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  • Buy-to-Let

    Directors insurance for Ltd Company BTL?

    Hi Tribers,

    My solicitor recommended I take out director's insurance against cyber crime as part of my limited company purchase- reason being its apparently increasingly common for company details to be appropriated (simple companies house beta search) and frauded.

    Wondering if anyone else in the community has opted to take this up as part of their ltd co borrowing (or is it a bit of a red herring)? and whether the costs is reasonable?

    Thanks

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    This is the first I have heard about company director details being misused in this way, its certainly possible.

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    _________________________________________________________________________


    The above post is not financial advice, its often me rambling - passing time on a coffee break.
    If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance.


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    Possible- yes! But probable...? Want to take a pragmatic view on this.

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    Well it is interesting but looking at Companies House - all it has is my name, my company and my year of birth.

    Now if you look at Twitter - that has my name, my company and my full date of birth. Plus much more!

    So im not sure if a person is at higher risk, due to owning a company. In addition im not sure i'm liable for anything if someone is pretending to be me, though im sure it'd be a pain.
    Would have to see the policy, see what risks it covers.

    It's up to you - id certainly recommend Life Insurance to cover your LTD Co Borrowing.
    A bit of Critical Illness Cover to give yourself time of to rest and recuperate if you can.
    Private Medical Insurance is a bit more of a luxury but certainly better than waiting in NHS lists.

    Id have to find a similar reason to cover, as above to what the insurance offers.

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    _________________________________________________________________________


    The above post is not financial advice, its often me rambling - passing time on a coffee break.
    If you are looking for the Best BTL Mortgage? Call the Specialist Team at Bespoke Finance.


    _________________________________________________________________________

    I would also recommend business protection life insurance to cover the Ltd Company BTL mortgage too.  Tax efficient life insurance quotes and options available via Property Tribes Financial Services on 01206 654 444

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    I already have life insurance in place- would it not be more straightforrward to simply increase the level of cover of this existing policy to cover the BTL property?

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    That depends - is the term consistent, does the level or decreasing strategy match the loan etc etc.   Happy to review with you.

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    We have Cyber insurance but it is more in the event that the business is targeted by cyber criminals or an attack. I have never heard of cyber that covers your details being misused.

    Even if they are I doubt very much you could be held liable therefore I wonder what the insurance would actually pay out for.

    I wonder if Property Tribes FS could confirm whether I am right on this assumption?

    This might be a misinterpretation on the part of the solicitor of what cyber cover actually is. Cyber insurance is still relatively new so many people don't properly understand it and what it will and won't pay out for.

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    Landlord with 25 years’ experience in the property market and a specialist in tenant referencing, ID and credit screening. Creator of identity, credit and anti-money laundering system ValidID.co.uk

    Sorry Chris, our remit is personal and Ltd Company life insurance, not commercial 'general' insurance.  I wouldn't want to say the wrong thing so maybe one of PT's more specialist insurance brokers could comment?

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    Good point forgot that sorry.

    Perhaps this is a question for Alan Boswell Group?

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    Landlord with 25 years’ experience in the property market and a specialist in tenant referencing, ID and credit screening. Creator of identity, credit and anti-money laundering system ValidID.co.uk

    Directors and Officers insurance is highly recommended for all limited companies, partnerships and sole traders. One of the cover extensions you can request under this policy is a cybercrime extension. It is the most competitive way of obtaining the cover and compliments the wide-reaching cover the Directors and Officers and Company legal liability policy already provides.  Alternatively, you could look at a standalone cyber policy which will have wider coverage when it comes to cybercrime. If you have any further questions just give us a call on 01603 218000. 

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