4 November 2024 - Addept Insurance Services (Addept Insurance) has today announced a capacity deal with The Salvation Army General Insurance Corporation Limited (SAGIC) for the firm’s new dedicated tenant pet damage protection insurance for landlords, called Not for Lions. The deal was arranged through independent underwriting agency, Strategic Insurance Services (Strategic Insurance),
Under the Renters' Rights Bill, currently going through Parliament, tenants will have increased rights to keep pets in rental properties and landlords will be able to request tenants pay for insurance the landlord buys to cover potential damage caused by the tenant’s pets.
Whilst the right to seek reimbursement of the cost of insurance protection is included in the current version of the Bill, landlords face the challenge of finding relevant cover to protect their property. Most current landlord insurance products currently exclude pet damage and most landlord building’s policies, the most common type of insurance brought by landlords, excludes damage to areas such as carpets.
Not for Lions addresses this protection gap by offering landlords an optional additional layer of insurance cover specifically for pet damage, at an affordable cost to their tenants.
Commenting on the capacity deal, Richard Finan, Managing Director, Addept Insurance, said: “As an independent ancillary insurance provider, we have the flexibility to work with a range of partners to ensure we can deliver the best products and service outcomes to meet the real needs of customers. This product co-manufacturing partnership further demonstrates Addept Insurance’s ability to leverage our expertise and market knowledge with experienced partners and capacity providers to deliver innovative products that directly respond to the changing risk and regulatory environment in today’s insurance market.”
Christian Freer, Director, Strategic Insurance, said: “The Addept Insurance team shares our commitment to providing innovative insurance solutions that exceed customer expectations. In partnership with SAGIC, we are excited to be working with Addept to offer brokers and their landlord clients access to an important addition to the landlord property insurance market portfolio that responds directly to the new Renters’ Rights Bill.”
This is the second capacity deal to be announced by Addept Insurance this month. The first, at the start of October, was a dual product capacity deal with Great American Insurance Company via specialist MGA, Ortus Underwriting, for the firm’s Bill Ninja and Recovery First products.
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