What does Blocks of Flats insurance cover?
Blocks of Flats insurance is designed to cover the assets, and legal liabilities of the flat owner. In addition, the policy is designed to provide cover for loss of rent, or alternative accommodation, should the property become uninhabitable following a claim.
Which insurers do you use?
As an independent broker, we search the market on your behalf for the most suitable and most competitive quotes. We also have access to number of unique schemes only available to Endsleigh customers.
What types of property do you cover?
We can cover all types of properties including purpose built and converted blocks of flats.
How do I make a claim?
During working hours you can call the let property team direct on 01242 866166. Out of hours, you should call the 24 hr emergency assistance line highlighted in your policy documents.
What Cover is available?
Standard cover usually includes: Buildings (including accidental damage and theft); Landlords fixtures & fittings; Employers liability; Public liability; contents of common areas; Loss of rent; alternative accommodation, and; legal expenses.
What is “contents if common parts”?
This is usually items such as fitted carpets, furnishings and other contents in reception and storage areas and other communal parts of the building. It does not include the personal effects of individual tenants & flat owners.
What is “index Linking”?
Index Linking means that each year the insurance company will automatically increase the sums insured under your policy to reflect any inflationary increases to the costs of rebuilding your property. This should help to prevent you from being underinsured in the event of a claim.
What is the difference between”Declared Value” and “Sum Insured”?
The Declared Value is the total cost to rebuild the property (including professional fees and debris removal costs) at the inception or renewal date of your policy.
The Declared Value may then be adjusted to include a provision for Day One Average (also known as Day One Uplift). Day One means that on the first day of the policy the sum insured is automatically increased by a percentage (which could be 15%, 35%, 50% or anywhere in-between). This new enhanced value is called a Building Sum Insured. As in the example of index, linking above the intention is to prevent you from being underinsured on the event of a claim.
Whether your policy has “index linking” or “day one” inflation protection it is crucial that the rebuilding cost is correct at the start / renewal of the policy.
What is Public / Property Owners Liability insurance?
This covers your legal liability to members of the public following accidental bodily injury or damage to their property arising out of the ownership, management or occupation of the flats. Cover commonly includes liability of lessees or owners of individual flats as owners and their liability as occupiers of common parts of the building.
You should also make sure that your policy provides cover for Cross Liabilities. This provides cover for individuals (i.e. individual flat owners) for their liability to each other as if each was individually insured.
Do I need Employers’ Liability insurance?
If you employ members of staff (for example cleaners, gardeners or maintenance staff) you are legally required to have Employer’s Liability insurance. This covers your legal liability for accidents to and illness of employees sustained in the course of their Employment and meets the requirements of the Employers’ Liability (Compulsory Insurance) Act 1969.
We have formed a management company – do we need Directors and Officers insurance?
If you have formed a management company (or residents association) to look after the maintenance of your block of flats you need to ensure that the directors and committee members are adequately protected. Your duties and responsibilities as a director could mean that you are held personally liable should things go wrong.
Directors and Officers for Management Companies provides protection against claims arising from your duties in managing the affairs and maintenance requirements of your block of flats.