'Insurance Broker of the Year' - UK Broker Awards
Wow! 2016 has seen us not only win 'Chartered Broker of the Year' for the third consecutive year, but we have also been named 'Insurance Broker of the Year'.
Pi-Professional is the next generation of products and services for our professional clients and continues with our mission to eliminate the ‘hassle’ from insurance.
Take a look at our range of professional insurance products and services to find out more of how you can take your business cover to unparalleled levels.
Professional Indemnity
Professional Idemnity Insurance is a complex subject. We make it simpler by providing you with:
Directors and Officers
The risk of Directors being sued has never been higher. We reduce the danger with:
Office
Protecting your business assets protects your business. We make sure you get the right protection:
Fleet
The logistics of running a vehicle fleet is a tough job. We make it easier by providing you with:
High Net Worth Home Insurance
Online High Street cover often doesn't meet the needs of High Net Worth customers' needs. We raise the bar with:
*All benefits are subject to certain underwriting criteria
In addition to the above the following is not an exhaustive list but sets out additional areas requiring consideration to provide more comprehensive cover to protect the investment. In particular certain items of plant and equipment require statutory inspections that can be provided under an engineering insurance.
Directors and Officers of Residents' Associations often hold their positions as volunteers, out of goodwill, or as a part of their service as a managing agent. Many people do not realise that when taking on this role they can become personally liable for the financial consequences of their actions and errors. This is where Directors and Officers Insurance (D&O) can help.
The law does not distinguish between actions on behalf of a residential management company and those of a Director of a FTSE 100 company. Directors and Officers can be held personally liable for the financial consequences of their actions and errors and face potentially unlimited personal liability.
Even the most careful Directors can make decisions in good faith which in hindsight prove to be ill-judged. Ignorance is of course no defence in the eyes of the law.
Directors and Officers Insurance cover is provided for breach of duty, trust, contract, neglect, misleading statements and wrongful trading, acts or omissions. Costs that can be incurred include:
Any Director, Officer, Employee, Shadow Director or Trustee presently or previously appointed by the association is covered for their actions whilst working on behalf of the organisation. This is deemed to include legal heirs or representatives.
In today’s highly litigious society, there is no shortage of potential claimants causing headaches for Directors..... and you never know quite who you might upset within a block, anyone from a barrister or accountant to a squirrel! As can be seen below...
In short, no, professional indemnity and Directors and officers insurance protect you in respect of legal liabilities arising in different circumstances.
Your professional indemnity insurance protects you in respect of errors and omissions arising in your professional capacity as a managing agent. If you maintain a position as both managing agent and as a Director of a residential management company, your professional indemnity insurance will not protect you in respect of actions carried out on behalf of the residents association.
In addition the actions of other board members of the Residents' Association would not be picked up under your professional indemnity insurance. This is where Directors and Officers Insurance (D&O) can help.
The simple answer is that if people really understood the financial consequences of running a management association, they would never agree to do so without the benefit of Directors and Officers Insurance protection.
Specifically designed for Property Managers, Pi Directors and Officers Insurance provide you with the best support and advice so that you can inform your clients and protect their best interests.
Residents association Directors and Officers cover is an indispensable element in protecting management companies in today’s modern legal environment.
In partnership with RSA we have devised a comprehensive and very affordable solution to protect this vital area of cover. Let us introduce Pi D&O insurance to you.
Our innovative and imaginative approach in meeting your insurance requirements gives you these features:
This critical cover is often an area that is overlooked by property owners and managers. Whilst inspection cover is often in place for a lift or two, many owners and managers are not fully aware of the range of services that can be provided by our engineering insurance partners.
At Pi-Property Insurance we partner with some of the world’s leading insurance names to provide a range of services as part of a risk management programme for you and your clients.
Some of these are statutory requirements whereas others are “just” good business practice but all of the services provided can provide real benefit to you or your clients.
These are just a few of the areas that our partners can provide assistance for you. You may already utilise someone to provide these services but why not consider an alternative with a service provided by an established global insurer in conjunction with the advice and guidance from an award winning independent chartered insurance broker.
When you are running a business, in the event that you need to make insurance claims following a loss, you need to have the confidence it is going to be sorted quickly.
Loss Recovery Insurance – For businesses this is an insurance policy which provides the policyholder with unlimited advice from an expert loss adjuster, to help you prepare, negotiate and settle your material damage or business interruption claim.
Acting independently of the insurance company, to help you achieve the fairest and fastest settlement possible under your insurance cover.
If your insurance claim is more than £5,000 – within the terms and conditions of that policy – then Loss Recovery Insurance is for you. It provides you with unlimited advice from an expert loss adjuster, who will stand shoulder to shoulder with you, no matter how complicated or large the claim.
Most importantly, Loss Recovery Insurance gives you an expert in your corner who will deal directly with your insurer on your behalf, removing the hassle of you having to prepare and negotiate your claim.
They can also give you practical advice about things you can do to reduce the impact of a loss or to organise quotes to start remedial work or replace damaged goods.
Landlords and Residential Property Managers will know that a sudden domestic emergency at one of your properties can be an unpleasant surprise and emergencies can be costly and inconvenient to put right. It’s not always easy to get a reputable contractor to come out at short notice to resolve the problem.
If an emergency makes your property unsafe, insecure, causes or is likely to cause damage to the property or its contents, we can provide you with a cost effective and efficient solution (for matters that are covered by the policy).
Domestic Assistance Insurance can help with the following emergencies:
Boiler breakdown
During a particularly cold snap last winter, on a Saturday morning, our insured’s boiler broke down. As our insured's property was occupied by a family with three young children, they were keen to resolve the problem for their tenant as soon as possible. The insured contacted us and we immediately appointed a contractor. The contractor attended the same day and ordered the replacement part needed to complete the repair to the boiler. The part was fitted the next day and the tenant was able to heat their home again.
