Public Liability vs Factors

gillydee

Hi all,

Wondering if someone might know a bit about this before I call agents tomorrow.

Just bought a new house and I've just had my Factoring charges invoice sent to me.

It lists-
Quarterly Factor fee
Quarterly Factor fee VAT
Quarterly Public Liability Insurance

Does anyone know what this is for (PLI) and why it may be included in my factoring charge? I've tried googling but to no avail and before i phone the company and sound stupid on the phone, wonder if you people have encountered this?

Thanks in advance!

rs65

PLI is for liability to third parties.


Is this a house in a development with common areas?

gillydee

Hi rs65,

It is indeed, theres a shared courtyard to the rear.

rs65

Your own insurance will likely include PL cover but probably not for shared areas. Ask your insurers if that's correct and ask the factors exactly what their cover provides.

gillydee

Thanks rs65, will do!