Due to the success of previous frameworks, we launched our newest Tenants’ Contents Insurance framework in April this year with the insurance broker Marsh Ltd. and appointed supply partner RSA Group.
Here are the top 11 benefits this fantastic scheme brings to our members:
- Our TCI framework is the only OJEU compliant insurance scheme in the UK. It has been developed in a full compliance with the Public Procurement Regulations 2015 so landlords using the scheme have a complete peace of mind when it comes to legal compliance.
- Another added benefit of using the scheme is that the application process is simple, fast and can be done over the phone or online.
- We conducted a rigorous tender process which appointed the most economical advantageous candidate to be appointed as a supply partner. We can reassure members that the appointed supply partner, RSA Group showcased the best quality service during the tender process and we have received some fantastic feedback from members who already utilise the framework.
- There is no cost to landlords, who are members of Consortium Procurement to utilise the scheme. All you need to do is contact us and express your interest in the scheme and we’ll take it from there.
- Portfolio rating structure: As the scheme is open to all members of Consortium Procurement the risk is geographically spread. If one particular landlord has a bad claims performance with for example weather perils their tenants are not penalized because other landlords within the portfolio may not have suffered with poor claims performance. This provides a great degree of stability and peace of mind for landlords knowing that one bad claims performance year will not mean their tenants premiums increase.
- Set pricing: Premiums are based on 3 Rating areas that cover all postcodes within the UK. The premium the tenant pays includes Insurance Premium Tax and any commissions. The price is fixed dependent on the first two letters of the postcode and there are no blighted postcode areas or any parts of a landlord’s housing stock that we will not offer insurance to.
- We provide landlords utilising the scheme guidance and support with the marketing and promotion of the framework to their tenants. We act as a first point of contact for landlords’ enquiries and strive to help in every way we can.
- We have developed a unique knowledge sharing online portal which provides all the advice landlords need to grow their scheme and avoid common risk. The portal complements the Tenants Contents Insurance framework and is developed for landlords to share best practice, download materials and receive regular updates.
- Risk Management – The availability of low cost accessible Home Contents Insurance not only benefits the tenant but also the Landlord. If a tenant suffers a loss and they are not insured it adds additional pressure to the resources a Landlord has available and although Landlords are not responsible for a tenants contents it is often the Landlord who provides help and assistance in the event of a large claim such as a fire or theft.
- Under the TCI scheme, tenants have the flexibility to pay weekly, fortnightly, monthly, and annually by four means: payment card, payment app, direct debit and cheque. One of the most important aspects of the development of the new framework was to ensure that every avenue for payment is covered in order to provide users with the flexibility they deserve. We are excited that we are now able to maximise customer experience by offering tenants on the scheme a new modern and easy way of paying their premium securely via smart phone app.
- To make it as easy as possible to run the scheme, we offer a help and advice service for landlords. For instance, our partner RSA’s Landlord Handling Instructions, a step-by-step guide covering everything from what to do if there’s an issue with an application form, taking care of renewals or how premiums should be paid. This personal service sets us apart from our competitors and offers a huge benefit for the landlord.