Insurance

There are three main areas of insurance that our clients must consider:

Building Insurance & Terrorism Insurance – Directors & Officers Insurance – Engineering Insurance

Leasehold properties require a communal building insurance policy that will typically include a third part of public liability cover. It will encompass the main structure of the building including walls, roofs, doors, pipes, and services of both the communal and demised areas. It does also generally cover the contents in the communal areas of the building while individual leaseholders will be responsible to ensure the contents of their own flats separately.

Although some leases specifically require terrorism insurance, this is not generally compulsory. However, it is our recommendation that a terrorism policy is in place in all cases, as a standard building insurance policy does not cover damage caused by any terrorist-related activity (not simply an act of terrorism).

A volunteer director or officer of a Residents Management Company (RMC) has a personal responsibility for the decision taken in the management of the building. In the eyes of the law they are equal to someone running a large commercial business, so Directors and Officers liability insurance are crucial in protecting you in case your actions come under scrutiny and you might be personally sued by a third party. We thoroughly recommend that all our clients secure a good policy.

If the building has a communal lift or any other type of mechanically lifting equipment, an engineering insurance policy is required by law. The policy will cover any accidents that might be caused by the malfunctioning of the equipment. The engineering insurance will also normally cover the half-yearly statutory inspections that must, by law, be conducted by an independent engineer.

Here at Tamesis Group, we make sure that insurance is arranged in line with the responsibilities set out in the lease, or deed of covenant. We also ensure that the level of building insurance is adequate and appropriate by recommending reinstatement costs assessment to be carried out on a regular basis.

Our strong relationships with a number of specialist block management insurance brokers mean we can secure a competitive quote on policies. As part of our service, we are happy to obtain these on clients’ behalf and to facilitate the payment process once a decision has been made.

We actively work to minimise insurance claims by informing residents how to check for potential water leaks and keep their property safe. We also ensure that any incident is dealt with swiftly to reduce the risk of major damage being caused by dispatching a contractor as soon as we are made aware of the issue when this generates from a communal area, or by contacting without delay the leaseholder of the flat where the issue is believed to be from. We will also facilitate communication between leaseholders, and when a claim does need to be made, we will with the insurance company so the claim can be processed and the damage rectified as swiftly as possible.



If you want to enquire about property management services, please fill out our relevant contact form and a member of the Tamesis Group will be in touch soon.

Alternatively, you can call us on 020 7101 3901