We all know about the usual policies needed to protect your block: Flats Insurance, Directors and Officers Liability (if you’re an RMC) and specialist cover for features such as lifts and swimming pools etc. But have you protected your building and it’s residents against the unexpected?
Here’s we’ll detail the London Flats Insurance policies that are too often left on the “it’ll probably never happen” pile, which can sometimes lead to huge financial outlays when these rare incidents do occur.
Home Emergency Policy
This is our out of hours, 24/7 emergency assistance policy.
Unexpected issues occurring outside of normal office hours can be a nightmare. A burst pipe or a broken window in the middle of the night are a risk to all residents and need to be attended to immediately. Finding an emergency contractor is hard enough during the working day, let alone at unsociable hours, and the costs can be astronomical.
Our Home Emergency Policy can put your mind at rest, safe in the knowledge that help will always be available when you need it most. Arranged via Legal Protection Group, the policy is only £36 per flat per annum (all flats must be included in the policy) and the following emergencies are covered:
- The complete breakdown of your heating system
- Plumbing and drainage problems
- Damage which affects your security including locks and windows
- If your only toilet is broken
- Loss of your power supply
- Lost keys
- Vermin infestation
- Roof damage
With one phone call to LPG, an approved contractor will attend and make emergency repairs. They will also provide alternative accommodation for residents if the incident leaves your them in an unsafe or uncomfortable environment.
This service is available 24 hours a day, 365 days a year and, for additional peace of mind, all permanent repairs are guaranteed for 12 months. Find out more here.
Terrorism Insurance for London Flats
Unfortunately, this is something all RMC directors must consider, but especially those with buildings in a major city such as London. Terror threat levels in the UK have been fluctuating between ‘severe’ and ‘critical’ since August 2014, with the capital and provincial cities being considered at the highest risk.
It has never been more important to be aware of how to protect yourself against the unexpected, and being aware of how to protect your home is a logical place to start. During the untold stress of being involved in an incident, the last thing your leaseholders will need is to be told that their insurance doesn’t stretch to this sort of situation.
It’s tempting to skip this policy to save a little on your premiums- we understand that. But at the same time, ignoring the potential for your building to be affected could cost your leaseholders their homes.
A standard buildings insurance policy will not provide cover for a terrorist attack and, however unlikely it may appear, if an incident did occur and there was no insurance in place, the RMC directors or Managing Agent could be held responsible. Some leases also stipulate that Terrorism Cover should be in place.
Our Terrorism Policy
Our policy is underwritten by Pool Reinsurance Company. Within the insurance industry, they are by far the largest provider for UK Terrorism Insurance policies, and are backed by funding from Her Majesty’s Treasury.
Pool Reinsurance Company were established in 1993 as part of a government response to the market failure following the Baltic Exchange bombing the previous year. Since then, they have paid out claims of more than £600 million, with no cost to the UK taxpayer. Currently, they underwrite £2 trillion worth of property cover against terrorist damage – a sum which stresses how necessary Terrorism cover really is.
Terrorism cover for your block can be added as an add-on to your LFI Buildings Insurance premium. We can also provide a stand-alone Terrorism Insurance policy if you are insured with another company.
You can read more about our policy here, or, to get a quote, please contact us with your postcode and the Declared Value (or Sum Insured if this is not stated) shown on your current Buildings Insurance policy.
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