Liability Insurance - flat in block

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Liability Insurance - flat in block

    Can someone tell me if it is usual/common to have 3rd party liability insurance included in the communal insurance paid via service charges?

    Thanks

    #2
    Cover under a block of flats building insurance policy will normally include cover for building re-instatement, public liability , employee liability, 20% alternative accommodation , subsidence , landlords furnishings in hallways etc.

    Any leaseholder can write to the managing agent and obtain a summary of the insured cover within 30 days .

    Some agents may insure under a property owner's policy which does not include the whole package of covers.

    Comment


      #3
      3rd party liability is a broad term but its not uncommon to have this to protect against the actions of an unrelated party who might have insufficient resources or funds, or insurance, for action that causes a loss to a building. it can also be regarded as liability insurance for protection such as legal expenses where a person takes action against the insured.

      Whether it is recoverable depends on the terms of the lease but very often it is treated as free from the insurer or broker. While it is of course not free, declining it usually involves no reduction in premium as the insurance is offered as a package by an insurer for insurers and brokers to sell.
      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.

      Comment

      Latest Activity

      Collapse

      • Insurance broker relationship
        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
      • 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
      • 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 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
      • Reply to Insurance premiums going through the roof
        by desamax
        Our excess have been increased, the 'escape of water' one is now 5K from £250 all others have doubled. This is a mixed use property all sold off on long leases. we have a feeling our landlord has had the insurance declined by the long standing insurer and we now have some unknown underwriter, the policy...
        04-07-2020, 12:47 PM
      • Reply to Leasehold Second Home insurance
        by Rincewind
        yes but . . . the lease says

        "The lessor will at all times during said term (unless such insurance shall be vitiated by any act or default of the Lessee) insure and keep insured the building including all common areas and common services against fire and such other risks (if any) as...
        29-06-2020, 17:06 PM
      • Leasehold Second Home insurance
        by Rincewind
        Hi All

        I have a leasehold holiday home (flat).

        The lease states: . . . "the lessor will at all times during said term (unless such insurance shall be vitiated by any act or default of the Lessee) insure and keep insured the building including all common areas and common...
        27-06-2020, 09:18 AM
      • Building Insurance
        by hexu
        The dispute has happened since the change of freehold.

        I was told by my conveyancing solicitor that building insurance is arranged by the Landlord for the common parts only and I must insure the flat myself. My lender also informed building insurance I must take out to hold as a condition...
        30-05-2020, 16:10 PM
      • Reply to Building Insurance
        by hexu
        Hi ATC, I seem to misunderstand your point previously. My solicitor has written to the freeholder, but he does not accept our position. His reply is shown as below:

        "Insurance companies are unable to cover the structure of the building and common parts of the building without taking...
        27-06-2020, 19:00 PM
      • Reply to Leasehold Second Home insurance
        by Section20z
        I think your best bet is to notify the insurers directly that it is occasionally vacant for longer periods . (As long as your lease has no clause against it) otherwise you may be liable as you say.
        Failing that make sure it's occupied at least once a month.
        You can use C19 as a valid excuse...
        27-06-2020, 12:01 PM
      Working...
      X