Rent/Alternative accommodation clauses: the buy-to-let conundrum
In this IIL property investors lecture Steve Berning ACII will aim to discuss the covers offered under a typical property investors' policy in respect of rent and alternative accommodation, in particular the difficulties in dealing with the many parties to a typical residential lease.
The property investors market has traditionally dealt with rent and alternative accommodation in a very simplistic way, driven mainly from the Personal Lines accounts where mutually exclusive covers applies on flat (owner) and home (occupiers) policies.
In recent years with the growth of the private rental sector and an increase in numbers of buy-to-let property owners, the insurance market still provides a basic add-on for a nominal % and the aim is to highlight some of the issues facing underwriters, claims handlers charged with ensuring that their intent is met at the claims stage and ultimately the customer is getting the cover they expect.
By the end of this lecture members would have gained an insight into:
- Whether rent or alternative accommodation is a true indemnity
- The difference between the automatic cover in a typical wording and a proper BI cover
- Understand the potential impact on loss experience when extending the level of indemnity offered by the policy to lessees and sub-lessees
Anna Whitfield, Client Director, Real Estate Practice, Aon.
Registration & Security
IIL lectures are open to CII and PFS members
CII and PFS members must register online by 12pm one working day before the lecture
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