Insurance
The Landlord is responsible for insuring the building and their own contents, particularly in light of covering accidental damage.
From 14 January 2005 onwards, any firm wanting to conduct regulated insurance activities needs to be authorised by the FSA or be an appointed representative of an authorised firm. Regulated activities include advising, arranging and assisting in the administration and performance of a contract of insurance. Therefore, such actions as recommending a policy to a client, submitting a proposal form or providing details of risk to a broker or insurer, giving instructions to a broker or insurer to put a property on risk, handling claims on behalf of a client are examples of regulated activity.
The EU directive – the Insurance Mediation Directive, drives the rules that the FSA apply to general insurance, contained within the Financial Services and Markets Act. A criminal act will be committed if an agent undertakes regulated activities and is not FSA authorised.