Services 4 — Park Buildings

Building Insurance

Insurance Broker

The RTM has engaged Brown & Brown as our broker.

The broker is responsible for ensuring that insurance policies comply with the lease, meet general requirements and are serving the interests of leaseholders.

Each year Brown & Brown will issue a leaseholder declaration document setting out details about the polices in place and set out any key conditions. That document will also explain how you can contact Brown & Brown in the event of a claim or any other questions you might have. You should read and be familiar with Brown & Brown communications.

Compliance with the Lease

You should be familiar with your lease, which sets out your obligations with respect to insurance.

For example, nothing you do should compromise the building’s insurance. It is therefore important that you comply with the lease, including ensuring that you follow the license to alter process at all times.

FAQs

4 Preventing Leaks

1

Water escape is major cause of building insurance claims. Please ensure you and/or your tenants comply with the advice and guidance on preventing leaks.

Water escape insurance claims carry a significant excess cost of £2,500, that the flat claiming is responsible for paying.

Example - the total repair cost of a water leak is £2,700, the flat claiming will only receive £200 towards the damage repairs.

Long Periods of Absence

2

Any flat that is unfurnished, unattended or empty for a period exceeding 60 days requires you to take additional steps. These include:

Turn off electricity and water supplies at the mains and drain down all water systems except for those connected to automatic fire alarm or intruder alarm
Maintain a level of heating sufficient to prevent freezing
Secure all points of access against entry by intruders, put all protective and locking devises and any intruders alarm installations into full and effective operation

Should your flat be unoccupied for a long period, you are also requested to inform the R&R Building Manager. Your apartment keys can be left with the concierge for use in emergencies or for other access at your instruction.

Insurance Excess Costs

3 Other Insurance

If an insurance claim is required due to an issue with the building, outside of your flat, the excess payment for a claim is a building cost, the excess will be paid from the shared service charge.

If the claim is linked to a specific flat, as defined in the lease, then the excess is the responsibility of that flat.

Where negligence or breach of the lease is involved, excess payments will not be paid via the service charge but passed onto the negligent party.

You will also need your own insurance(s).

You should seek independent advice and guidance to ensure you have appropriate insurance in place. For example, as a rule, the building insurance will not cover the contents of your flat.

Disclaimer

Nothing on this page constitutes advice and guidance with respect to insurance distribution. This page is simply a user guide for leaseholders to be able to better navigate correspondence from Brown & Brown and to ensure they are familiar with the lease and how to minimise the risk of avoidable claims.