oncover landlord & developers

Welcome to Oncover Insurance

Oncover Insurance Services Limited is authorised and regulated by the Financial Conduct Authority (FCA). Our Financial Services Register number is 306045

Oncover Insurance (independent family run broker) has built a strong reputation in the Landlord/Developer Industry over the last 15 years. We offer specific products for your industry with some of the UK’s largest Insurers. We are very well supported by Insurers and this assists when negotiating competitive rates for our clients. We have various clients who have taken advantage of the products we offer in your industry and who have benefited from considerable savings and additional benefits to their cover. We aim to build long term relationships with our clients and have succeeded in doing this due to consistently meeting our clients expectations and delivering on service and insurance products at competitive rates.

Our client relationships are the focus in everything we do. We look after an optimum number of clients to ensure we deliver a first class service, to all clients, all the time, with our expertise and knowledge in the specific sectors of insurance. Quality, not quantity…

www.oncoverinsurance.co.uk

Some of our clients

What our clients say?

Smart Housing Group Property Management "I had been using a different broker for our portfolio insurance for many years and Andreas contacted me to quote. I was very pleased with the substantial saving provided and subsequently moved our portfolio to Oncover Insurance. We are very happy with the personal service Andreas and George provide and the good knowledge they have in the property insurance sector.”

Polyteck Building Services “I have been using Oncover since 2007 for my various property insurances. As a Landlord I need to feel comfortable that I have the right policy at the right price and Oncover definitively do that for me year on year. The expert knowledge and assistance they provide for Property Portfolio Insurance is second to none and they are always happy to go that extra mile.”

Capital Homes Estate Agents and Valuers

“We have been using Oncover Insurance for our portfolio insurance since 2001. Their rates are very competitive and the great service Andreas and George offer us means adding and taking off properties is very easy which is important to our business.”



January 2016 Client survey – 50 Clients (30 respondents)

of our clients renew with us year on year

say Oncover Insurance have excellent service

say Oncover Insurance give great advice

say our team give the personal touch

say Oncover Insurance have the most competitive rates

say they’re satisfied with our problem solving

Our Services for Landlords & Developers


We pride ourselves on our ability to package your Portfolio/Development insurance needs in terms of rates, cover and importantly flexibility and offer that personal service all year round, we are extremely competitive in this sector due to the volume and long standing relationships we have established with A rated strong Insurers.

Our expertise and knowledge in this sector over the last 15 years has enhanced our reputation as “the broker who gets things done!”, in other words, we can understand your set up, provide the necessary flexible solution for you to carry on with your day to day business hassle free.

Since we do specialise in this industry and following months of research with our existing client’s needs, we can proudly offer further additional services via our strategic partners who are industry leaders and specialists offering a great service along with very competitive pricing.

Landlords Portfolio/Developers

Insurance from 1-1000+ Properties

Off Market Property/

Developments

Residential/ Commercial/ Development

Lending

Structural/Collateral Warranty Insurance

Property and Capital Allowances

Furniture Solutions

Our Services:

Off Market Property/Developments


Andreas Patikis (Director of Oncover) has been heavily involved with Landlords/Developers and arranging their insurance for 15 years. Due to these strong relationships that have been built, he is offered land/property/hotels to sell on behalf of the vendors on a discreet basis on many occasions. He approached his insurance clients in the first instance hence enabling buyers to have the opportunity to purchase. This also works the other way, so as an Oncover Insurance client you get the best of both worlds, off market selling and acquisitions. These may range from a 1 bed flat to a 5 star hotel. The fees are generally lower than your high street main agents.

Residential/Commercial/Development Lending


Our clients usually ask us for lending. Our partner for this is an independent firm who transacts over £ 150m per annum via a host of banks and bridging companies. The relationship between Mortgage Brokers and Lenders are key for clients who want to borrow and that is why they excel in arranging lending for our clients (£30m worth in last 24 months). They will look at loans from £ 500k upwards or less if part of a larger portfolio.

