Keeping your flats secure

Lampier, a leading property services company, has a dedicated team which arranges buildings cover for self-managed residents’ associations and companies, including residential block managing agents, throughout the UK.

It sets three main goals to keep your flats secure and guarantee peace of mind. These are: reducing client administration, offering enhanced cover and sourcing competitive premiums
Lampier’s vast experience of the market enables it to offer solutions to the specific concerns of agents not covered by standard policies. One concern identified is the ability to accurately ascertain the rebuild cost of a property.

Currently it is a client’s responsibility to estimate the rebuild value. If for example a client requests buildings cover with a rebuild value of £1,100,000, and following a fire it transpires the rebuild will cost £1,600,000, the client will find themselves significantly under-insured.

To negate this risk Lampier, includes as standard an Inflated Buildings Umbrella Limit, in this instance, the Umbrella Limit would be £2,500,000, allowing the client’s claim to be paid in full. Directors, who have a plethora of legal responsibilities, are also at risk, should anything untoward happen, either by negligence, honest oversight or error. They could be sued as individuals instead of, or in conjunction with, their company,Directors’ and officers’ liability as an optional extension is available on all Lampier-arranged policies, to cover all personal liabilities. Don’t automatically think the management company would indemnify you if you incur a liability while acting as a director.

There are several reasons why that might not be the case: the company may not have enough funds, or may be insolvent. Also in certain circumstances, the company’s articles of association may not allow it to indemnify a director, as the Companies Act does not allow indemnity in all situations. Equally the other directors might not agree with the action or allow indemnity to occur. All such claims would involve considerable defence costs, as well as potential damages and claimants’ costs and, even if a director is not held liable, legal costs can be crippling.A Lampier spokesman said: ‘Especially with part-time and voluntary unpaid directors or officers being equally as liable as full-time company directors, this is an area that could leave those uninsured in a potentially difficult financial situation.

With all this in mind, now do you think insurance for your block is something that can be arranged at the click of a mouse?

For more information on the above or about the services offered by Lampier, please contact the property team on 0117 974 3232 or e-mail enquiries@lampier.co.uk
Equally the other directors might not agree with the action or allow indemnity to occur.
All such claims would involve considerable defence costs, as well as potential damages and claimants’ costs and, even if a director is not held liable, legal costs can be crippling.

A Lampier spokesman said: ‘Especially with part-time and voluntary unpaid directors or officers being equally as liable as full-time company directors, this is an area that could leave those uninsured in a potentially difficult financial situation.
With all this in mind, now do you think insurance for your block is something that can be arranged at the click of a mouse?