For the residents living in a block of flats, it is important to have a representative body to represent them and ensure that the building is safe and properly maintained. This normally includes that body arranging insurance for the entire building, often in the form of a block of flats insurance policy as well as taking steps to ensure staircases, lifts and other parts of the building are in good working order. Residents’ management companies (RMCs), are often established to take care of such issues.

Residents’ Management Company (RMC) directors and committee members often take on the task of arranging buildings insurance on behalf of their fellow residents. Ensuring your block is adequately covered is a major responsibility – and ensuring a competitive price as well as comprehensive protection for leaseholders’ property can be quite a challenge.

If the residents management association fails in its duty, or if a resident of a building feels they have not sufficiently fulfilled such obligations, the RMC or the its members would be potentially liable. A directors and officers liability insurance policy would protect such individuals for a variety of legal allegations, including breach of trust, duty, contract, neglect, misleading statements, wrongful trading, acts, or omissions.

Usually, it is a requirement that a comprehensive block insurance policy is in place for all the blocks of flats or apartments with the RMC’s control and the RMC may also be prudent to arrange terrorism cover. At Adler Insurance Brokers we have extensive experience arranging residents management company insurance – we have the expertise to advise on exactly what you need.  We are proud of our strong client relationships which have been built up by providing great customer service and in-house claims management.

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Features:

  • Comprehensive residents management company insurance might include:
  • Contents of communal areas
  • Loss of rent or alternative accommodation cover
  • Property owners’ liability insurance
  • Employers’ liability insurance (covering caretakers, for example)
  • Subsidence, landslip and heave cover
  • Engineering cover for communal lifts and boilers

A single policy provides cover for the entire building, as opposed to individual policies can be extremely advantageous. Financially, an RMC can enjoy improved premium rates, and in practice, a single block of flats or apartments policy is simpler to manage from an administrative perspective.

 

Exclusions:

  • Damage by wet or dry rot
  • Possible restrictions when your property is unoccupied
  • Damage due to a fault or limit of design, manufacture or installation. In particular there is no cover for damage to underground services that do not work because they are worn out
  • The cost of replacing any undamaged items, which form part of a set, suite or item of a uniform nature
  • Loss or damage to your buildings from any cause not listed in the policy booklet (wider cover is available with the accidental damage option)
  • An excess will apply to all claims, which will vary insurer to insurer and will be detailed in your policy booklet

These are some of the key exclusions/limitations, full details will be found in policy wordings.

What cover do I need to arrange on behalf of my tenants?

You need to ensure you have building cover in place. If you are renting out a furnished property , you should consider getting contents insurance.

Can you arrange immediate cover?

Yes. You can either speak to one of our specialist advisors on 0121 764 7575 or purchase online.

What happens to my tenants if my property becomes uninhabitable?

We will cover the cost of alternative accommodation for up to 20%  of the sum insured.

Can you insure my portfolio of properties?

Yes, we can. There is no limit to the number of properties we can insure per landlord. The more properties you insure with us, the more of a discount we can provide.

Can I have accidental damage cover?

Yes. Whether your property is professionally managed or not we can add this on to your policy as an optional extra.

Do you provide property owner liability insurance?

Property owner liability insurance comes as standard as part of your buildings cover. If you require contents-only cover, this will need to be an add-on to the policy. Call our sales team on 0121 764 7575 for more information.

With Adler Insurance, you can be confident that, in the event of the worst happening, your claim will be handled by a dedicated claims team.

Simply contact our team using the details within your policy documents, or call them direct on 0121 764 7563. They will talk things through with you, guiding you through your next steps and the whole process.

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