What’s New? Product Updates
Broker Spotlight
Tony Buckingham Buckingham Insurance Services
Issue
May 2019
Why ABACUS Portfolio Insurance?
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Introduction Hi
Our Portfolio Insurance product is for anyone who owns more than one residential and / or commercial property. We cover all types of residential and commercial premises (including mixed-use) - for example: l l l l l l
H ouses H MO’s B locks of Flats Shops/Offices S urgeries R estaurants/Cafes/ Takeaways
l P ublic Houses/Wine l l l l l
Bars I ndustrial Units W arehouses M anufacturers W holesalers M otor Trades
l V acant Properties l C ommercial Properties
including part residential.
Portfolio Insurance cover overview Our Portfolio Insurance product offers what we believe are great benefits at a cost-effective price. Plus, one policy can cover an unlimited amount of properties, providing one easy renewal date for your client.
Cover includes: l l l l l l l
tandard perils (fire, flood etc.) S Escape of Water Theft Keys/Locks Replacement Cover due to Theft Accidental Damage to Fixed Glass cover and Sanitary Ware Malicious Damage by tenant Property Owners Liability up to £10,000,000
Optional extras can also be included, meaning the policy can be tailored to meet your clients’ individual needs.
Optional extras
Plus … with our Property Portfolio Insurance
l L andlords Contents
l E asy to get a quote - simply email the details and we will get back to you
l L oss of rent and alternative accommodation in respect of commercial buildings only l E mployers’ Liability l S ubsidence, Ground Heave & Landslip for commercial buildings l A ccidental Damage to Buildings l A ccidental Damage to Contents
l W e aim to turn around all referred/ non-standard cases as soon as possible. However, to obtain a better rate or a more urgent turnaround, please contact our friendly and professional New Business team on 01702 606304 for help in fulfilling your clients’ needs.
As you can see opposite, our new portfolio product is now live to all of our agents and writing business. With simple documentation, fast turnaround of quotation and a wide acceptance criteria, it really is a great offering and one we hope you will consider for your customers. Our team have also been busy preparing the next release of our ABACUS site which will be available to you during this quarter. This will give you access to all issued documentation including adjustments and renewals that have previously been managed outside of our platform. Don’t worry, the look, feel and experience will remain the same… it will just give you a bit more functionality and provide the basis for future development. Whilst writing this forward, Barry, Richard, Ben, James and Robin are at BIBA. I hope you have had the chance to go and catch up whether you are new friends of ABACUS or old. It is great to be getting reports back of how busy and positive the event has yet again been although I haven’t heard about the nights yet. Special thanks go to Tony Buckingham of Buckingham Insurance Services for his contribution this month and, as ever, thank you to all of you for your continued support. Kind regards
l Legal Protection l Terrorism.
Nick Blunden Director
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Previous Caption Competition Winners
The winning caption was from Aaron Nash of Hodgson Insurance Services:
‘What to do first, breakfast or bath, breakfast or bath, breakfast or bath… How about both!’ 2nd prize goes to Mark Sibley of Medical insurance Professionals:
‘Can you see my Lucky Charms?’ 3rd prize goes to Gary Hodgson of Hodgson Insurance Services with:
‘I asked Bob if he’d ever had a surreal moment… He showed me this picture!’ Well done to our winners and thank you to everyone who entered! We look forward to receiving your entries for this edition’s competition.
ABACUS Caption Competition We have some great prizes up for grabs in our everpopular Caption Competition. The prizes for the top three entries are:
1st £ 50 Voucher of your choice Can you come up with an even funnier caption for this image?
2nd £25 iTunes Voucher 3rd £10 Next Voucher
To be in with a chance, simply send your caption entry for the photograph above to robing@sabacus.co.uk Friday 31st May 2019 Good Luck Everyone! 2
News round up Here is a quick round up of news relating to the let property industry …
Landlords and the lettings fee ban From June 1st 2019, landlords and lettings agents in the private rented sector will no longer be able to charge fees to set up or renew a tenancy. The new law (effective in England) will not only mean a ban on letting fees, but also the majority of other upfront fees payable by tenants to rent a property. The Bill was introduced in a bid to make renting properties in England fairer and more affordable for tenants by reducing the costs at the outset of a tenancy.Caps on fees will also come into effect, with a cap on the amount of: l Refundable security deposit a tenant would be required to pay to the value of five weeks’ rent; l A holding deposit a tenant will be required to put down to secure a property to the value of one week’s rent.
