Guarantor liability insurance?

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    I have just found out that the wording on the tenancy agreement that my daughter and her friends have taken out means they not only are they jointly and severally liable, but also that the guarantors are jointly and severally liable. So effectively if one of the friends reneges I could effectively be held liable for part of her share.

    The uni letting agency which arranged the let for them has suggested (but made a specific point of not actually recommending) taking out insurance against this risk through a scheme called "Only my share" (onlymyshare.com).

    This appears to be a pretty new scheme and I can find no others like it despite extensive trawling on the internet, so I am concerned that I might be buying into something that doesn't do what it says on the tin.

    Has anyone else come up against this sort of issue and could offer advice?

    I live in Portugal, so adding this sort of cover on to an existing house/education or other policy is not an option.

    Thanks in advance.
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    (Original post by FionaMG)
    I have just found out that the wording on the tenancy agreement that my daughter and her friends have taken out means they not only are they jointly and severally liable, but also that the guarantors are jointly and severally liable. So effectively if one of the friends reneges I could effectively be held liable for part of her share.

    The uni letting agency which arranged the let for them has suggested (but made a specific point of not actually recommending) taking out insurance against this risk through a scheme called "Only my share" (onlymyshare.com).

    This appears to be a pretty new scheme and I can find no others like it despite extensive trawling on the internet, so I am concerned that I might be buying into something that doesn't do what it says on the tin.

    Has anyone else come up against this sort of issue and could offer advice?

    I live in Portugal, so adding this sort of cover on to an existing house/education or other policy is not an option.

    Thanks in advance.
    I would think its a niche market. The company behind it Gauntlet Risk management seem to be legitimate brokers and are recigstered with the Financial Conduct Authority and the guy in charge has been an approved person since 2005. You might wish to ask who underwrutes the policy ad then check them up at Companies House.

    https://register.fca.org.uk/ShPo_Fir...000000MfWTHAA3
    https://register.fca.org.uk/ShPo_Ind...000000LV3eGAAT
    http://www.gauntletgroup.com/

    Quite right the Uni cannot recommend, but suggest it as a possible solution and up to you to do the checking.

    I wasnt alarmed by anything I saw. I havent looked at either the type of cover in general or their product in particular. That wil have to be down to your own investigations.
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    Thanks for this, 999tigger. That's certainly reassuring. I've been away from the UK for 30 years so totally unfamiliar with the insurance market nowadays.
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    (Original post by FionaMG)
    I have just found out that the wording on the tenancy agreement that my daughter and her friends have taken out means they not only are they jointly and severally liable, but also that the guarantors are jointly and severally liable. So effectively if one of the friends reneges I could effectively be held liable for part of her share.
    It seems this isn't unusual - not that that's a good thing of course...
    https://www.theguardian.com/money/20...parents-liable
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    Also, landlords can take out insurance to protects their rental income.

    It seems the one group of people guaranteed to make money are the insurers... (and estate agents).
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    I don't particularly like the clause that says they will retain your card details so they can refund or charge to it....

    £79 is not a negligible sum of money... for £10,000 cover (which, given the total monthly rent for the house my son has just sent me details for, with a view to renting with his new mates next year*, would last less than four months)

    *Is it just me or is the 4th week at university much much too soon???? And no fee, no deposit, all utilities paid??? Have bombarded him with links, urged him to get any contract check by SU. Nice looking house/area though, have to say.
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    Has anyone taken out an insurance with OnlyMyShare ?
 
 
 
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