Blocks of flats are frequently insured by a management committee and it usually falls on one person in that committee to ensure that the best terms available are obtained. Our highly competitive solution will bring the peace of mind of an excellent premium, together with the knowledge that the property is reliably insured with a financially strong underwriter.
To facilitate the person responsible in arranging cover, we will also prepare a full quotation summary for presentation to the committee, and subsequently, if required, invoices for each individual flat owner.
Our high service standards ensure that any documentation required to satisfy mortgage companies and the like is provided promptly and often in the same working day.
Apart from the core covers available under a standard property insurance, there are several sections not always included as standard and it is important to consider the following:
Protects you against large inflationary increases over a period of time. If your building is large, ornate or unusual, it may take a great deal of time before it can be re-built. After a period of two or three years, the original re-building cost may have increased dramatically. This cover is sometimes automatic to policies and should always be considered.
You can insure for costs of alternate accommodation or loss of rent following an insured event. For example, if your property is considerably damaged by fire, the policy will provide prompt payment for the owners to find suitable, temporary accommodation, such as in a nearby hotel. As with Day 1 inflation protection, it may run into years before a property will be usable once more and cover beyond the standard 12 months should also be considered.
Many buildings have a risk of legionellosis, commonly referred to Legionnaires' disease. It is transmitted by inhalation of contaminated water mist from devices such as cooling towers, air conditioning and showers etc. Legionella organisms can be found in many types of water systems, however, the bacteria reproduce to high numbers in warm, stagnant water (90°-105° F). Regular health & safety inspections, particularly of air conditioning equipment should be maintained, although the property owner may be liable were an outbreak to occur. An extension for Legionellosis to the liability section of the policy is available with some underwriters.
Many types of equipment should have regular checks to ensure they do not pose a health & safety risk. In addition to air conditioning equipment mentioned above, the following equipment should also have inspections: Lifting equipment:- passenger & freight lifts, escalators, hydraulic lifting tables, winches etc. Pressure equipment:- boilers Electrical: fixed wiring and portable appliances Although standards and particular intervals of inspections are not always specified in law, it is a broad requirement of Health & Safety legislation that persons responsible ensure 'suitable and adequate' checks are conducted by a competent person and any necessary remedial action swiftly taken.
Terrorist events are fortunately relatively infrequent, although insurers now exclude it completely from cover. Terrorism cover is available via your property insurer, underwritten through the Government initiative, 'Pool Re'. Cover is not selective however and if you require terrorism cover for a single property, Pool Re stipulate that it must also be purchased for all your properties. Terrorism cover is also available independently through certain Lloyd's underwriters, without this stipulation.
This section is occasionally overlooked by property owners and it is the main section available under a property policy that is specifically required by law. If you don't employ anyone, then naturally you don't need to worry about it. Employment law however, can be quite complicated and there are many circumstances where you are considered to be the employer, even when using contractors. See https://www.gov.uk