Alps Teams Up With Guarantor Insure

Some details on a new partnership aimed at offering student guarantors some protection;

Alps, a leading MGA specialising in insurance add-on policies, legal expenses, and claims solutions, and specialist scheme provider Guarantor Insure jointly announce the launch of a new Student Guarantor Protection insurance scheme, designed specifically to protect people acting as guarantors for students living in rented accommodation.

Developed collaboratively as a bespoke proposition, and underwritten by AmTrust Specialty Limited, the scheme combines Guarantor Insure’s deep understanding of the student guarantor market with Alps’s product development, claims, and legal and dispute resolution expertise.

With student rents representing a significant annual commitment, agreeing to act as a guarantor is a considerable financial exposure. This can be particularly significant under joint and several tenancy arrangements, where a guarantor may potentially face liabilities extending beyond the individual student they have agreed to support. Unlike professional guarantor services, which can replace the need for an individual to act as guarantor, the new insurance has been specifically designed to protect those who have agreed to take on that responsibility.

The policy provides legal advice and representation in disputes with landlords, agents, other occupants or their guarantors concerning rent arrears or dilapidations. It can also provide indemnity for qualifying liabilities above the student’s own proportionate share, with different levels of cover available. Policyholders also have access to Alps’s specialist claims and legal services, including dispute resolution aimed at resolving disagreements before legal proceedings become necessary.

Michelle O’Reilly, Managing Director, 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, 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.”