Client Money Protection Insurance (CMPI) is a distinct insurance that protects the money of landlords and tenants against theft or misappropriation by the owners of the letting agent whilst it is in their custody or control. These monies are frequently tenant’s deposits and landlord’s rental payments but can also include monies held for repairs and maintenance to the property and other such circumstances. CMPI is purchased by the letting agent for the benefit of his clients (landlord or tenant). In the event of theft or misappropriation of these monies by the owners of the business, landlords and tenants have a route of redress against the letting agent by contacting the ‘policy issuing’ body/organisation and claiming against the policy. If a genuine claim is accepted, the ‘body/organisation’ will recompense the landlord or tenant and seek recovery from the letting agent or its owners.
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