Welcome to the January Issue of ABACUS Exposed
We are pleased to present the latest edition of ABACUSExposed, our seasonal online magazine designed specifically for our valued brokers.
As we step into 2025, I want to take a moment to express my gratitude for your continued partnership and trust in ABACUS. Last year was a milestone for us with the launch of our new Mid-Term Adjustment (MTA) feature, which has been warmly received by many of you. This year, we look forward to building on that success and finding even more ways to support you in providing outstanding service to your clients.
In this January edition of Mini Exposed, we’ve kept it concise but impactful. Inside, you’ll find practical tips on effective local marketing strategies to help grow your business in 2025, along with a snapshot of key industry developments in our news round-up to keep you informed.
I’d also like to highlight our Broker Spotlight, featuring Jordan De Saa from Movo Partnership Ltd. We would like to thank Jordan for sharing his positive experiences of working with us, and his insights on working in the industry.
Finally, we want to express our sincere appreciation for your ongoing confidence in ABACUS. We are committed to being a trusted resource for you, and we look forward to continuing to support your success throughout the year. If there’s anything more we can do to assist you, please don’t hesitate to reach out. Wishing you a prosperous year ahead.
Richard Burgess ACIEH, Cert CII, MCIM, MICA CEO
e: richardb@sabacus.co.uk
m: 07725 365447
Unoccupied property FAQS
The latest figures reveal that there are 700,000 empty homes in England alone – meaning there are potential opportunities for providing your clients with unoccupied property insurance cover.
Here are some frequently asked questions (FAQs) your customers may ask about the product …
What is unoccupied property?
Unoccupied property is pretty much just what it says – property that is unoccupied, or in other words, empty or vacant, with no one living there.
Insurers have particular concerns about unoccupied property:
• it tends to attract vandals, squatters or even arsonists; and
• anything in need of repair or maintenance can turn into an emergency in an unoccupied property because there is no one there to spot the need for action.
For that reason, insurers typically restrict the extent of cover for your home or any buy to let accommodation if it has been unoccupied for longer than 30 to 45 consecutive days – the exact time varying from one insurer to another.
Won’t my existing home or buy to let insurance cover the property when it is empty?
If you fail to get appropriate unoccupied property insurance and rely solely on your home or landlord insurance when the property is empty, the policy may revert to what is frequently termed basic FLEA cover – standing for cover against Fire, Lightning, Earthquake, and Aircraft impacts.
In other cases, the cover may lapse completely.
To keep the level of protection your vacant property continues to need, you must therefore arrange specialist, standalone unoccupied property insurance.
What does unoccupied property insurance cover?
Unoccupied property insurance is designed to step in and cover everything that would have been protected by regular home insurance or landlord’s buy to let insurance before the premises became empty and unoccupied.
Unoccupied property insurance stands on its own as a distinct and separate piece of insurance for as long as you need the protection for a property that is unoccupied – including periods when the property is undergoing renovations.
We offer three levels of cover for you to choose from, so you can select the most appropriate protection for your property.
What if I only need unoccupied property cover for 3 or 6 months?
The cover is also flexible. Unlike most other types of general insurance, you can buy unoccupied property insurance for periods of less than a full 12 months. If you expect the property to remain unoccupied for just six months, say, you can arrange unoccupied property insurance to cover those six months alone. Then, if you need to extend or reduce the period of cover, you can.
If my property is furnished, but no one is living there, does that count as an empty property?
As far as insurers are concerned, it doesn’t matter whether or not your property is furnished – if no one has been living there for longer than 30 to 45 consecutive days and nights, it is unoccupied.
Indeed, if the empty property is furnished you might have an even greater need for unoccupied property insurance because you stand to suffer a bigger financial loss if the contents are stolen, lost, or damaged.
I am working away from home for several weeks – do I need special home insurance?
The insurer has no interest in why your home is unoccupied – only the fact that it is.
It might be that you are working away from home for longer than a month or so; it could be that you have taken an extended holiday abroad. You might have
the builders in to do some alterations or build an extension and have moved out of your house or let property while the work is in progress.
If you are the landlord of buy to let property, there might be a longer than usual interval between one set of tenants moving out and the new ones moving in –while the property remains unoccupied in the meantime.
