27-07-2010
First and foremost landlords should be concerned about the substantial risks now posed by third party liabilities. In the litigious society in which we live, anyone operating a business, and a landlord is certainly doing that, can easily find themselves on the wrong side of a lawsuit which can seriously damage your wealth.
You only need to watch day-time TV for a brief spell to see how many law firms are touting for the business of anyone who has the slightest inkling of an accident claim.
Property owners' liability insurance enables you to meet any costs and damages awarded to a member of the public if they suffer an injury following an accident on, or linked to, your premises. This will include costs of hospital treatment and ambulance costs claimed by the NHS, if someone is awarded personal injury damages and the incident occurred either on or after 29 January 2007.
It is vital that you are covered in this way against death or injury to individuals on or near your property, for example: tenants, visitors and guests, meter readers, postmen etc. Local authorities and Universities will normally specify a minimum amount of cover needed when you are letting to house housing benefit tenants or students.
TPCM has £5 million Property Owners Liability included in our policy at no extra cost while some other policies only have £2 million.
If you would like to obtain a free no obligation quote call us on 01273 827090.