It may be tempting to leave out terrorism cover when renewing your buildings insurance to save money however this cover may be required to satisfy your lease or lender.
When deciding whether terrorism insurance is for you, consider the following:
- Does my lease require my Buildings Insurance to include Terrorism Cover?
- Does my lender require my Buildings Insurance to include Terrorism Cover?
- Could my block be a target?
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.
- Could I be personally liable if I do not include Terrorism Cover?
Directors legally have personal responsibility for their decisions and actions taken on behalf of the Residents Management Company.
Giving in to temptation and leaving out Terrorism Insurance could not only prove to be a false economy for your residents but could cost you all of your assets.
Don’t put yourself at risk; get your building protected from this very real threat.