Taking responsibility for insuring what is probably your most valuable asset, and also that of your
fellow leaseholders, may not be a challenge if you use a specialist block of flats insurance provider
such as Gallagher.
Block insurance is different from insuring a single dwelling. Additional risks need to be insured, that may not be required for a traditional house.
Blocks of flats are considered commercial premises for insurance purposes and additional risks need to be insured that may not be required for a traditional house. Also known as ‘blocks’ in insurance, we provide cover for buildings of standard and non-standard construction, including listed buildings. No block is too small, too large or too complicated for us to consider.
Key features of our Blocks of Flats policy
The policy will provide you with cover against the following which can be particularly important for blocks of flats*:
- Damage to the building by a wide range of perils including accidental damage.
- Automatic cover on communal contents including gardening equipment and furniture
- Protection against unpredictable inflation in building costs up to 50% of the initial replacement value.
- Variable policy excesses available to protect the resident management company or right to manage company funds from potentially unbudgeted costs.
- Employers’ liability cover for any staff you employ on a permanent or temporary basis.
- Variable limits for trace and access cover to discover the source of water leaks.
- Property Owners liability up to £10 million on any claim for injuries or damage you are liable for, including Corporate Manslaughter Defence Cost.
- Alternative accommodation costs or loss of rent included if the premises are uninhabitable due to insured damage.
- Buildings definition includes all outside areas such as outbuildings & garages, roads and paths.
- Cover for damage caused by falling trees and removing fallen trees.
Additional options to widen your cover:
Terrorism — to cover loss or damage due to terrorist action, whether for political means or other extremist groups such as Animal Rights.
Directors’ & Officers’ of resident management (RMC) and right to manage (RTM) companies — to protect you personally against the the financial risk you face as a Director if you fail to undertake your duties to a satisfactory standard.
Legal Expenses — to cover Legal Expenses incurred in a wide range of situations including Contract Disputes, Debt Recovery, Criminal Prosecution to name a few, and also includes a 24/7 legal advice helpline.
Engineering Inspection & Insurance — to provide an independent inspection of your plant and equipment to check it is safe and serviceable, with the option to extend to include breakdown of the equipment.
Please see our separate information sheets for each of these giving more details of the cover and claims examples.
Insuring a block of flats, whether it’s just two in a conversion to more than 200 in a purpose built block, is different from insuring a single dwelling, such as a house. As a specialist broker we understand this and we will use our knowledge and experience to find you the most appropriate cover at a competitive price.
*As with all insurance policies, the policy is subject to limits, conditions and exclusions. For full terms and conditions please refer to the policy wording available on request.
This document does not purport to be comprehensive or to give legal advice. While every effort has been made to ensure accuracy, Gallagher cannot be held liable for any errors, omissions or inaccuracies contained within the document. Readers are always recommended to take further professional advice before making any decisions.
FP216-2023