Source: LandlordToday
The typical English landlord earns an average of £15,000 a year According to the Private Landlords Survey published by the Ministry of Housing, Communities and Local Government (MHCLG), 94% of landlords in England operate as private individuals rather than as part of a company or organisation, earning an average £15,000 a year before tax and other deductions.The latest study - the first since 2010 – highlights that for most landlords, rental income makes up 42% of their total gross income. While almost half of landlords (45%) own just one property, half of private rented sector tenancies are let by the 17% of landlords with five or more properties. A further 38% of landlords own between two and four properties, equivalent to 31% of the sector. Since 2010, the proportion of landlords with just one property has declined from 78% to 45% or from 40% to 21% of the sector. Meanwhile, the ratio of landlords with five or more properties has increased from 5% to 17% or from 39% to 48% of the sector.
Why be a landlord? The research also found that: l 46% became a landlord because they preferred property to other investments; l 44% did so to contribute to their pension; l 4% became a landlord to let property as a full-time business.
Source: PropertyWire 3
Unoccupied property
insurance explained The following article can be shared with your customers to help them understand what unoccupied property insurance does and when they may need it.
What is unoccupied property insurance? All residential buildings insurance policies – some home and landlords insurance - have an unoccupancy clause. This is where the property has not been lived in for a number of consecutive days (this can be anything from 30-45 days depending on the current buildings insurance provider).
Q&A
Who may it be suitable for? Unoccupied property insurance is typically aimed at both owner-occupiers and landlords alike when their existing buildings insurance stops offering full protection after a pre-defined number of consecutive days of unoccupancy. For example: l People with a probate property; l Someone going on an extended holiday or temporarily relocating for work; l Where the owner is living in a new property but is still waiting for the sale of their old property to go through;
When a property is classed as unoccupied, the existing l Landlords who are experiencing a void in tenancies; etc. buildings cover becomes restricted in what it offers or may even become void. This means that your property is not What is not covered under the policy? financially protected. This is where unoccupied property insurance (sometimes known as empty property insurance) kicks in.
What are its benefits? Unoccupied property insurance is designed to protect your property from a number of risks and hazards – for example, the most basic policy may typically cover damage or loss caused by fire, lightning, earthquake, explosion and aircraft. (You may have heard this called FLEEA cover). In addition to the basic FLEEA cover, you can get more comprehensive unoccupied property insurance to cover additional risks – often equivalent to the level of protection you would typically have when your property is being lived in for example - such as theft, damage to contents, subsidence etc. We offer a range of three different levels of protection to choose from to suit all budgets, as well as shorter-term cover (for example, 3 or 6-month cover options). Having unoccupied property insurance also keeps the property adequately insured, which will typically be a condition of your mortgage contract.
As with all insurance policies, exclusions and limitations will apply. You should refer to your policy document or speak to your broker to ensure you understand what these are, as well as understanding your own obligations under the cover. Two examples are: l For the former, renovations will typically not be covered (you will need specialist renovation insurance if the property is empty due to refurbishment); l For the latter, you may be obliged to turn off the electrics and have regular, logged visits to the property. Claims where you have failed to meet your obligations – for example, the electrics are left on, or a property inspection record sheet is not available - could invalidate any claim you make.
Next steps If your property is going to be standing empty, make sure you understand what your unoccupied property insurance covers and any obligations you need to meet under the terms of the policy. That way you can enjoy the peace of mind of knowing your property is suitably protected while it is standing empty.
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Attracting new business -
introducer programmes There are many ways to attract new business. Referral and affiliate marketing are two ways to drive low-cost traffic and sales into any insurance business. You can use either or both of them, but you will need to understand the subtle differences to get the best out of both.
Customer referral programmes As existing customers, they will already have a relationship with you. A customer referral scheme tends to work best when everyone wins. So, one way to set this up is by offering the referral and the referring party some type of benefit. Usually, this can be a cash incentive. For example, they each get a ÂŁ10 Amazon voucher. This can be an excellent way for happy customers to refer business to you without them feeling uncomfortable. The downside for you as a company is that it is hard to scale this type of activity. But it can be a great way to drive and incentivise referrals.
Affiliate programmes An affiliate might not have a relationship with you - they may never have been a customer. Professional affiliates, however, can provide access to traffic and expertise driving leads or sales to your business. This is the main difference between referral and affiliate marketing - an affiliate, simply put, is in it for the money.
How to run an affiliate programme Affiliate programmes can either be run in-house or via an affiliate network.
In-house This tends to be cheaper to set up and run, but needs to be managed in-house. Growth can be slow, as you need to find and recruit affiliates. There are plenty of software options for running your own programme. Take a look at: https://www.speedieconsulting.co.uk/ affiliate-programme-software-and-plugins/ for some ideas and offers.