Why should I use a Structural Warranty?


If you are looking to purchase either a New Homes Warranty or Social Housing Warranty, you will be required to register with us as a Developer and / or Builder. Please ask for a Registration Form, complete all relevant details and return it so we can complete your registration to begin the process.

Structural warranties offer various benefits, including:

Peace of mind through 100% risk transfer

Additional cover options to protect against issues such as insolvency, loss of rent etc

Regular site inspections to minimise potential defect occurring


Do I need to register with you? If you are looking to purchase either a New Homes Warranty or Social Housing Warranty, you will be required to register with Premier Guarantee as a Developer and / or Builder. Please ask your broker to send you a Registration Form, complete all relevant details and return it so we can complete your registration to begin the process.

How do I get a quote? Simply complete and return the application form to your broker. Quotations usually take no more than five days to process and should we need any additional information with your application, your broker will contact you to discuss exactly what we need. Please fill out the form as thoroughly as possible to reduce any further requests for information.

What affects the cost of my warranty? There are three main elements that will affect the cost of your warranty: • Your Developer rating – this is calculated using your past experience and claims history, along with any rating scores you have from other warranty providers. • Your financial strength – this will dictate whether we need to request any additional security from you. • The size of your development – either the total reconstruction or sale price of your development.


Absolutely. Contact your broker who will be happy to provide you with a quote indication. To calculate your indication we will require some basic information: • An overview of your development, such as the number of

units you are building and the type of construction you are undertaking. If you are requesting a quote indication on our New Homes scheme, we need the estimated total sale price of the property.

• If you are requesting a quote indication for any of our other schemes, we need the estimated total reconstruction cost of the property. If you are not registered Premier Guarantee, but are registered with another warranty provider, please have your Developer rating to hand.

• Please note that a full application form must be completed in order for a formal, binding quote to be insured.

There are two main types of conditions: Technical Conditions: The relate to the type of development you are building. They could be requests for additional documentation, such as plans, certification or further clarification on aspects of your build. It is important that you provide this information as soon as possible to ensure you do not experience delays in your application. Administration Conditions This can include security in the form of deposits (or escrows) or guarantees.

Can I get an indication of how much my warranty will cost?

Types of conditions?

Types of security?


Each application we receive is reviewed by our underwriters to ensure that the parties involved in the development are in a financial position to meet their obligations under our policy. If your financial accounts, company credit score or trading history does not provide a level of certainty, additional security may be required in relation to insolvency cover during the build period and/or claims during the Defects Insurance Period.

There are three types of security we will typically ask for: Parent Company Guarantee This is a guarantee made by a parent company of a Developer under the requirements of our policy and is usually required where the Developer is a subsidiary of a larger company. This document must be signed on behalf of both the parent company and the company that is registered with Premier Guarantee. Cross Company Guarantee This is a guarantee made between ourselves, the Developer and an associated cross-company which is part of the same ‘group’ of companies as the Developer. This guarantee can be called on should the Developer be unable to fulfil their responsibilities under our policy.

Escrow Deposit


This is an amount of money that will be held as a bond in our third party legal advisor’s account to be used in the unlikely event of a Developer not being able to fulfil their obligations under our policy. Typically, this is in order for purchasers to reclaim deposits paid, or for work to be completed on site in the event of insolvency. Escrow amounts are calculated based on the rating of the applicant Developer and the number of units to be built in the development. There are two scenarios under which escrows will be retained: 1. If an escrow is required to cover insolvency during the build period 2. If an escrow is required to cover the Developers responsibilities during the Defects Insurance Period. In scenario 1, escrow amounts will be returned to the Developer once the Certificate of Insurance has been issued on the final unit to be completed on the development. In scenario 2, escrow amounts will be refunded 12 months after the completion of the Developer’s period of liability, based on the date of the last Certificate of Insurance issued on the development. In both cases, any interest accrued, calculated at the Bank of England’s base rate of interest, will be included in the amount returned to the Developer.

