Berkeley Alexander develops landlord product

General Insurance provider, Berkeley Alexander (BA), has partnered with Auto Legal Protection Services (ALPS), to launch a Landlord Legal Expenses and Rent Guarantee product appropriate for use during the ongoing Covid-19 restrictions.

The product is offered on a 12-month policy term. It will pay 100% of rent arrears paid up to possession and has a range of benefit levels and indemnity periods, up to a maximum of £2,500 and for up to 6-months. 

It will also cover the policyholder for legal disputes in relation to the tenancy agreement, pursuit of rent arrears and legal defence cover. The product provides mediation and eviction costs up to £25,000.

The provider claimed that many insurers stopped sales of this type of product earlier this year following enactment of the Coronavirus Act 2020, which suspended all possession hearings by the courts, making eviction impossible. 

Arrears
Mark Hutchings, managing director of Berkeley Alexander, explained: “Whilst the impact of the Coronavirus on the UK public is obviously devastating, landlords too have suffered financially from rent arears and quite rightly are unable to evict non-paying tenants during this period. 

“However, mediation is still available, and the associated legal costs and rent arears continue to accrue. At the outset of restrictions it was no surprise that many insurers pulled out of landlord legal expenses and rent guarantee products but I’m delighted that in partnership with ALPS we are able to provide this product for our brokers and advisers, giving them a valuable point of differentiation and providing their landlord clients with surety.”

Part of the Ardonagh Group, Berkeley Alexander currently provides services to over 3,500 firms in the UK and works with directly authorised brokers. It offers a range of product types, including standard and non-standard home, mid & high net worth, property owners (both residential and commercial) and all forms of commercial insurance.

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