Network A network option tends to be more expensive initially as there will be set up and then ongoing fees, so this tends to be cost prohibitive for brokers at the beginning of their affiliate marketing journey. The potential upside of using a network is they will have a ready-made army of affiliates ready to promote your programme from day 1.
What affiliate network? There are several affiliate networks you can work with. In the UK the biggest network is AffiliateWindow. That said there are other smaller, lower cost networks, so do look around. We hope this brief article will give you some ideas in deploying either or both of thee programmes in your business.
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Product exposed
Commercial Property Owners Insurance Our Commercial Property Owners (CPO) insurance offers you immediate online access to a panel of insurers for commercial property risks at exclusively agreed rates.Our CPO insurance offers what we believe is very cost-effective cover and additional benefits not available with some other providers (such as Trace & Access cover and malicious damage by tenant as standard).
Here is a quick refresh of our ABACUS CPO insurance …
Who is the product for? Our Commercial Property Owners insurance product is for anyone who owns a commercial property. We can insure all types of commercial premises - for example: l l l l l l l l l l l
Shops/Offices Surgeries Restaurants/Cafes/Takeaways Public Houses/Wine Bars Industrial Estates Warehouses Manufacturers Wholesalers Motor Trades Vacant Properties Commercial Properties including part residential.
What does it cover?
l Accidental Damage to Fixed Glass cover and Sanitary Ware l M alicious Damage by tenant (limits apply) l Property Owners Liability up to £5,000,000 l Subsidence (for properties built after 1849) l Contents of Common Areas Cover l D amage to Underground Services l E mergency Access Cover and Trace and Access Cover (claim limits apply). Optional extras can also be included, meaning the policy can be tailored to meet your clients’ individual needs. For unoccupied commercial property, a choice of three levels of cover are available.
Key features of our Commercial Property Owners product
lU p to 25% commission. l All property and tenant types Our policies cover all the standard covered. risks associated with let commercial property insurance including many l Communal contents, subsidence, elements of protection which some trace & access, and malicious other CPO insurance from other damage by tenant typically all providers exclude (e.g. subsidence and included as standard (limits and trace and access cover as standard). terms apply). For example: l Loss of rent included (up to 20% of building sum insured). l Standard perils (fire, flood etc.) l P ortfolio risks catered for (online quotations available for up to 10 l Escape of Water properties). l Theft l Immediate online access to our l K eys/Locks Replacement Cover due panel of insurers. to Theft
l Policy documentation available immediately online. l Easy to use referral system online for “that difficult quotation”.
Why ABACUS CPO? l Cost-effective, flexible cover to meet your customers’ own unique needs. l Our policies cover all the standard risks associated with commercial property insurance including many elements of protection which some let property insurance policies from other providers exclude. l Our system gives you instant online access to our panel of insurers, with immediate quotes. l If a quotation “refers”, we will come back to you quickly with our Terms. l Policy documentation available immediately online. l Help and support readily available from our Sales & Marketing Team.
Customer + Broker + residential property owners insurance = ABACUS At ABACUS we are committed to our Broker Members by providing ongoing marketing support and help. If you have any questions or queries in relation to this or any other product, or with getting a property insurance quote, please do not hesitate to contact our Sales & Marketing Team on 01702 606 312. They will be more than happy to help.
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Our current product range
Terms We Cannot Cover
As a little reminder, here is an update to list of our current product range … l R esidential Property Owners (RPO) l Unoccupied Residential Property Owners (URPO) l Commercial Property Owners (CPO) l Unoccupied Commercial Property Owners l L egal Expenses
l l l l l l l
R ent Guarantee H oliday Homes UK Terrorism Tenants Contents R enovations H igh Risk (not poor quality) P ortfolio
At ABACUS, we pride ourselves on being able to offer terms on most risks. There are certain property types or business uses, however, which we currently cannot cover. As a reminder, these are ….
Insurance Directive Distribution Information for Brokers distributing our products We have produced Insurance Directive Distribution Information in the form of a PDF for our Brokers who would like them for their Compliance departments.
l l l l l l l l
T hatched Properties Grade 1 and Grade A Listed Emergency overnight housing Refuge centres if drug / alcohol / criminal associated Firework (only) retailers Petrol stations Tyre fitters Religious buildings
The Insurance Distribution Directive (IDD) is EU legislation which sets regulatory requirements for firms designing and selling insurance products. IDD replaces the Insurance Mediation Directive (IMD). If you would like a copy, please contact our Sales & Marketing team on 01702 606 312.
Got a question or need some help and advice?
Then ask Robin! Most of you have met Robin Gentle, our Head of Sales and Marketing, either at ABACUS Do’s, Broker events, or when he is on the road visiting different agencies. And as you know, he is friendly, approachable and above all, very knowledgeable about ABACUS, our products, and our services.
