Terrorism Insurance

Terrorism cover is often not the first thing which comes to mind when managing insurance policies for your block of flats. However, UK Terrorism Insurance policies are sometimes crucial to the financial protection of your residential block.

Our Terrorism Insurance policy will protect your block of flats in the events of damage caused by an act of terror.

  • Protects your block against fire, explosion and terror damage.
  • 12-month policy: Renew your Terrorism policy each year alongside your Buildings Insurance.
  • Added as an additional cost to your Buildings Insurance premium. Terrorism cover can also be sold as a separate policy if your block is insured with another provider.

Why are Terrorism Insurance policies important?

Terrorism Insurance policies are commonly used across the UK, although are seen more frequently for properties in city locations and are especially widespread in London. For residential properties, Terrorism Insurance for flats is especially common, as it offers financial protection for the building in the event of damage caused by an attack.

Terrorism Insurance policies are sometimes essential for your property and will be included as a stipulation of your lease. It is your responsibility when managing your insurance policies to be aware of your responsibility for Terrorism cover. If your lease states that you need to have a Terrorism Insurance policy in place, it is vital that you ensure that your property is covered.

  • Terrorism cover safeguards your block of flats against the financial impact of a terrorist attack, protecting properties in high-risk areas such as cities, areas close to government buildings, major transport links and landmark buildings.
  • Terrorism acts are nearly impossible to predict, but the potential damage liability can be monumental. Having a Terrorism Insurance policy in place will protect your building from the financial risk of damage.

When deciding whether a Terrorism Insurance policy is for you, consider the following:

Are Terrorism Insurance UK policies mandatory for my block?

Terrorism Insurance is not mandatory for every block of flats. However, it all comes down to your lease and good sense. When deciding whether to take out a Terrorism Insurance policy, you should always check your lease to see whether it is a requirement, as this will specifically address whether you need Terrorism Insurance in place.

The Council of Mortgage Lenders states that insurance needs to be arranged as required by your mortgage lender. Therefore, if any of the flats in your block have a mortgage, you should check to see whether Terrorism Insurance is an obligation.

Could my block of flats be a target?

Although larger cities are generally considered to be at the highest risk, it is impossible to guarantee that even the quietest rural towns are not susceptible to an act of terrorism. Whilst the consequences will always be difficult to envisage, it is wise to invest in Terrorism Insurance for your block of flats, so that you have financial cover in place should the worst happen.

Could I be held personally liable if I do not include Terrorism Insurance?

Directors legally have personal responsibility for their decisions and actions taken on behalf of the Residents’ Management Company. By adding a Terrorism Insurance policy when arranging or renewing your Flats Insurance, you are protecting your own and your fellow freeholders’ and leaseholders’ assets.

Don’t take the risk of leaving your residents uninsured.

Download more about Terrorism Insurance here

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