Our Warranties


New Home Warranty Our New Home Warranty has been designed for house builders building or converting private residential developments. Cover is available for mixed-use developments and includes cover for developer insolvency (subject to status) and alternative accommodation.

Social Housing Warranty Our Social Housing Warranty provides Housing Associations with up to 12 years cover on new build developments and conversions. Additional cover is available for loss of rent and our right-to-acquire cover extension means cover on the housing units can be extended to 15 years warranty cover at no additional cost.

Stock Regeneration Our Stock Regeneration Warranty provides social housing providers with up to 12 years cover on regeneration projects. Premier Guarantee for Stock Regeneration provides social housing providers with cover for a wide range of building works, including replacement of windows and doors, new roofing works, acoustic conditions improvements, improvements to thermal performance, provision of renewable energy services and changes to building services, including ventilation.


Simple Completion Premier Guarantee Simple Completion has been set up for any company or individual who is selling completed or partially completed homes which they have acquired through developer insolvency. Simple Completion provides new site owners with the cover they require to meet the criteria of mortgage lenders, allowing them to sell their properties on the private market. Completed Housing Our Completed Housing scheme can provide cover for properties which have been built without the benefit of a warranty in place (subject to scheme criteria). Premier Guarantee for Completed Housing provides cover up to the balance of 10 years – so for example, if your property is three years old, you would receive seven years of cover.


Commercial Services Commercial Buildings Warranty Our Commercial Buildings Warranty has been designed for developers working on commercial projects an mixed-use developments. Our policy includes optional cover for loss of rent and business interruption and provides insurance-backend protection not offered through Collateral Waranties. Some of the benefits of our waranty can be seen here in our comparison table:

Using collateral Warranties as standalone cover for commercial buildings

Including a Commercial Buildings Warranty as cover for commercial buildings

Often obtained as a matter of course from parties responsible for the main construction packages within a project leading to numerous documents being crafted and negotiated

Standard policy and the document insures the building rather than each contractor separately

Costly legal advice and time to draw up each collateral warranty

Standard policy set-up for insured parties to use immediately

Assignment not always included

Fully assignable to future parties

Contracts (Rights of Third Parties) Act 1999 (as in force 2000) is able to replace

Commercial warranty can still operate alongside the act

Can be ambiguous and confusing

Clearly states what is covered

Beneficiary still has to go through courts

1st Party insurance policy - minimizes need for policyholder to litigate

If a party in the collateral warranty goes into insolvency, there will be no recovery under the collateral warranty

1st Party policy and so cover is for 10/12 years regardless

On-going adequate Professional Indemnity (PI) levels need to be maintained and reviewed

Insurance backed policy so maintaining PI not an issue

Mechanical and Electrical Insurance


Our Mechanical and Electrical (M&E) policy provides customers with protection for a wide range of mechanical and electrical services within their properties, such as lifts, escalators, heating, ventilation, boilers and air conditioning systems. Cover under our M&E policy is available for 5, 10 or 12 years and can also be provided on partially completed and existing structures. Collateral Warranty Insurance (CWI) If a company involved in the collateral warranties on your developments enters into administration, you will be unable to pursue them for damages should any defects occur in the properties you have built. This means you will be liable for carrying out the work needed to repair these defects, the cost of which could run into millions of pounds. To protect the industry against these financial damages, we have developed Premier Guarantee Collateral Warranty Insurance, which provides property developers, who continue to use collateral warranties as their main source of protection, with a contingency cover against the impact that builder insolvency can have on their properties.