What you may not realise is that Robin isn’t just available to help when he is in your area – he can be contacted by telephone or email whenever you have a product query or need some help and advice. Simply email Robin on: robing@sabacus.co.uk or give him a call on 07887 477 209 – he will be more than happy to help!
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We want your feedback!
Broker Spotlight Tony Buckingham
Buckingham Insurance Services Tell us about your brokerage. We’ve been in business this year for 30 years, like most brokers we transacted principally Motor and Home Insurance, initially from an office in Ripley, Derbyshire on the edge of the Peak District, 3 years later we opened another office in Clowne which is in the District of Bolsover – home of the famous Beast of Bolsover Dennis Skinner. These days we are around 60% Commercial Lines. What are your plans for 2019? 2019 is a big year for us, 30th celebrations later in the year, currently we are in the middle of a re-brand, we’ve started a new networking group aimed at larger SME’s and a core focus is to raise our profile in the commercial world with a series of eye catching modern videos with the aim of writing more commercial combined business. Our charity partner Weston Park Cancer Charity have there 25th anniversary this year and we are organising a classic car run in aid of them, people here throwing themselves out of aeroplanes and other stuff with the aim of reaching a target of total raised money over the years of £25k. Why do you support ABACUS? ABACUS have proven track record in their market, a consistent approach to underwriting and some great people who have been there since the days that I had hair. What is your favourite Sports team? I’m not going to give you my obvious sports team because I am a dual sport man not just footy – Sheffield Eagles Rugby League FC is my team – our name is on the back of the shirt – they play in the Rugby League Championship.
What hobbies do you have? Watching sport and music are my main hobbies having sponsor tickets at the Eagles and also I am a season ticket holder at Manchester United, everyone is happy now Ole is at the wheel ! Massive Stereophonics fan and looking forward to the next tour. What is your favourite food? Definitely a curry man – 39 steps from my front door to the restaurant – a bit too convenient. What car do you drive? Currently I drive everyday a BMW X3, I’ve got an almost classic 911 that I’ve owned for nearly 9 years that barely turns a wheel. What is your favourite drink? The local craft brewey who are clients do a citrus IPA that’s 6.1% (allegedly) that me and the lads call Grapefruit Juice.
We pride ourselves on listening and acting upon the feedback you provide. It is this approach that has allowed us to build the products, service and systems you experience today. If you have any queries, or you wish to tell us about your experience with ABACUS, we always enjoy hearing from you. We welcome any feedback you may have – good or bad! You can contact us by phone on 01702 606 312, by fax on 01702 606 369, or by email at agency@sabacus.co.uk. We look forward to hearing from you.
What is your favourite Holiday destination? Probably has to be Spain, I love the Costa Del Sol and Malaga is a fantastic city to visit and I highly recommend.
MISSING: Glasses left on the ABACUS Stand!
Let us hear about a memorable event with ABACUS. I can remember when we went to a Varsity game with the Blink lads in a former life and we all met up in reception to walk to the local bus stop, catch up to the nearest station and then caught a train going in the wrong direction – I’m sure Barry Brook remembers it well!
If you own these glasses, or know who does, please contact Robin Gentle on 07887 477 209, or robing@sabacus.co.uk. Hopefully we can reunite the owner with their glasses!’
Contact Information Accounts
Claims
Sales and Marketing
Existing Business
Tel: 01702 606 320 Email: accounts@sabacus.co.uk
Tel: 01702 606 312 Email: agency@sabacus.co.uk
Tel: 01702 606 311 Email: claims@sabacus.co.uk
New Business Team
Tel: 01702 606 304 Email: quotes@sabacus.co.uk
Tel: 01702 606 306 Email: team@sabacus.co.uk
ABACUS
Baxter Building 80 Baxter Avenue Southend on Sea Essex SS2 6HZ Tel: 01702 606 300 Email: info@sabacus.co.uk Fax: 01702 606 369
The information contained above is not intended as legal or broking advice. Specific advice should always be sought on individual requirements and it is always necessary to read the contractual documentation for full details of the product and cover provided. This newsletter is managed by ABACUS, the content including all views and expressions are those of ABACUS. ABACUS is one of a range of products marketed and distributed by BLINK Intermediary Solutions. ABACUS is provided by Alan Blunden & Co Limited, Baxter Building, 80 Baxter Avenue, Southend on Sea, Essex, SS2 6HZ. Alan Blunden & Co Limited is authorised and regulated by the Financial Conduct Authority. Full details of FCA authorisations can be found at www.fsa.gov.uk/register Produced by iamyourdesigner - 07969 663 847 | 1992
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