Letter to:

All Ambassador’s Landlords
 

Dear Sir/Madam

General Insurance Regulation
(Property address)

As you may be aware, new legislation has been introduced from today by The Financial Services Authority (FSA) for the “selling” of General Insurance. Ambassador Property Management (APM) after considering all the options available has made the decision, to best serve our clients, to become an Appointed Representative of Lumley Letsure Limited (Letsure). Letsure is an approved Principal whose Registration Number is 313817. APM’s registration number as a Letsure Appointed Representative is 411452. These details can be checked on the FSA website at fsa.gov.uk/, should you wish to do so.

As a result our procedures have been amended as detailed below:

1. Renewal of Existing Letsure Policies for Landlords

There is little change in these circumstances. APM will receive the renewal documentation from Letsure, all of which will be forwarded to you for consideration.

If you do not wish to renew; you should contact us to let us know. Unless we hear to the contrary by the expiry date, we will assume that renewal is required and pay the required premium to Letsure on your behalf.

APM will still be able to act on your behalf with regard to any Insurance Claims.

2. New Letsure Policies for Landlords

With regard to new policies we believe that the most efficient way to proceed is for you to call the Letsure Quoteline directly on 08700 770880 quoting our Agency reference which is 2804.

This will be by far the quickest way for you to obtain a quote and give instructions to set the insurance in place. You will have the option to pay the premiums yourself or for APM to pay them on your behalf out of your rental funds held by us. Letsure will of course have to be notified which payment method you wish to adopt.

APM will still be able to act on the Landlord’s behalf with regard to any Insurance Claims.

3. Policies currently dealt with through the Landlord’s Broker

APM are not Appointed Representatives to any other Principal so if you wish to continue with another broker, you will have to organize and pay the premiums directly to that broker. Alternatively, you can follow the procedures relating to new policies outlined in Section 2 above.

Following best advice, where you use another broker, in the event of a claim APM will arrange for quotes for any repair work to be done. These will be passed to you for you to approve and direct as appropriate. We regret that by acting in this manner we cannot continue to offer our former high level of service to you, but unfortunately the new regulations prevent us from doing so.

If you require any further information on this very unsatisfactory position, please call David Robinson, Financial Controller, who will be most able to advise.

4. Policies currently dealt with directly by the Landlord

APM can continue to provide our full repair & maintenance service, but we cannot make the claim on your behalf.

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In all cases APM is now required by statute to issue each Landlord with an Initial Disclosure Document to inform you about our regulatory status. A copy of this document is attached.

When Landlords receive their new policy documents, it will be noted that a considerable amount of paperwork is involved, all of which is required under the new legislation.

Finally, a note of caution, if a Landlord’s mortgage company is not aware that their property is being let rather than owner occupied, the insurance policy could be invalidated.

Yours faithfully,

GRAHAM CLARKE
AMBASSADOR PROPERTY MANAGEMENT

Enc