PI insurance (and contents) - Olympic Let - Where?

QfanatiQ

Strange one this.

Live in flats
We have communal buildings insurance
I have separate contents (see below)
No PI Insurance

But as it stands the buildings do not cover any one renting their property, short or long term for PI.

I initially called my contents provider and was told, as the building is already covered, they cannot insure anything twice. I need to get that amended.

However, I am not looking for the building, I am looking for PI (Personal Indemnity) in case they do something that leads to a negligent claim to me.

I cannot believe this is not being filled by someone in the insurance game. Can anyone help. The big companies are not interested.

Further more, my contents was due to triple for the year, for the sake of a month. Any pointers to get this covered as well? For the sake of a TV and a few items I am inclined to forget about it and soak up any damage that might be done.

Frustrated
Q

huckster

Don't understand what you are after. For a short term arrangement, any Insurance would be so expensive, that it would not be worth it.

Find a Lloyds broker and see if they will write you a policy.

kingstreet

Liability cover?

Buildings and contents policies typically offer cover entitled "liability of property owner" or similar. This covers the policyholder against third party claims should a claimable event take place while a third party is on their property.

When you say;-

the buildings do not cover any one renting their property, short or long term for PI

do you mean it doesn't cover a landlord letting his property, or it doesn't cover a tenant renting a property?

Landlord's contents cover?

I'm a little unclear what you actually want to cover. In your final paragraph you start talking about TVs. Are you talking about tenants contents cover also covering liability for landlords property? If so, tenants cover typically has such an add-on.

QfanatiQ

I have learnt it is PL I need, not PI. Or POL (Property Owners Liability / public liability)

"The advice here would therefore be to seek liability insurers rather than landlords insurers as you are more likely to find someone that can help."




Even now armed with the right terms, I am struggling to find anywhere offering this.

Nothing is likely to happen, but should something happen, I want and need to be covered should liability lay with me, the owner.

Cheers.....Q

kingstreet

"The advice here would therefore be to seek liability insurers rather than landlords insurers as you are more likely to find someone that can help."

Who are you quoting here?

What exactly do you want to insure against? Liability to whom, and for what?

As an example, I've just looked at a Contents (only) policy document from a broker insurer and this is the liability section lifted therefrom;-

Section G - Liability insurance included in your contents cover

The following occupiers liabilities are insured:

You or your household (or your personal representatives in the event of your death) which results from an accident occurring within your home or its land and during the period of insurance and causing:
• Accidental bodily injury (including death, disease and illness) to anyone not in your household.
• Accidental damage or loss to material property that is neither yours nor your households.

Is this the type of liability cover?

InsideInsurance

Wanting PI makes no sense, Professional Indemnity insurance is about the risk of giving bad advice (basically).

If you want insurance to cover Personal Injury then this would be PL (public liability) and is normally a standard part of any buildings or contents insurance and you are letting it out you therefore need to look at a Landlords policy. A local broker would be able to help you if you are getting confused by the different options out there (as it sounds as if you are)

QfanatiQ

Yes, does look like I am getting terribly confused.

I was quoting what I have read elsewhere and been told I need.

My current contents is for me, not for my renting out. It was through Lloyds and when I asked they would not change the type of cover to this. No liability insurance was apart of it. When I inquired a fresh, I could only take out a year policy and these were separate things, but as I was not a business they would not cover me.

I need insurance so if the person renting the apartment for the short term does have somethign happen to them, and it is proved to be my (owners) fault, I am covered.

from what I read, it is POL I need, please let me know how I am misunderstanding this. As it stands, as an individual I cannot find cover. The companies that do offer cover of this kind (or combined) are for a year at a time only with high fee's/excess/break fee's

I am really surprised, that with the Olympics being as such, there have not been a series of companies and policies written up, all be it inflated to cater for this short term market.

I hope that has clarified things a bit more.

Cheers.....Q

kingstreet

Right.

You are letting a leasehold property to a tenant for the duration of the Olympic games only. Otherwise, you normally live in the property and do not let it.

You want to insure against being held liable for some unforeseen incident which somehow could be your fault because you are the property owner? Do you have a specific event in mind?

Is this cover for something happening to the tenant, or something being done by the tenant which you feel you may be liable for?

You want cover for a short period and want to avoid annual cover with hefty cancellation penalties.

TBH I can't think of a contract which would meet these requirements which you could buy off the page. It sounds like a specialist contract for a specific market. An insurance broker would be the best bet. huckster was correct in post #2 that a Lloyds broker would probably be able to arrange such cover, but that the cost of doing so would be prohibitive for such a risk.

InsideInsurance

TBH going via Lloyds is not always cost prohibitive - my PI (and I mean PI not PL) was cheapest via a Lloyds broker after a lot of providing CVs, qualifications etc than even the high street insurers - only a bit of a drinking session with an underwriter who used to work at a former client enabled me to get it any cheaper.

QfanatiQ

kingstreet wrote: »

Right.
You are letting a leasehold property to a tenant for the duration of the Olympic games only. Otherwise, you normally live in the property and do not let it.

Yes, I am letting a leashold for the games (month) and do normally live in iy.

kingstreet wrote: »

You want to insure against being held liable for some unforeseen incident which somehow could be your fault because you are the property owner? Do you have a specific event in mind?

Yes I do want to be insured for unforeseen incidents. No, I can't say I have anything in mind, but just because I have not electrocuted myself, fallen of the balcony, had the ceiling fall in on me does not mean it won't happen.

kingstreet wrote: »

Is this cover for something happening to the tenant, or something being done by the tenant which you feel you may be liable for?

Cover for somethgin that might happen to the tenant

kingstreet wrote: »

You want cover for a short period and want to avoid annual cover with hefty cancellation penalties.

Yes, if at al possible

kingstreet wrote: »

Lloyds broker would probably be able to arrange such cover, but that the cost of doing so would be prohibitive for such a risk.

I have called two brokers that have expressed they were not able to get such a policy.

So, are insurers not doing such policies because they feel the risks are too great? Or, what? Everyone seems to be wanting to make money over this period and why this sector is choosing not to do so does seem very strange indeed.

I am confident nothing will happen. I cannot see what could possibly go wrong. However, I am someone that likes to follow the book and be suitably covered and have such things in place.

Cheers…..Q

huckster

Try Sterling Insurance. They specialise in let properties.