I have an empty property that is going through Probate. What insurance do I need?
When a property is subject to probate, it is by no means unusual for it to stay empty and unoccupied until that legal process is finished – and this can take as long as 12 months or so.
You need to make sure that the executors – who are solely responsible for managing the estate of the deceased during probate – have arranged suitable unoccupied property insurance to safeguard the premises and their contents against any loss or damage.
Is there anything I need to do when I have unoccupied property insurance?
Even with unoccupied property insurance in place, you still have a responsibility for staying on top of your empty property by mitigating any risks.
This might mean arranging regular, logged visits and inspections of the property. Depending on the time of year, you may be required to keep the heating at a certain temperature to stop frozen pipes, and so on.
Summary
Ensuring your home, holiday home, probate property or let property is properly protected while it is empty is key. Speak to us today to see how we can help.
Product Exposed Unoccupied residential property insurance (including property undergoing works)
At ABACUS, we are committed to our broker members by offering what we believe are desirable, costeffective products that provide market-leading benefits for your customers. This time we look at our unoccupied residential property insurance (including property undergoing works).
Who is the product for?
Our unoccupied residential property insurance product is for anyone who owns (or has financial responsibility for) a vacant residential property - for example:
l landlords who own a residential property and who are awaiting a tenant;
l someone renovating an empty property (including structural works);
l executors of a property in probate;
l homeowners who are having an extended holiday (such as a gap year) or working away from home for more than around 45 consecutive days, leaving the property empty;
l people buying an empty property at auction;
l where a house is standing empty awaiting sale;
…. and so on.
Unoccupied properties undergoing works
Our unoccupied property insurance (including properties undergoing works) product is also suitable for residential properties being renovated - no matter whether they are to be let or owneroccupied after the works have been completed.
Three levels of cover available + added value benefits
We have three levels of protection available, meaning you can offer your clients a choice of cover to suit their own unique requirements.
Key features of our unoccupied residential property insurance (including property undergoing works)
Plus, some of the key features of our unoccupied residential property owners product include benefits not always offered as standard by some other unoccupied property insurance/property undergoing works insurance providers such as:
l subsidence (all levels)
l property owners liability up to £5m (all levels)
l malicious damage by tenant (levels 2 and 3)
l escape of water (levels 2 and 3). these are typically all included as standard (depending on the level of cover chosen – policy limits and risk-based restrictions also apply).
Plus
l ability to switch the policy to an occupied let or owner-occupied product mid term
l easy to get a quote and buy online
l for every quotation request you submit we will provide you with a quotation for each level of cover available
l flexible cover options including short term policies of 3, 6 and 12 months
l we can cover most unoccupied properties undergoing works including redecoration, redevelopment, restoration, extensions, renovations etc.
l we have flexible limits to the value of the works being undertaken.
What about exclusions?
The policy excludes damage caused by the Contractor (which should be covered under the Contractor’s own insurance).
Where structural works are taking place, no cover is in force for any part of the building that is either being constructed or worked upon.
Why ABACUS unoccupied residential property owners insurance (including properties undergoing works)?
We are proud of our unoccupied residential property owners insurance (including properties undergoing works) as not only does it offer, in our opinion, fantastic cover and great value for your customers, but it provides you - our brokersmany benefits too:
l up to 25% commission
l immediate online access to our panel of insurers - offering a variety of cover options for your customers
l simply complete your quotation online in the usual way and you will receive your quote for all three levels of cover immediately. Or, if it “refers”, we will come back to you quickly with our terms
l cost-effective, flexible cover to meet your customers’ own unique needs
l market-leading product - our policies cover all the standard risks associated with unoccupied insurance including many elements of protection which some unoccupied property insurance policies from other providers exclude.
l policy documentation available immediately online
l help and support readily available from our Sales & Marketing Team on 01702 606 312.
For more product details, please visit Insurance-Marketing.co.uk.
