Insurance for Landlords based in EEA Member States

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    Insurance for Landlords based in EEA Member States

    Apologies if this has already been covered but has anyone found a way around the latest "Brexit Bonus" One of my landlords based in Europe was searching for insurance and discovered a problem....

    "The principle impact of Brexit on the insurance market is that in the absence of any post Brexit agreement (current agreement does not include Financial Services) between the UK Government and EEA member states we as UK based brokers no longer have regulatory permissions to transact business when our customer is domiciled in an EEA member state. It is not a commercial decision we have simply lost the passporting rights previously enjoyed which allowed UK brokers to operate on an Freedom of Services basis."

    Brexit just keeps on giving......

    #2
    The landlord ( resident in Europe) has to place the insurance policy order with UK Insurance broker using c/o UK letting agents address.

    Comment


      #3
      Originally posted by Gordon999 View Post
      The landlord ( resident in Europe) has to place the insurance policy order with UK Insurance broker using c/o UK letting agents address.
      Seems logical but the broker she was using actually wrote to us to say they could no longer help!

      Comment


        #4
        The passporting rights allowed UK brokers freedom to conduct business in EU countries.

        Brexit may stop UK brokers conducting business in Europe, but it should not stop the UK broker operating within UK market..

        Find another UK broker or insurance company willing to accept UK address c/o letting agent .

        Comment


          #5
          Thanks Gordon but I think the landlord has now arranged it via a broker with a Swedish office? Sounds a little artificial but it has solved the problem.

          Comment


            #6
            Originally posted by Gordon999 View Post
            The passporting rights allowed UK brokers freedom to conduct business in EU countries.

            Brexit may stop UK brokers conducting business in Europe, but it should not stop the UK broker operating within UK market..
            This is true Gordon999 . Brexit has meant we as a UK broker are now unable to provide cover for new and existing customers that are not UK residents. Whilst we have explored many options to be able to help these customers, unless the policyholder is based in the UK we simply can't help. Some large brokers/insurers with a multinational presence around Europe and beyond may have the ability to transact in other countries which is maybe what Goobs27 has found.

            Using a c/o address in the UK (whether that is a letting agent, family member, etc.) may bypass online forms that only allow UK addresses or maybe a broker that does not fully know the implications, but ultimately a UK broker will generally only have permission to deal with UK based policyholders and is putting the customer at risk of having an invalid insurance policy if they are not actually based in the UK.

            The only way around this we have seen is for the non-UK resident to set up a Limited Company in the UK and to transfer ownership of the property to the Limited Company. The Limited Company would be UK registered so Insurance would then become possible again. Unfortunately for us, it is unlikely that a non-UK Landlord would do all of this so that they can continue using their friendly UK based insurance broker!

            Comment


              #7
              Like many early problems this will be sorted in time. As a UK broker why not make a partnership with a broker within the EU and continue as (almost) normal? You take a fee for the introduction and a percentage of the profits. Voila!
              Unshackled by the chains of idle vanity, A modest manatee, that's me

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