Buildings Insurance and Management Company Liability Cover
An important part of our managing agent duties involves procuring buildings insurance on behalf of the freeholder, leaseholders or property management company. In conjunction with specialist insurance brokers we will obtain quotations from suitable suppliers for your consideration and approval.
Adequate buildings cover must be maintained in accordance with the terms of the lease and the requirements of the leaseholders and freeholder. Once agreed we will instruct insurers accordingly on your behalf.
Where freehold or leasehold management companies manage the estate, specialist directors’ and officers’ liability cover is often required which we will be pleased to arrange on your behalf.
Under an arrangement with the Financial Conduct Authority (FCA) the RICS is a designated professional body (DPB). As a DPB member, VFM can carry out insurance mediation activity which is broadly advising on, selling, and administration of insurance contracts. We are therefore suitably qualified to arrange buildings and other insurances for properties, freeholds and management companies on behalf of our clients.
This part of our business, including arrangements for complaints or redress if something goes wrong, is regulated by the Royal Institution of Chartered Surveyors (RICS). The register can be accessed via the Financial Conduct Authority website www.fca.gov.uk. This Firm is not regulated by the Financial Conduct Authority.
It is also imperative that the insurance cover provided by each of the contractors and suppliers working on the property provide adequate cover. Any supplier proposing to provide works or services on your property or estate is required to produce certificates demonstrating the level of cover that they hold before being employed on behalf of the management company. Checks will cover both indemnity value as well as scope.