Alps and Guarantor Insure have launched a Student Guarantor Protection insurance scheme for people acting as guarantors for students living in rented accommodation.
The policy, which is underwritten by AmTrust Specialty Limited, has been developed to provide financial and legal protection where a guarantor faces liabilities linked to a student's tenancy.
Guarantors can face additional exposure under joint and several tenancy agreements, where their potential liability may extend beyond the individual student they have agreed to support.
The policy provides legal advice and representation for disputes involving landlords, agents, other occupants or their guarantors relating to rent arrears or dilapidations.
It can also provide cover for qualifying liabilities above the student's own proportionate share, with different levels of cover available.
Policyholders will have access to Alps's claims and legal services, including dispute resolution support intended to resolve disagreements before legal proceedings are required.
Michelle O'Reilly, managing director at Alps, commented: "This partnership demonstrates what we can offer as an MGA beyond off-the-shelf solutions. Working with Guarantor Insure, we've brought together AmTrust's underwriting capacity with our product expertise and in-group claims and legal capabilities to create a genuinely bespoke solution around an identified customer need. For the guarantor, it's not simply financial protection. Having specialist legal and claims support available when a dispute first arises can be equally important in helping achieve an early and proportionate resolution."
Tim Wakelin, founder of Guarantor Insure, added: "We identified a clear need for protection designed specifically around the risks student guarantors face. Working collaboratively with Alps has enabled us to develop a bespoke insurance solution combining our understanding of this market with their insurance, claims and legal expertise."
