RTM and insurance

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    RTM and insurance

    Hi We have won the RTM a block of 5 flats with a commercial unit on ground floor. We have set up a limited company. I am trying to sort out the insurance as the existing insurance will be cancelled in a few weeks when we take over. Sorry if this has been asked before but I can't find a definitive answer. Some brokers are saying the insurance should be in the name of the freeholder c/o us , others are saying it should be in our limited company name. I am going around in circles as so many brokers are saying different things!!

    Logicically, the owner of the building should insure it.
    The person / company that leases out the flats is normally the owner.
    The R.T.M owns nothing. It's a managing agent in effect.

    You contact the insurance company to tell them that all communications is now to be directed to the R.T.M. and you will ask then to re-quote once the current and existing policy expires.

    There is no reason for the existing policy to be cancelled, as it will still be the freeholders insurance, but now administered and paid for by the R.T.M. company.


      I have tried to get them to carry on with the existing insurance but they say no, it automatically gets cancelled the day we take over


        The existing insurance policy may be restricted to claims only from the named policy holder.

        The RTM company has a legal right to manage the building and can purchase a new insurance policy at competitive price for "block of flats policy " or "Commercial building policy".

        The RTM can arrange the name of policy holder to include the "freeholder " plus clause to state "the interests of the leaseholders and their mortgage lenders are included "


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