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Arc partner Keysafe in major push on combined referencing, legal costs and rent guarantee insurances for Landlord market.
Arc Legal Assistance (Arc), the bespoke legal costs insurance provider, has joined forces with one of the UK’s leading specialist tenant referencing companies, Keysafe, to provide landlords with a combined referencing service and insurance products to protect landlords against breaches of tenancy agreements and rental defaults.
Arc’s new insurance cover will be offered via Keysafe’s network of letting agents and will pay a landlord’s legal costs and rent if a tenant breaches the terms of their tenancy agreement, or defaults on their monthly payments.
The concept of providing free legal cost insurance to landlords within the tenant referencing process is a first in the UK, according to Keysafe. It will offer
letting agents the option to receive free legal costs insurance with every tenant reference it passes, and then up-sell the rent guarantee cover to the landlord. Alternatively, the agent can offer combined legal costs and rent guarantee products as an optional upgrade to the landlord.
Keysafe’s Managing Director Gareth Fowler said: “Keysafe has grown into one of the leading tenant referencing companies in the UK. Our partnership with Arc will enable us to take the next step in offering the letting market a valid alternative to the existing providers. We have developed a fantastic reputation for our referencing service, and an impressive client list. We are now extremely well placed to take on these players and gain market share.”
Richard Finan, Director of Arc Legal Assistance. He said: “The most important aspect of offering legal expenses and rent guarantee insurance is the upfront risk management of the tenant referencing process. We were impressed by Keysafe’s strategy to continue to focus on being a reference company that provides insurance, rather than an insurance provider who sees the referencing function as a necessary evil.”
“We are delighted to be partnering Keysafe in this initiative. The letting market is one that Arc’s skills in developing bespoke products and services are well suited for. There has been significant growth over recent years, and we believe that there is great potential for a new entrant to help maintain competition.”