Insurance
Buildings Insurance
The buildings insurance covers damage to the buildings and grounds. Please note that this insurance does NOT include cover for residents’ contents.
| 2025 |
Policy Documents
The insurance policy sets out the details of the buildings insurance contract.
| 2025 |
Terrorism Insurance
The Upper Tribunal (Lands Chamber) considered the necessity for terrorism insurance in the case of Qdime Ltd and (1) Bath Building (Swindon) Management Company Ltd (2) Various leaseholders.
The property is a purpose built block of flats insured by Qdime Ltd, the freeholder (referred to as the Landlord) in accordance with the Landlord’s lease covenants. The lease obliged the Landlord to insure the building against “.. the usual comprehensive risks in accordance with the CML recommendations … from time to time”.
The Upper Chamber determined on the basis that one of the defined perils in the CML recommendations (Council of Mortgage Lenders Handbook section 6.14.2) includes explosion and that insurance should be provided against an event, not any particular method, causing the event. Therefore terrorism insurance was required.
| 2025 |
Policy Documents
| 2025 |
Claim Procedure
Following an insured loss a claim should be submitted to the insurance agent by “the claimant”.
If the loss is to the communal areas the claimant will be the management company.
If the loss is to an individual flat the claimant will be the leaseholder.
The insurance agent will direct the claim to the insurance company which will often appoint a claims negotiator/loss adjuster to deal with the claim on its behalf.
The claimant will usually be requested to submit two quotations for repairs/replacements and following agreement by the insurers, contract for the repairs/replacements.
Once the repairs etc are complete the claimant should pay the invoices and submit the receipts and invoices to the insurers for repayment. It is possible that the insurers may pay the invoices direct but they are under no obligation to do so.
Should there be a deductible excess, this amount will be deducted by the insurers before the claim is settled. Where the damage was caused by a Third Party the claimant should recover the excess sum from the Third Party.
N.B. Please refer to the Policy document for full details of cover and claims procedure.