Mechanical and Electrical Insurance


Our Structural Warranties provide our customers with a range of benefits including: •Competitive premiums and interest free payment terms •Market leading policy coverage backed by ‘A’ rated insurers •Optional extensions of cover provided to add extra level of cover •Free technical support •Cover often available once construction has started High Value Scheme As the size of development projects continue to increase, so does the requirement for higher limit structural insurance which can be difficult to obtain. Premier Guarantee’s specialist High Value Scheme offering residential, commercial and social housing cover for large single blocks or large scale projects is backed up with all the benefits associated with our standard warranty cover.

Building Control


Our residential and commercial Building Control services have been designed to work in synergy with our Structural Warranty services, providing you with a streamlined, efficient service on site. We will support you from early design stages in offering guidance for complying with Building Regulations and minimising risks from inception. Our Building Control customers all receive: •National coverage from our network of surveyors •Consistent approach to Building Regulations •Competitive rates •Free technical advice and support

What are Property and Capital Allowances


Capital allowances provide annual tax deductions as a percentage of the amount spent on certain qualifying assets. The system is complex and different rates of tax deductions apply depending on the type of asset but if you: • Own the freehold of a commercial property • Or have redeveloped a leased commercial property You may be entitled to a tax rebate through the capital allowances regime as well as protecting your profits from tax. Recent legislative changes have highlighted the need to ensure that you Capital Allowances are up to date. Failure to do so could seriously restrict the value on a subsequent sale of your property.

Our Key Warranty Schemes


New Homes Warranty

Social Housing Warranty

Commercial Warranty

Cover period

10 years

10 or 12 years

(10 years for High Value Scheme)

10 or 12 years

(12 available if contract under seal) (10

years for High Value Scheme)

Defects Insurance Period

(responsibly of

Builder / Developer)

2 years

1 years

0 years

Structural Insurance Period

(responsibly of Insurer)

8 years

9 or 11 years


10 or 12 years


Financial Limits

Single Unit New build ₤1,000,000

Single Unit Conversion ₤500,000

Continuous structure New build ₤25,000,000

Continuous structure Conversion ₤5,000,000

Single Unit New build ₤500,000




₤10,000,000

Financial Limits

High Value Scheme









₤40,000,000

Excess During Defects Insurance Period ₤100

During Structural Insurance Period ₤1,000

During Defects Insurance Period ₤100


Variable, subject to sum insured Excess

High Value Scheme





Cover includes

Cover for contaminated land * Cover for

Building Control function* Alternative

accomodation

Additional costs

Proffesional fees Removal

of debris

“Right-to-acquire” warranty extension

Cover for contaminated land*

Cover for Building Control function*

Alternative accomodation

Additional costs

Professional fees Removal

of debris

Cover for Building Control function* Cover

for ingress of water**

Cover for contaminated land*

Professional fees

Additional costs

Removal of debris

Architect Waiver of Subrogation Rights (for

RIBA or CIAT members)

Optional

Extensions

Loss of rental income

Insolvency of Builder

Seepage

Loss of rent receivable Loss of

rent payable Business

interruption

* Cover only available if an Approved Inspector is used on your development. **Waterproof envelope is covered in years 2 to 10 or 12


Can I make a capital allowances claim? At a time when it makes sound financial sense to ensure that all tax relief entitlements are claimed, they can review your potential capital allowances entitlement on a no claim = no fee basis. How can our partner help? They provide support for capital allowance claims for owner-occupiers of commercial property or Investors who have purchased a commercial property. • They fully survey the property to establish the items for which capital allowance claims can be made. • The amount to be claimed is then calculated using an approved HM Revenue & Customs (HMRC} methodology. • The claim is then agreed with HMRC. • There is no restriction for claiming capital allowances on acquisitions retrospectively. • There is currently no time limit for making a claim for capital allowances, provided the assets are still owned by and used in the business. How much will it cost? They only charge a fee if we are able to generate an entitlement to tax relief, with the fee based on the amount of relief agreed with HMRC. Capital allowances case study The case outlined below Illustrates the value of Investigating capital allowance claims. • The property was purchased in 1988 and they incurred improvements of £100,000 in that year. • They were contacted in 2013. • They carried out a capital allowances survey in August 2013. • A claim was agreed with HMRC for £75,000


