I HAVE AN UNDERWRITING AND PRODUCT QUESTION THAT HAS NOT BEEN COVERED HERE, WHO CAN I REFER THIS TO?
Please contact the underwriting team at Modus – [email protected]
WHAT ARE CONSIDERED TO BE BENEFITS-ASSISTED TENANT TYPES?
Tenants who are working and only receive tax credit “top-up” would be considered “Working” tenants. Benefits-assisted tenants (historically termed DSS) would be in receipt of benefits such as Jobseekers Allowance, Income support or Universal Credit.
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 a change in tenant, occupancy and maintain the property in a good state of repair. If the property is, or may become, unoccupied, then they [...]
WHAT ABOUT HMO PROPERTIES OR BED-SITS?
Modus do not offer cover for these type of risks, unless a specific agreement is in place.
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 property changes.
WHAT ARE THE UNOCCUPIED CONDITIONS?
The property 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.
WHAT ARE THE CANCELLATION TERMS?
Pro-rata return premium if claim free (25% 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 or on short-term, 3 month, of 6 month policies.