All Systems Go: Online Mid-Term Adjustments Now Available Across All Property Products
At ABACUS, we are always looking for ways to make your job easier. That’s why we’re excited to announce that our revolutionary Mid-Term Adjustment (MTA) feature is now available across the following property products:
Residential Let Property
Commercial Let Property Unoccupied Residential Property
Unoccupied Commercial Property
Holiday & 2nd Homes
This feature enables you to manage policy changes online quickly and efficiently, eliminating the need for back-and-forth communication. Whether you’re adjusting cover for Residential Let Property, Unoccupied Property, or Holiday Homes, you can now do it instantly through our platform.
Key Benefits:
l Timesaving: Update policies in real-time.
l Flexibility: Available for all property products, providing comprehensive support.
l Convenience: Perform adjustments at your own pace, whenever you need.
We’re proud to offer a feature that not only simplifies your workflow but also enables you to deliver better service to your clients.
For a quick tutorial on how to make MTAs on our platform, visit www.sabacus.co.uk/MTA.
Thank you for choosing ABACUS. We look forward to seeing how this feature helps streamline your processes in 2025.
Broker Spotlight Jordan De Saa Movo Partnership
1. Tell us a bit about your brokerage, and the origins of the company.
Movo Partnership was launched in September 2019 and focused on giving brokers an alternative route to start their business in the most cost-effective means but also to act as an alternative to being Directly Authorised with the FCA.
2. What makes your brokerage unique?
We are a collective of over 100 brokers, varying from startups to well established brokers but what makes our network unique is that all our brokers can trade directly with 99% of all our 360 insurer marketswhich was quite unheard of up until 2019. We also do not take a % of our brokers income & instead opted for a fixed fee model.
3. What is your greatest accomplishment?
One of my favourite accomplishments here at Movo, has got to be organising our annual conference & awards where we have over 50 insurer partners exhibiting & around a total of 350 attendees. The event is now approaching its 4th year, and each it is getting bigger & better!
4. In your opinion, what is the best thing about working in the insurance industry?
5. What ABACUS features do you think are most useful/ valuable to your brokerage?
Having access to a specialist property insurer, who offer fantastic products is so valuable but also being able to have a conversation with an underwriter is something that is quite often difficult to do at other composites & MGA’s these days.
6. What would you say is the biggest reason you continue to work with us here at ABACUS? Their ability to issue terms & resolve problems in a very quick manner.
7. Where is your main office based, and what is your favourite thing about working in that location?
Our head office is located at Chislehurst, Bromley Kent which is approximately less than half a kilometre from where the Movo brand was created way back in 2009. One of the best things about Chislehurst, is that is it is only 20 minutes from London by train and 5 minutes from the M25 making it very easy to get around the country.
The industry is incredibly diverse and constantly evolving, this makes it a vibrant & exciting place to work. Each day can be different, whether that is new markets or new type of risks but to also see so many startups begin their journey with us & watching them develop their business to eventually employing staff and opening their first offices.
8. What is your go-to holiday destination?
I really love to travel, but I do have a soft spot for South Spain and would love to eventually move out there, but I want to explore more of Asia of the coming years.
9. During your collective years working in the insurance industry, what is the best piece of advice you’ve received?
Over the years, I have had varying pieces of advice but one that I have always tried to use the most would be “seek forgiveness, not permission”, which can be interpreted several ways. I use this to ensure that I can act in our business’s best interest quickly & efficiently.
10.Do you have any highlights from any day you’ve spent out with the ABACUS team?
Being invited to attend some of their race days have always been enjoyable & the perfect time to catch up with their wider team and some of their brokers too.
Agency & Marketing Are Here To Help!
Our Agency & Marketing team are here to help you with all Agency queries!
If you would like to discuss your ABACUS agency over many of the video platforms, or via the telephone, Robin & Jecelda are available to speak to you on 01702 606 312, or email us at agency@sabacus.co.uk
We look forward to hearing from you!
Contact Information
Accounts
Tel: 01702 606 320
Email: accounts@sabacus.co.uk
Agency & Marketing
Tel: 01702 606 312
Email: agency@sabacus.co.uk
Claims
Tel: 01702 606 311
Email: claims@sabacus.co.uk
Existing Business
Tel: 01702 606 306
Email: existingbusiness@sabacus.co.uk
New Business Team
Tel: 01702 606 304
Email: newbusiness@sabacus.co.uk
Portfolios
Tel: 01702 880802
Email: portfolios@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
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