Target Market Statement: Property Owners Package Introductory statement FCA Product Intervention and Product Governance Sourcebook rules (“PROD”) require product manufacturers such as NIG to share information with distributors about the intended target market for their products. This Target Market Statement explains the types of customers our product is designed for, types of customers for whom it would not be suited and how we expect it to be distributed. It is not intended for customers or operational sales staff. In many instances, customers may have need for more than one product and they may then be offered a combination that would be compatible with those needs, subject to the eligibility criteria for each product. They should not be offered combinations of products that do not provide fair value. Risks of customer harm can be avoided by ensuring the customer’s needs, objectives, interests and characteristics are met by the product and coverage selected, taking into account and adjusting for any aspects that may make them vulnerable customers (e.g. poor health, resilience or capability).
Target market – target customer statements Target market needs statement This policy meets the needs of businesses with more straightforward requirements that do not need the more bespoke Premier Property Owners product and have retained the services of a professional insurance intermediary to advise them. These customers will require protection for some or all of the risks outlined in “available covers” below, which cater for a variety of damage (e.g. to buildings, landlord’s contents, etc.) and liability-type events (employee and public) but can be tailored accordingly. Target market objectives statement Our target market seeks to be covered to ensure it is able to continue to operate despite otherwise serious eventualities, such as a fire, flood, theft or legal action. This risk transfer enables more effective use of business capital and management resources and helps fulfil the business’s obligations to employees, customers and wider society. Target market interests statement Our target market is looking for a product that allows some flexibility in cover, that can be tailored to the specific needs of their business, but has simplicity of packaged, e-traded solutions built in to cater for most needs. Target market characterisation statement The risks underwritten by U K Insurance Ltd under this product are UK-based owners of UK property held as an investment, where property owning is their trade or profession and who retain the services of a professional insurance intermediary.
Distribution This product is only available through professional intermediaries. It can be sold with or without advice. We suggest it can be sold either face to face or via the telephone.