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Buildings Insurance PDF Print E-mail

All blocks of flats within the Management Company will need to be insured on a comprehensive block insurance policy and are required to be insured for their full reinstatement value of all the properties, communal areas and structures.

The policy should cover fire and all perils and in some cases where properties are located near city centres, cover against terrorism should be considered, however as a rule the Freeholder would take on the responsibility of the insurance, so the Lessee would not have any input relating to that item.

If the Directors / Lessees are putting the insurance in place, it would be a good idea to ensure that the policy includes public liability for the common areas of the development and also under a separate policy, Directors Liability Insurance.  Any Lessees who need to make a claim in the future, would be given a direct claim hotline number with the insurance brokers and this would enable them to get the advice they require and also allow them to deal directly with the insurers, regarding any claim they wish to make.