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Oct, 2014

Thursday

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  1. #1

    Default What type of insurance for a small mgt company?

    We live in a block of six houses which has communal area (car park etc . . .) which is governed by the Management Company to which all six houses are directors of. We all own our own houses and are each responsible for the insurance cover on them but we, the Management Company, need to have in place appropriate insurance to cover the car park, electric gates, perimeter wall/fence, trees (4 enormous trees right on the edge of the communal area) etc . . . . .but no buildings.

    How do we know what type of insurance cover do we need and are there specialist insurance companies that deal with this type of thing. We don't know where to start.

    Hope you can help.

  2. #2
    Join Date
    Jun 2008
    Location
    oop north
    Posts
    5,086

    Default

    Do you already have block buildings insurance ? for the 6 houses,
    and if not, you should have, or as they are houses, do the houses
    get their own buildings insurance ?

    If your insurance covers the 6 houses, you should have said the
    "estate" includes a car park.
    We have a drive at the front, and a large house further back, but
    drive is within the walls of the property, even though there is no
    house on the tarmac driveway, we are covered.
    I assume there is land, fenced / walled off, and is totaly separate
    land.

    assume your existing insurers will not cover you ?

    These questions are for others to possibly advise.

    R.a.M.

  3. #3

    Default

    Each house owner has their own building insurance for their own house. The management Company is only responsible for the communal area of car park, driveway, electric gates, perimeter walls/fences and these rather large trees (which worry us if they were to fall on something or someone). Thanks.

  4. #4
    Join Date
    Jun 2008
    Location
    oop north
    Posts
    5,086

    Default

    Quote Originally Posted by The Salad View Post
    The Company responsible for the communal area
    of car park, driveway, electric gates, perimeter walls/fences and large trees.

    Try any "block insurance for Residential management companies"
    The ones that insure, say large house and grounds, e.g. with 6 flats in,
    Maybe they can do a special deal for land only.

    Try Lansdown insurance brokers for a start.
    Ask about ""block insurance for Residential management companies"
    then tell them your situation, and can they help.

    Tel 01242 524498

    R.a.M.

  5. #5
    Join Date
    Oct 2007
    Location
    80 London Road, Southend-on-Sea, Essex
    Posts
    530

    Default

    I think your best option here is to look at a residents land insurance policy.

    We provide this cover here for people in similar situations as you. Almost everyone takes out just liability cover (i.e. covering a tree falling and injuring a member of the public) but a few do extend this to include material damage.

    A Google search for "land insurance" or "residents land insurance" will give you a list of insurers that can help.
    Steve Smith - Company Director at a leading Landlord Insurance broker with 10+ years experience in the industry
    LandlordZONE Verified Poster and Topic Expert for Landlords Insurance
    See my profile for contact details

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