Tenants & Landlords - FAQs

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FAQs - Claims

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CMP does not offer a ‘for whatever reason’ guarantee. The guarantee extends only to loss by theft of client monies by the principle or owners of the business. For the purpose of doubt, theft means the dishonest obtaining of money with the intention of permanently depriving the client of such money. When considering whether a claim under the guarantee is valid or not, CMP will need to ascertain whether theft of client monies, and therefore a crime, has taken place. CMP will not accept claims where the agent merely refuses to return monies and those monies are clearly still in the custody and control of the agent.

The financial guarantee provided by CMP is limited to the insurance we have purchased. This is the same for all CMPI schemes, although this fact is not always made as transparent as it should be. As with all insurance protection there must be limits put in place and our job as risk takers is to manage these limits. Using our knowledge of the lettings market and our experience of operating similar CMPI schemes in the tenancy deposit world, we feel that the limits of our guarantee are adequate to meet the claims of those landlords and tenants we seek to protect. The limits are: - £500,000 any one loss/incident - £25,000 any one landlord/tenant - £5,000,000 in the aggregate per 12 month period of the guarantee.