Burst pipe
Our insured called when a burst pipe in the bathroom of one of their managed properties was causing water to drip through the kitchen ceiling resulting in damage and inconvenience. We arranged for a contractor to carry out an emergency repair on the pipe and stop the leak, minimising any further damage.
Security
When a burglary left our insured's house with a smashed front door window, their tenants were unable to leave the house to go to work. The insured contacted us and we immediately arranged for a contractor to make the property secure by boarding up the door. A further claim was made on the insured’s property insurance for a full replacement door.
Limit of Indemnity per claim: | £1,000 |
Contractor's Call-Out Charge: | Not limited to a single call-out |
Labour Costs: | |
Parts and Materials: | |
Alternate Accommodation Costs | Including transportation there |
Uninsured events can be arranged on a pay per claim basis.
The policy will not cover any claims covered by another policy or any claim that could have been covered by any other policy if this policy did not exist.
The most common reason for a prospective claim being declined is that it is not an 'emergency' as detailed in the policy. For cover to apply the circumstances must qualify as an "emergency". There must be a sudden unexpected event. Routine maintenance and minor faults are not covered, for example a dripping tap or faulty radiator.
Full conditions, significant exclusions or limitations are summarised in the key facts table available on request.
Terrorism Insurance is not normally included as standard under any Property Owners Insurance policy so the advice given to you or your clients is critical to ensure the most suitable cover is purchased.
Currently, the world lives in a heightened state of alert following events of many different natures including in the UK and whilst it is often thought the major cities are at greatest risk, we should not be complacent that these are the only areas in which properties should be covered.
Our guidance to all property owners is to ensure you have Terrorism Cover in place, banks & pension funds will often insist upon it. As a property professional you should always recommend inclusion of cover for your client’s property including residential properties & blocks of flats. Failure to recommend this could certainly put you in jeopardy of litigation.
Premiums outside of Greater London remain relatively low, but cost is not the sole consideration. In recent years there has been a more competitive element to providing this cover, with Pool Re no longer the sole insurer of such risks.
Being a landlord or property manager can provide a very good return on investment but the responsibilities you have are not without problems. In an ideal world your clients would have a problem-free relationship with their tenants but in reality issues such as, a dispute about the renewal of a lease, damage and dilapidation to the property and late or non-payment of rent can all prove an expensive headache.
We will appoint a solicitor to represent you and pay their costs to protect your rights as a landlord or residential property manager arising from:
Repossession
Our insured contacted us for legal advice after their residential tenant fell into arrears and continued to ignore reminders for payment. We directed our insured to our Online Legal Services website to download the necessary legal notice requiring the tenant to quit the property. Unfortunately the tenant ignored the legal notice and the matter escalated. We instructed solicitors to obtain a court order for repossession and paid solicitor’s costs and the court fee.
Recovery of rent arrears
Our insured contacted us after their tenant failed to pay rent for three months and then vacated the property. Despite our insured chasing their tenant for payment they were unable to get any response. We approved the claim and passed the matter to a panel solicitor. They were able to negotiate a payment plan with the tenant who was having cash flow issues. The insured received repayment, plus interest, over the following six months. ARAG settled the solicitor’s cost.
Rent indemnity
As the insured had taken out the additional rent indemnity cover and complied with the policy terms, we agreed to pay the rent arrears that had accrued while repossession was being sought together with legal costs and 75% of the rent for a further two months following repossession – a sum of just over £3,800.
Limit of Indemnity: | £50,000 |
Accommodation Costs: | £175 per day up to a maximum of £5,250 (equivalent to £30 days' worth) |
Storage Costs: | £50 per complete week for up to £300 |
Excess: | 30 days for Rent Indemnity |
Waiting Period: | The first 90 days of any existing tenancy agreement |
Repossession proceedings often dovetail with rent arrears cases. Where repossession is sought because rent is owed or the term of the tenancy has expired and the landlord wishes to repossess the property, the rent indemnity pays the landlord's lost rent while the tenant continues to occupy the property, subject to an excess, which is normally covered by the deposit. The policy also covers up to 75% of rent that would have been payable for an extra couple of months after vacant possession. This gives the landlord time to clean and repair the property and to advertise for a new tenant to re-let.
Cover under the policy is underpinned by the insured having a greater than 50% chance of successfully pursuing or defending a claim, enforcing a judgement or succeeding at an appeal. This is called the reasonable prospects of success.
The landlord must also act in a professional manner i.e. referencing & credit checking their tenants, taking a detailed inventory, keeping rental records up to date and protecting their tenants deposit etc.
It is important to check type of tenancy agreement used. Cover will not apply unless an Assured Shorthold Tenancy or other tenancy agreement described in the policy applies. Other conditions, exclusions and limitations are outlined in the key facts summary available on request.
We can provide a wide range of legal indemnity solutions to protect lenders, property owners and developers against third party claims arising from problems affecting the title, use or development of land administration of a deceased’s estate or in connection with trust funds. It can also provide indemnities in respect of lost documents such as share certificates and life policies.
We can provide Legal Indemnity Insurance Policies relating to:
• Right to Light,
• Lost title documents,
• Access and services,
• Restrictive covenants,
• Defects in titles,
• Chancel repair liability,
• Leasehold problems and many other issues.
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'Insurance Broker of the Year' - UK Broker Awards
Wow! 2016 has seen us not only win 'Chartered Broker of the Year' for the third consecutive year, but we have also been named 'Insurance Broker of the Year'.
Our knowledge and expertise in settling property insurance claims is second to none.
We believe it’s important to help our clients when they are at their most vulnerable - and aim to exceed your expectations when it comes to our claims service.