Freedom of Agency Indemnity
Introduction
With many insurance companies offering lower deals on home insurance, more and more borrowers are choosing to arrange their own insurance to protect their property.
A new approach
Excel's Freedom of Agency Indemnity policy protects your security when the borrower decides to insure elsewhere, because in this situation, you can never be completely sure that adequate cover is in place without making regular ongoing checks. With Excel's Freedom of Agency Indemnity, you are protected if the borrower opts to arrange their own building insurance and fails to do so and subsequently the property suffers an uninsured loss and you are left in possession.
Simple and flexible
Our Freedom of Agency Indemnity protects you for the uninsured losses you may incur as a result of a number of scenarios that are the responsibility of the borrower. These include if the borrower fails to maintain or renew suitable insurance, or does not insure against the full range of fire and material damage risks. For a complete list, please click here.
Freedom of Agency - key benefits
- Automatic protection for your entire residential property portfolio against losses caused by events that are outside your control
- Reduced internal administration costs - no need for systems to check that insurance for the borrowers who elect to insure independently has been renewed
- Competitive premiums adjusted up or down as appropriate, at year end
- No claims and size (of mortgage book) discounts applied to renewal premiums
- Flexible cover - the policy automatically extends cover and all benefits for up to 60 days with the completion of any merger with or acquisition of, another mortgage lender or mortgage portfolio
- CML handbook compliant
Our policy wordings are available on request. Please click here to contact us and request a copy.
Want to know more about our Freedom of Agency Indemnity? Click here for our FAQs.
Excel Insurance Solutions - protection for a changing future.