Property and Capital Allowances

Property-related plant and machinery/fixtures expenditures eligible for capital allowances include:

Electrical systems, including lighting systems

Cold water systems

Space or water heating systems, powered systems of ventilation, air cooling or air purification and any floor or ceiling comprised in such systems

Lifts, escalators and moving walkways

Some kitchen equipment

Bathroom suites and some fittings

Fire alarm systems

CCTV

Burglar alarm systems


Home staging creates emotional buyer appeal by selling them a lifestyle as well as a home. A well presented property will always achieve a faster and more profitable sale – a statement that estate agents will testify to. Every scheme is assessed on an individual basis, but we usually charge between 0.5% and 1% of the property’s value to stage a property for 3 months. This pricing is extremely competitive within the home staging market. Our lead times are extremely fast; for properties below £1m we can have homes staged within 7 working days. For high-end properties, we ask our clients to allow 2 weeks for a more tailored approach to the scheme. This speed of service is crucial in ensuring the property is sold as quickly as possible. People who opt for our rental service can also purchase the furniture at the end of the term at a significant discount to the retail price, giving clients the opportunity to sell the furniture or offer it as part of a sale.

Furniture Solutions for Landlords or Developers


THIS NEWLY RENOVATED APARTMENT IN AN OLD MANSION BLOCK IN ST. JOHN’S WOOD, NORTH WEST LONDON – WAS EXPERTLY RENOVATED TO AN INCREDIBLY HIGH SPECIFICATION. Home staging brought the property to life and gave potential buyers an idea of what their new home could look like. They can deliver projects of this nature on a week’s lead time, at a price level that maximises the return on investment.

PROJECT RENOVATED FLAT AGENTS HANOVER RESIDENTIAL COST 0.4% OF PROPERTY VALUE LEAD TIME 2 WEEKS PROPERTY VALUE £2.35M


CARMEL GATE IN NORTH LONDON IS AN OLD MONASTERY THAT HAS BEEN CONVERTED INTO LUXURY APARTMENTS AND TOWNHOUSES.

PROJECT RENOVATED FLAT AGENTS HANOVER RESIDENTIAL COST 0.4% OF PROPERTY VALUE LEAD TIME 2 WEEKS PROPERTY VALUE £2.35M

A fully bespoke staging solution for the exclusive development Carmel Gate, located on the site of a historic Carmelite Monastery. With its many original features, this wasn’t straight-forward. Fortunately, our Interior Design team was able to source a number unique pieces and accessories to reflect the building and its history.


KEY FACTS • We helped sell over £250m worth of property in the last year alone • Expect to pay between 0.5% and 2% of the value of the property for 3 months staging. • Homes can be staged within 7 days • All our consultants have agency and/or developer backgrounds, so we understand the property market • Our in-house interior design team consults on all our installations. This ensures we achieve the best look for each and every property • Clients get a significant discount at the end of the rental term should they wish to purchase the furniture • On average, renting the furniture saves you 70% on the retail price if you were to buy

EXAMPLE HOME STAGING CUSTOMERS • Developers - who understand that a staged house will always sell faster and for a better price • Property Agents or Owner Occupiers - who have properties that are struggling to sell; our service is significantly cheaper than a price reduction.

