to the consumer)
About the Policy
Q. What types of property can be covered?
A. Property that is located in England, Scotland or Wales that is not occupied or for the benefit of the proposer or family. Whilst most forms of occupation are allowed, we cannot cover property occupied by Asylum Seekers. Commercial property (other than shops and offices) must be single tenure.
Q. What about 'non-standard' risks?
A. Many what would be regarded as 'non-standard' risks are quoted for online. Risks noted as being referral will be referred to underwriters. If the risk is unacceptable then contact us as we have other markets. There is no automatic declineature because of construction, claims, flood or subsidence history, however terms may be imposed such as an increased excess or the peril excluded: property owners who have shown more willing to undertake risk improvement measures since any incidents will probably be looked upon more favourably.
Q. What is the standard excess?
A. The Standard Excesses depend on whether the property is residential or commercial
Note that these excesses may be amended due to underwriting e.g. for non-standard residential lets, the Excesses are increased to £250.00 (£500 for malicious damage by tenant)
Q. What happens if I am a landlord and the tenant moves out?
A. Full cover continues automatically for 31 days. After 31 days the landlord must advise us that the property is no longer occupied and then has a choice of either wide cover or limited cover (at the appropriate rate) until the property is again occupied. Limited cover is basically FLEA (Fire Lightning Explosion and Aircraft) whilst wider cover includes most perils other than escape of water or theft.
Q. Do I need to hold any other insurance policies with PARDUS or B Portwood & Co Ltd?
Q. Can I insure more than one property on the same policy?
A. Yes: any number of properties can be covered providing the total sum insured is less than £10,000,000
Q. What administration fees are charged?
Q. Is malicious damage by tenant covered?
A. Yes - subject to the policy excess (see above)
Q. Does the landlord have to live in the UK?
A. No. However all contracts are arranged under English Law and are deemed to have been arranged in England.
Q. Is Legal Expenses/ Rent Guarantee Cover Compulsory for landlords?
A. No. An optional legal expenses policy is available (£36.20 per tenant for residential property). Policyholders who require rent guarantee cover as well as legal expenses insurance should contact us for a quotation as a separate policy has to be issued. For larger portfolios especially with a commercial aspect a different policy may be more suitable.
Q. Do I have to own the property?
A. If living in the property and not owning it, a home insurance policy is recommended to cover the contents. We may be able to offer a combined policy for buildings and contents if the owner is a close relative of the insured - but not on this scheme.
Q. Are there any specific security precautions required?
A. The property must have good locks and window locks on accessible windows.
Q. What about flat conversions?
A. No problem - providing cover is required for the whole building (not buildings cover for single flats)
A. No problem - the property must be declared as being bedsits and will be rated accordingly.
Q. Flood Cover?
A. There are no excluded areas because of flood risk or storm surge BUT underwriters apply terms based on location - which may mean that flood is excluded or is subject to a £2,500 excess. No flood cover will be provided for property that has been flooded in the past.
Q. Subsidence Cover?
A. Subsidence cover is available in all areas providing there have been no previous subsidence claims - but the excess may be increased to £2,500 and details of foundations may be required. We can quote other schemes if necessary
Q. Theft Cover?
A. Is available, but in some areas it will be subject to there having been no previous theft, arson or malicious damage claims. In high risk areas there will be a £2,500 theft excess and acceptable security standards must be in force.
If there are any other queries, please e-mail bishop @ portwood.co.uk or call us on 01388 607140.