Can we adjust the premium quoted or terms applied?
Modus have a consistent pricing strategy and will not adjust individual premiums or terms upon referral unless there is a specific previous agreement in force.
What are the cancellation terms?
Pro-rata return premium if claim free (50% of the return premium is retained by Modus if cancelled during the first year). No return premium is allowed if there has been a claim.
Can Modus ‘back-date’ a cancellation?
We can consider if proof of alternative insurance or proof of sale (such as a solicitors completion statement) is provided – [email protected]
What to do if a policyholder passes away?
We can accept risks in the name of ‘The Executors of…..’ until probate is granted. If the property is unoccupied, you will need to amend the occupancy of the property to reflect this. Once the property has a new owner, the risk will need to be insured by the new owner under a new policy.
What are the unoccupied conditions?
The home must be inspected inside and out at least every 7 days, and a record kept of the inspections.
Heating must either be on constantly at a minimum temperature of 15c, or fully drained down. Please see our Unoccupancy Condition for full details.
Does the tenancy agreement have to be between the tenant and policyholder?
No. Check with the policyholder that the tenant can comply with the policy conditions and be able to advise us if the tenancy or occupancy of the home changes.
Can Modus allow multi-location policies?
Not at this time. Our policies are issued for a single location only
Can Modus cover blocks of flats?
We can offer cover for Contents in individual flats, but cannot offer Buildings cover for blocks of flats.
What about HMO properties or Bed-sits?
Modus do not offer cover for these type of risks, unless a specific agreement is in place
Can the policyholder live abroad?
Yes, providing the policyholder is a UK citizen living abroad. Please ensure that the client is aware that they must tell us of any changes to the risk such as change in tenant, occupancy and maintain the home in a good state of repair. If the home is, or may become, unoccupied, then they must be able to meet the inspection requirements.
What are considered to be benefits-assisted tenant types?
Benefits-assisted tenants (historically termed DSS) would be in receipt of benefits such as Jobseekers Allowance, Income Support or Universal Credit. Tenants who are working and only receiving tax credit ‘top-up’ would be considered ‘Working’ tenants.
I have an underwriting and product question that has not been covered here, who can I refer this to?