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The bombing of the Baltic Exchange buildings in the City of London in April 1993, estimated to have cost the insurance industry over £250 million, led the insurance market, without support from their reinsurers, to withdraw cover for property damage by terrorism. The insurance industry found a solution however and the Pool Re Insurance Company was established with the backing of the UK Government. Since 1993 Pool Re has been the main provider for terrorism cover for the vast majority of commercially insur

In June we see the rate of Insurance Premium Tax (IPT) increase to 12% from the current rate of 10%. But remember, not so long ago it had gone up to 9.5% from a previous rate of 6% and that was only 18 months ago. A treasury spokesperson stated that this was a tax on insurers and should not be passed onto customers. After all insurers can afford it, or can they? Last year saw the introduction of “Solvency 2” which required insurers to have larger solvency margins. This was designed to protect customers fr

When Ralph Pearson, Claims Manager at property specialist Resident’s Insurance Services got the call from a managing agent client for support in a large fire claim, he quickly stepped in to help resolve the issues. Insurance claims under a certain value, usually £5,000, are normally dealt with easily and quickly on a desktop basis by the insurer’s in house claims team. Insurance claims over £5,000 generally become more complex due to the increase in cost and parties involved.  Firstly insurers will look t

Our story began in  1989 when Deacon Insurance Brokers first opened its doors for business. iPads, tablets, smart phones and even Facebook hadn’t been invented. However did we manage?   Fast forward almost three decades and it’s not just the world around us that has changed… a lot! Based in Bournemouth since 1990, Deacon is one of the country’s longest established property brokers specialising  in buildings insurance for flats and apartments, often referred to as ‘block’ insurance. We offer a range of all

If you are acquiring - or considering acquiring - the freehold of your building, you will know that the process requires a great deal of planning and that there are many legal and technical issues to consider. Once formed, your new freehold company will have full responsibility for the management of your building and this includes insurance. It’s something which many people overlook. Directors of residents associations have, broadly speaking, two options when considering how to insure the property they

Housebuilder Bovis has launched an inquiry after allegations that it sold homes that were not fit to live in.   A dedicated team led by a senior director is reviewing complaints and to consider whether they should pay any “reasonable” costs incurred by homeowners as a result of its failings. Almost 600 people have joined Bovis Homes Victims Group on Facebook since reports in January claimed it had bribed buyers to move into unfinished properties.   The Daily Mail said that industry insiders claimed the br

The Leasehold Advisory Service (LEASE) is to be fully funded and will focus on its advisory work, it has been announced.    Gavin Barwell, the then Housing Minister, announced at the Lease Annual Conference in February that the organisation would stop commercial activity to concentrate on helping leaseholders.   He explained to delegates: “What we really want is for LEASE to help leaseholders. To be solely, and unapologetically, on their side.”    However, the move has been criticised by some. Martin Boyd

The halfbrother of David Cameron’s wife, Samantha, is at the centre of a row over the sale of thousands of new leasehold homes.    It has emerged that William Waldorf Astor IV has links to firms that rake in cash by owning and managing property freeholds that were controversially sold off by developers to investors.    The 38-year-old runs fund manager Long Harbour, which has the freeholds of 160,000 homes on behalf of institutional investors. He is also a director of HomeGround Management, which looks af

QUESTION I have a problem with my neighbour and I wondered if you may be able to give me some advice. My upstairs neighbour is selling his flat and the incoming tenant is planning to put down an imitation wood flooring in the lounge and hall area in spite of the fact that our lease clearly states that all areas must be closely carpeted apart from the kitchen and WC’s. I have reluctantly agreed to this providing that I can have a written guarantee that the new floor covering will be absolutely soundproof b

Flat owners are left to suffer in silence over leaseholds while house owners in the same position can powerfully campaign, it has been claimed.   Leasehold Knowledge Partnership trustee Sebastian O’Kelly told the All Party Parliamentary Group on leasehold reform that the current focus on the plight of homeowners highlighted how the “exploitation of flat owners” was often below the radar of public opinion.   And he claimed that owners of flats had been threatened by freeholders with defamation proceedings

Bob Keats, who was Chief Examiner at the IRPM sadly died on April 18  after suffering from a very aggressive motor neurone disease.    Bob was the architect of the IRPM syllabus and exams, and was Chief Examiner from 2003 until he was forced to retire in 2015. He also put together the first ever training courses for ARMA in 2004/05. The IRPM has opened an online book of condolences for Bob and have adopted the Motor Neurone Disease Association (MNDA) as their official charity. To leave your condolences or

Developers would be banned from selling the freeholds of homes to private companies following a groundswell of anger from homeowners who have been left facing rocketing ground rents. Some have seen freehold fees double every decade,which has also made their properties almost impossible to sell on.     A report by the Department for Communities and Local Government (DCLG) revealed that one in five private homes in England – a total of four million – are leasehold. While 2.8m are flats, which have tradition