Residential Let Schemes: New and Improved

DATE: 11/05/2018


We are delighted to announce a major improvement to the Residential Let schemes.
 
Replacing the current insurers, Lloyd’s Syndicates AXIS and Channel Syndicate 2015 at Lloyd’s will with immediate effect underwrite all new business quotations and policies with a renewal date of the 4th June onwards.
 
The following are common to both schemes:

Improved

  • Escape of Water policy excess is now £250 as standard, reduced from £500
  • Damage caused by malicious persons authorised to be in any part of the building is unlimited subject to a satisfactory tenants reference, otherwise cover is limited to £5,000
  • Loss of Rent 20% building sum insured, or up to £150,000 alternative accommodation except for unoccupied properties – previously £25,000
  • Trace and Access up to £5,000 from £2,500
  • Accidental Damage to cables & underground services
  • Illegal cultivation of drugs - clean up costs and remedial work in reinstating your building back to it's original condition if the tenant alters the building without your knowledge - £5,000 in anyone period of insurance (not available if the building is unoccupied)

New

  • Capital Additions - 10% of the building sum insured or £250,000 whichever is less
  • Landscaped gardens - following damage by emergency services £5,000 in anyone period of insurance
  • Removal of wasp and bee nests - £1,000 in anyone period of insurance (£50 excess applies) 

Premiums remain unchanged along with policy terms and conditions.

We have also improved the Economy Let proposition, details of which can be found on the Commercial Express website.
 
The Commercial Express website has been updated with the new policy wording and key facts documents. We will also be attaching a comparison document detailing the difference between the various schemes.

If you wish to view the policy documents directly or the change documents please click the buttons below.

If you require any further details on the above please call us on 0800 978 8007.