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Residents Management Companies
For the residents living in a block of flats, it is important to have a representative body to represent them and ensure that the building is safe and properly maintained.
This normally includes that body arranging insurance for the entire building, often in the form of a block of flats insurance policy as well as taking steps to ensure staircases, lifts and other parts of the building are in good working order. Residents’ management companies (RMCs), are often established to take care of such issues.
Residents’ Management Company (RMC) directors and committee members often take on the task of arranging buildings insurance on behalf of their fellow residents. Ensuring your block is adequately covered is a major responsibility – and ensuring a competitive price as well as comprehensive protection for leaseholders’ property can be quite a challenge.
If the residents management association fails in its duty, or if a resident of a building feels they have not sufficiently fulfilled such obligations, the RMC or its members would be potentially liable. A directors and officers liability insurance policy would protect such individuals for a variety of legal allegations, including breach of trust, duty, contract, neglect, misleading statements, wrongful trading, acts, or omissions.
Usually, it is a requirement that a comprehensive block insurance policy is in place for all the blocks of flats or apartments with the RMC’s control and the RMC may also be prudent to arrange terrorism cover. At Abaco Insurance Brokers we have extensive experience arranging residents management company insurance – we have the expertise to advise on exactly what you need. We are proud of our strong client relationships which have been built up by providing great customer service and in-house claims management.