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PRS Product Sheet


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PRS Product Sheet

  1. 1. BRINGING YOU A FRESH APPROACH TO YOUR PROPERTY INSURANCE RESIDENTIAL EXPERTISE Our success comes from using our strong experience to provide expert advice. We place the emphasis on quality of cover, fast decision making and providing innovative solutions. Through the skills and market strength of JLT Specialty, we are able to deliver on all these components. For residential properties, unlike commercial real estate, risks originate from the insurance requirements of the occupiers, be they leaseholders or tenants, but also the owners, property investors, financial backers and lenders, freeholders and property management companies. The significant areas of risks for residential business can include, loss of rent, theft of landlords contents, water damage losses, liability to occupiers, exposure to weather related events and possible flood exposures. PROPERTY INSURANCE RESIDENTIAL REAL ESTATE PRODUCT INFORMATION FOR FUTHER INFORMATION PLEASE CONTACT Shaun Grainger M: +44 (0)7917 240 509 E: Penny Jepson M: +44 (0)7919 398 438 E:
  2. 2. 2 RESIDENTIAL REAL ESTATE | Product Information Our policies ensure we provide comprehensive cover for ALL OWNERS and OCCUPIERS whilst ensuring the specific requirements of the interested financial backers are exceeded. PRIVATE RENTED SECTOR It’s a very exciting time for everyone involved in the private rented sector (PRS) as it has overtaken social housing as the UK’s second largest tenure and build-to-rent is being hailed as the answer to the housing shortage. Our Residential Real Estate team is currently advising property professionals like you, in all areas of their PRS business. Developers are seeing the benefits of building PRS, where the sale of a block to investors can both de-risk and bring forward latter phases. An area which is often neglected during the investment process is gaining the requisite insurance. Are you confident the insurance arranged by the investors provides full protection for legal advisors and the banks you represent? Our Property Insurance Product Includes: Loss of rent• Landlord contents• Malicious damage by tenants• Unlimited trace and access• Property Owners Liability up to• GBP 25 million Also includes investor specific clauses such as: Non-vitiation clause• Composite Insured Status• Capital additions• Protection against loss of• market value.
  3. 3. | Product Information 3 POLICY COVER JLT’S REAL ESTATE POLICY Loss of Rental Income 35% of the Buildings Declared Value Malicious Damage By Tenants Included Property Owners Liability Up to £25,000,000 Terrorism Liability £5,000,000 Employers Liability £10,000,000 Day One Uplift An additional 50% of the Building Declared Value Average Condition Yes Unoccupied Building Conditions None Reinstatement to Match £100,000 Alternative Accommodation 35% of the Buildings Declared Value Landlords Contents As Required (No premium charge for the first £50,000 of cover) Trace & Access Included Theft of Keys Included Loss of keys Included Loss of Metred Water £250,000 Emergency Services Access Included Removal of Nests £10,000 Removal of Fallen Trees Included Eviction of Squatters £50,000 Legal Cover Fly Tipping Removal Costs Included Re-letting Costs Included Legal Contingencies Extension (Chancel Repairs, Restrictive Covenants and Adverse Rights) £1,000,000 Archaeological Discoveries £250,000 Newly Acquired Buildings £5,000,000 Capital Additions £2,500,000 Contract All Risks £750,000 Contractors Interest £500,000 Loss of Market Value £5,000,000 Personal Possessions £2,500 Pollution and Contamination Removal £1,000,000 JLT POLICY
  4. 4. JLT Specialty Limited The St Botolph Building 138 Houndsditch London EC3A 7AW Lloyd’s Broker. Authorised and regulated by the Financial Conduct Authority. A member of the Jardine Lloyd Thompson Group. Registered Office: The St Botolph Building, 138 Houndsditch, London EC3A 7AW. Registered in England No. 01536540. VAT No. 244 2321 96. © February 2016 271072 RESIDENTIAL REAL ESTATE | PRODUCT INFORMATION JLT Specialty Limited provides insurance broking, risk management and claims consulting services to large and international companies. Our success comes from focusing on sectors where we know we can make the greatest difference – using insight, intelligence and imagination to provide expert advice and robust – often unique – solutions. We build partner teams to work side-by-side with you, our network and the market to deliver responses which are carefully considered from all angles. Our Residential Real Estate division has a wealth of experience, recognised within both the insurance market and residential real estate sector. The team specialises in the placement and management of real estate focused solutions for UK Property Managers, Surveyors and Managing Agents, utilising market leading IT platforms that are web based and allow control of the programme and access to real time information anywhere in the world. CASE STUDY Challenge Seek competitive cover for the London 2012 Olympic and Paralympic Village, renamed ‘East Village’ after the Games. East Village estate comprises 64 large blocks of residential flats and open spaces with an underwriting exposure of nearly GBP 1 billion. Insurers were cautious of providing terms due to the unusual size and nature of the development. However, the Olympic Delivery Authority required a comprehensive policy at a premium that was also acceptable to the investors and financers purchasing the properties following conversion of the flats from their temporary use by athletes during the London 2012 Games to homes suitable for future families. Solution We were able to utilise our property insurance placement skills to provide cover. Whilst some insurers did not want to provide terms until at least year two (to provide an idea of expected losses) JLT Specialty were able to work with Zurich to agree a strategy where losses would be closely monitored and risk improvement strategies would be developed during the policy period. We used our delegated underwriting authority and many years of relationship- building with specific underwriters at Zurich to source a sustainable premium at a level of cover acceptable to the Olympic Delivery Authority and the investment companies. Result A tailored Property Owners policy was compiled and adjusted by JLT Specialty that met the special requirements of all occupiers, owners, investors and the Olympic Delivery Authority. TESTIMONIAL “This has been a complicated process with multiple JLT have acted swiftly to respond to all requirements including bespoke covers for this complex development. JLT have been very professional throughout and offered quick cost effective solutions to all our demands. I would highly recommend them” David Allen, Olympic Delivery Authority