Common renewal date policies

The usual alternative to “Block Policy” arrangements is to have individual policies for each Residential Management Company, in their own name.  This allows selection of the most appropriate cover and Insurer for every client.

However, the insurance element of your management could become a “year round” task.  This may be appropriate if your Residential Management Company’s financial reviews are conducted throughout the year.

Alternatively, if your systems allow, the gathering of individual policies to a “common” renewal date would offer more efficient handling of insurance matters and if all policies are with the same Insurer, “volume premium” discounts would apply.

+ Insurance becomes a “once a year” job.

+ Premiums for “low claim” policyholders are not affected by those with large or numerous claims.

+ Each Residential Management Company has its own policy document (rather than an individual Schedule).

- Increased levels of paperwork.

A senior member of CHUResidentsline would be happy to discuss the different Financial Services Authority Regulatory implications in respect of the above and other options if required.