FAQ - Freedom of Agency
What types of properties are covered by the policy?
The policy covers any private dwelling house, flat or maisonette where you have granted a loan and the borrower agrees to arrange their own buildings insurance. We are also able to consider extending cover to include commercial or semi-commercial properties.
Does the policy cover leasehold properties?
Yes, cover includes any premises which a lessor is required to insure in accordance with the provisions of the borrower's lease, meaning that neither you nor the borrower are able to control the insurance arrangements.
The policy talks about Physical Damage Perils. What are these?
Physical Damage Perils means all of those perils set out in paragraph 6.13.6 of the CML Lenders Handbook for Solicitors and Licensed Conveyancers England and Wales (1999).
Are the General Conditions in the policy wording flexible?
We will always try to be flexible to accommodate any amendments that are required to reflect your own procedures. Specific requests should be raised at the proposal stage for our consideration.
Are we covered if the buildings insurance in place is invalidated by any act on the part of the borrower?
Yes, the policy covers your financial loss arising as a direct consequence of any act, delay, error or omission to effect or maintain adequate buildings insurance by the borrower.
What are the geographical limits covered under the policy?
Our policy covers properties situated anywhere in the UK or Channel Islands.
Do you offer any other products for lenders?
Yes, please click here for our full range of policies.