WE ARE OFTEN ASKED TO EXPLAIN THE BENEFITS OF HOME STAGING BUT THESE BENEFITS ARE ONLY REALISED IF YOU DELIVER AN APPROPRIATE FURNITURE SCHEME, FAST, AND FOR A PRICE THAT MAKES SENSE. With our new purpose built rental warehouse, we have more than £1 million of stock available at any given time, enabling us to work faster than ever before. We can now have most installations completed in less than a week for mid-end installations and in only two weeks for highend schemes. We also have an extremely broad selection of products to choose from as well as an in-house team of interior designers to ensure that your property is presented as well as it can be. And we are also one of the few companies that provide free site surveys before providing a detailed quote, as we understand every property is different. When we stage a property, we use furniture that is aspirational to the potential buyer. This means the quality will be far higher than the furniture you may use for a tenant. You also save, on average, 70% on the retail price. In other words, you can hire furniture for £3,000 that would cost you £10,000 to buy.


What you can expect as our client

• All your telephone calls answered by a human

• Fast service, we aim to return all calls/emails the same day (or at the very least within 24 hours) • Your business is important to us and we will go that ‘extra mile’ wherever possible to assist you • We will keep you updated with new products that are important to your business e.g. Cyber Insurance, Directors & Officers etc • Your claims will be handled efficiently

• Your account handler can visit your premises in the event of a claim and also assist with advice during/following insurer surveys • Your file will be reviewed every year with insurers to make sure we are providing you with our most competitive terms and rates • With our exclusive agreement, we may be able to assist in lowering your gas/electric costs via our client who is a supplier (this is by

introduction only by Oncover Insurance and limited to Commercial clients and Landlords)

• You can see some of the utility clients that have already taken advantage of the rates below

Why we are different


No call centres or automated

messages

Your own personal account

handler

First class personal service

regardless of premium size

Strong working relationships

with many major Insurance

Companies

We treat everyone as

individuals and listen to your

needs

Exclusive in house

underwriting facilities for a fast service

Bespoke policies

applicable to your needs

August 2011…Do you remember this stressful time for businesses?


This is where Oncover showed their worth to clients by immediately being on call over the weekend, visiting/speaking to clients, listening and understanding clients and helping through the very stressful process of keeping business active and functioning by liaising with insurers over the weeks/months ahead to a point of claim settlement for our clients.

These were of course extreme situations that neither our clients or us as brokers had experienced before and we demonstrated as a company that our expertise and commitment to our clients was first class. We naturally deal with any day to day claims in the same manner and will endeavour to provide a smooth process and stress free solution.

“Zee and Co Ltd have been a customer of Oncover Insurance Services for over 10 years and are very pleased with the prompt and complete service provided. Oncover has impressed us with their efficiency and their professional manner, offering a friendly and an approachable service. The Company is very grateful for the support given by Oncover after the London riots in Roman Road last year, assisting us in the intricate process of claiming compensation for the devastating loss of stock and damage to our retail premises. We would like to thank Oncover for their timely assistance in the claims procedure. Without them we would not have been able to resume our retail operation as quickly as we did.” Zee & Co, Designer Clothes Retailer


Your simple next steps

Email us your existing schedule

of insurance

We will diary your renewal date and contact you closer

to your renewal

If renewing within 2 months, we will review your cover

We will contact you with

suggestions/advice regarding your current cover

We will approach Insurers for quotes

We will email or visit you with our

quotation

We can set up monthly payments

with no deposit

By all means email us at [email protected] or call us on 0207 691 2409 to discuss your specific needs… or simply follow the steps below

Are you too busy to ‘shop around’?

Do you just renew your policy every

year?

Are you sure your cover is adequate?

Has your broker recommended or

advised you regarding Legal,

Cyber, Key Man or Directors &

Officers cover?

Are you missing that personal

touch?

Would you like 1 person who will

always look after your file?

When did you last review your

cover?

Ask yourself

Andreas Patikis Director

George Prodromou Team Leader

Trudie Tearle Account Handler

Tayla Archibald Account Handler

Alexia Soteriadou Account Handler

Plus our back office team

Our team


Oncover Insurance

LONDON OFFICE CHELTENHAM OFFICE

020 7691 2409 01242 674 117

[email protected] www.oncoverinsurance.co.uk

We look forward to hearing

from you

oncover landlord & developers

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