It may be tempting to leave out terrorism cover when renewing your buildings insurance to save costs for the residents. However, this could not only prove to be a false economy for your residents but could cost YOU all of your assets.
In these times it is not only blocks of flats in cities that are at risk of terrorism. Yes they are at far higher risk from the ‘main’ terrorist activity, but individual residents could be targets in other areas – even the quietest rural towns. You could be living next door to a bomb maker, or have someone who works at a laboratory that conducts animal testing living in the building. You could even be under a main flight path.
If you are not covered, then as an RMC director, you could be personally liable. Directors legally have personal responsibility for their decisions and actions taken on behalf of the Residents Management Company.
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