Leaseholder’s rights to 1 insurance policy information & 2 Right to Lodge a Claim

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    Leaseholder’s rights to 1 insurance policy information & 2 Right to Lodge a Claim

    Leasehold owners often need to see the policy information to assess the scope cover and insured sums, as well as for the purposes of investigation and resolving a dispute or litigation. An annual request along with retention of annual budgets invoices and accounts can prove useful in a future sale.

    The statutory right (and exceptions) are linked below and should be quoted in making such requests. Requests should be made as an exercise of your rights under section 30A Landlord and Tenant Act 1985 and schedule 3 Landlord and Tenant Act 1987 as below.

    http://www.legislation.gov.uk/ukpga/1987/31/schedule/3

    The Landlord is obliged by law to respond and if they fail to do so can be compelled by the local authority or magistrate’s court to do so and the landlord can also be prosecuted for failure to do so.

    As with most legislation it is obscure but the right exists to first obtain the summary and then access to the policy. There is no cost or fee due for the summary or the policy when exercising this right as the legislation does not allow for it.

    .................................................. .............

    Right To Make a Claim

    Landlords often refuse to process a claim and under the above there is the right to contact and notify the insurer of a claim which will assist you in progressing the matter. This statutory right, together with the lease wording, overrides the contractual exceptions in some policies to not contact those who are not the insured or are have no interest in the policy.
    Based on the information posted, I offer my thoughts.Any action you then take is your liability. While commending individual effort, there is no substitute for a thorough review of documents and facts by paid for professional advisers.

Latest Activity

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  • Rent Guarantee Insurance
    by oi2004as
    Hi

    I would be interested in your view on the following

    I received a renewal Legal & Rent Guarantee Insurance documents from Rentguard (which initiallyy I purchased through Openrent)

    There is the following condition in their 'statement of fact':
    "The...
    11-07-2020, 11:59 AM
  • Reply to Rent Guarantee Insurance
    by AndrewDod
    I guess the only point ever to insure is if

    a) You think they have calculated a too-low premiums based on the (correct) information you gave (extremely rare) so that you will statistically "win"

    b) If the event (if it occurs) will be life changing. Like medical travel...
    11-07-2020, 18:14 PM
  • Reply to Rent Guarantee Insurance
    by Section20z
    Insurance can never pay out more than it takes in premiums so you're on a hiding to nothing. The only way you'll ever win on insurance is if you have below average luck, but in that case you'd probably also find you'd forgotten to pay the premium 🤔
    11-07-2020, 18:04 PM
  • Reply to Rent Guarantee Insurance
    by AndrewDod
    Yes, RG insurance is pretty much a waste of time. And this is a ludicrous clause at so many levels. I'd drop the policy....
    11-07-2020, 17:56 PM
  • Reply to Rent Guarantee Insurance
    by Beswick
    Contact an insurance broker and get their opinion. They should be quite knowledgeable, plus you've got the backup of their professional indemnity insurance and the Ombudsman if they sell you a policy that doesn't suit your needs.
    11-07-2020, 12:54 PM
  • Reply to Rent Guarantee Insurance
    by DPT57
    I think its one of the reasons why no experienced landlord I know takes out rent guarantee insurance
    11-07-2020, 12:42 PM
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    by Stacker
    If the company is the freeholder called the principal and the directors called its agents. Could an insurance broker be called an agent of the company also and would the insurance broker owe fiduciary duties to the company?
    07-07-2020, 19:02 PM
  • Insurance premiums going through the roof
    by flyingfreehold
    Those seeking renewals of buildings policies will find that insurers are taking a much tougher line especially where there have been chunky losses and premia are rising dramatically

    A broker put it to me this way. In 2020 insurers have made negative income on its investments therefore...
    17-05-2020, 10:41 AM
  • Reply to Insurance premiums going through the roof
    by Section20z
    desamax,

    More likely there was a big claim and the renewal went up so the only way to get reasonable cover was to accept a high excess.
    You can ask for claims history but I doubt they would tell you it had been declined, they don't normally decline renewals,. Just put price up so...
    06-07-2020, 12:55 PM
  • Reply to Insurance premiums going through the roof
    by flyingfreehold
    I think the present insurers are perfectly reputable. I cant see that there is a way of ascertaining that the previous insurer declined. Companies are fickle and they do from time to time exit specific types of cover....
    06-07-2020, 08:53 AM
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