Covéa Insurance emerged in 2012, following the merger of three British insurance companies:
- MMA Insurance;
- Provident Insurance; and
- Gateway Insurance.
MMA Insurance had been in existence for some 50 years, selling motor and home insurance and cover for small and medium size enterprises. It maintained a network of some 2,000 associates throughout the UK.
Provident Insurance was established in 1996 and enjoyed a solid reputation within the UK principally for motor insurance, specialising in policies for women drivers, the owners of old or second hand cars, vans, and insurance that was less than comprehensive.
Provident was bought by the French mutual insurance company Covéa (or Société de Groupe d'Assurance Mutuelle Covéa, to give it its full title) in the summer of 2011. Covéa was the leading liability and property insurance specialist in France, with an estimated 11 million policyholders and an income from premiums amounting to some €14 billion.
In 2012 Provident, MMA Insurance and Gateway Insurance all combined to form Covéa Insurance.
Gateway Insurance Company is a subsidiary of MMA Holdings UK plc – and therefore immediately related to both MMA and Provident.
Drawing on its experience both in the UK and France, Covéa now aims to continue marketing its home and motor insurance products, together with packages and specially tailored offerings for small and medium size enterprises. To this end it maintains a network of some 2,500 associates and intermediaries across the UK. The company claims award-winning recognition for its services to customers and strives to support local communities through a programme of volunteering and donations to charity.
Insurance for landlords is a product that bridges both home insurance and business insurance.
If you buy to let, you own a property whose structure and fabric you are likely to want to protect against such potentially disastrous events as fire, flood, storm damage, impacts, vandalism and theft; if you buy to let, you are also running a business – together with the particular responsibilities, liabilities and risks that go with running any type of business.
For that reason, landlord insurance typically entails two elements:
- cover for the physical investment in the building and any contents you may own; and
- indemnity against public and employer’s liabilities, together with the possible safeguarding of any loss of rental income arising from an insured event.
Covéa landlord insurance
The principal product is Residential Property Owners cover, which features:
- the inclusion of cover against subsidence as a standard item (not all insurers offer this protection);
- accidental damage to pipes and cables, glass, bathroom fittings and ceramic hobs;
- optional accidental damage cover for buildings;
- optional additional cover for the contents of property that is let fully furnished and equipped; and
- up to 60 days continuation of cover in the event of the property being empty and unoccupied.
Policies are written to include lettings to tenants from any kind of background, discounts are available if you wish to ensure more than one property and further discounts are available in return for you accepting higher excesses.