MGA extends eTrade limit for landlords cover

Folgate has extended its landlords Acturis and extranet eTrade products with sums insured up to £20m.

The product can cater for landlords with up to 100 properties without the need to re-key or complete a market exercise.

Rates have been reviewed for larger risks – such as a purpose built blocks of flats – ensuring that Folgate is competitive in the Acturis e-trade arena.

It comes after the MGA found that, when it comes to eTrade, some insurers and MGAs decline to quote when a sum insured exceeds £10m, with an even higher amount, thought to be over 70% of markets, decline above £15m.

”Folgate will now plug this gap for our supporting brokers on this larger sum insured and harder-to-place business,” the MGA said.

Ian Russell, chief executive, added: “I’m delighted that we can help brokers with larger properties and portfolios that generally would not fit eTrade.

”There are very few insurers on Acturis that will allow eTrade business to be placed at this level. Brokers may not have time and resources to waste on re-keying risks, so this will be a great helping hand for the UK market”.

Expansion

This follows Folgate’s recent expansion to increase its property line to £70m for landlords and commercial products.

Jordan Perry, chief underwriting officer for real estate, said: “Folgate has been pioneering eTrade business for over 20 years.

”Backed by 100% A rated capacity, our new eTrade rates and criteria for these larger risks up to £20m will help brokers secure a quick quote, saving time, money and effort.

“Our property owners and real estate team has grown in recent months as we prepare to push the button on this project and the added benefit for brokers is that if the risk is not fit for eTrade, we will review it for them on our real estate product, that can cater for risks up to £70m”.