Ancillary insurance provider signs landlord pet damage capacity deal with SAGIC

Independent ancillary insurance provider Addept Insurance Services has completed a capacity deal for its dedicated tenant pet damage protection product for landlords with The Salvation Army General Insurance Corporation (SAGIC).

The Not for Lions pet product provides landlords with protection against pet damage claims lodged by tenants.

Under the Renters’ Rights Bill, which is currently going through Parliament, tenants will be provided additional rights to keep pets in rental properties, while landlords will be able to request that tenants cover the cost of any insurance to cover damage to the rented property that a pet may cause.

Addept said that its Not for Lions product provided landlords and tenants with an affordable option that addressed the “protection gap” left by most standard landlord products, which tend to exclude pet damage to areas such as carpets. 

Richard Finan, Addept’s managing director, said: ”As an independent ancillary insurance provider, we have the flexibility to work with a range of partners to ensure we can deliver the best products and service outcomes to meet the real needs of customers.”

This capacity deal is the second announced by Addept recently and follows the announcement of a deal with Great American Insurance Company and specialist MGA Ortus Underwriting for Addept’s Bill Ninja and Recovery First products, which cover accident and sickness and road traffic accidents victim recovery respectively. 

Innovative products

Commenting on the deal, Finan added: “This product co-manufacturing partnership further demonstrates Addept Insurance’s ability to leverage our expertise and market knowledge with experienced partners and capacity providers to deliver innovative products that directly respond to the changing risk and regulatory environment in today’s insurance market.” 

The deal between Addept and SAGIC was arranged by independent underwriting agency Strategic Insurance Services. 

Its director Christian Freer explained: ”The Addept Insurance team shares our commitment to providing innovative insurance solutions that exceed customer expectations.

”In partnership with SAGIC, we are excited to be working with Addept to offer brokers and their landlord clients access to an important addition to the landlord property insurance market portfolio that responds directly to the new Renters’ Rights Bill.”