Flat Living WEBSITEGUIDE
BUILDING VALUATIONS
INSURANCE
InsuranceIs a“grudge” purchase. Youonlyneed to useit when somethinggoeswrong. So when something does gowrong what canyou do tomake sure that your claimis handled quickly? Prompt action is always the
keyand itmayreducethe size of thepotential
claim.Remember themorethatyourInsurer pays outinclaimsthe greaterthe likelihood that your premium will
increase.Prompt action can also prevent potentialdamageto adjacent flats. Always have your Insurer’s 24- houremergencycontact numbers
Each assessment is as unique as the property itself
0844 412 4495
BARRETT CORP
HARRINGTON
Take the pain out of making a claim Bepreparedfor theworstandmakinganinsuranceclaimwillbeless stressful,saysBCH
closetohand. It’sworthcreating anemergencycontact plan that canbedistributed to residents. This plan should include all necessary telephonenumbers,the location of thewater stop cock and fire evacuation procedures. Whenyou ring your Insurer’s
claimslinealwayshavethe policy number ready. Youare entitled to carryout
emergencyrepairs tomake your property safe andsecure. Tryand take photographsofthe damage andretain damagedparts that have beenreplacedincaseyour Insurerortheir representative
Why BoThEr WITh rISkmanaGEmEnT?
PutsImPLy rIskmanagement isabout lookingat therisksor hazardsthatcanariseinyourdevelopmentandthenputtingin place sensiblemeasures tocontrolandprevent them. Riskmanagementcovers all theprocessesinvolvedin identifying,
assessingandjudgingrisks,assigningownership, takingactionsto mitigate oranticipatethem,andmonitoringandreviewingprogress. Goodriskmanagementhelpsreducehazardandbuildsconfidence
to innovateandimprove. Itwill alsohelppreventany claimsagainst theresidentialmanagementcompanyandits directors forloss, damageor injuryandwillenableyoursite to reachits’ fullpotential in termsof its’saleabilityandmarketvalue. Therearealltypesofhazardsandhealthandsafetyissuesassociated
withblocksofflats,allofwhichareasubjectintheirownright. Thoseatriskincludeoccupants,employees,contractors,suppliers
andother visitors,aswellasneighboursandthegeneralpublic Theriskassessmentitselfisoftencarriedoutorinstigatedbythe
residentialmanagingagentwithreferencetothelease,whichwillhelp inidentifyingwhoisresponsibleforwhat. Manyoftheactionswillfall tothemanagingagentbutsomemayfalltothelandlord,caretakerand otherparties. Whilstitcannotbesaidthatgoodriskmanagementwillhavean
immediateimpactonthepriceyoupayforinsurance,whatwecansayis thosethattakeriskmanagementseriouslytendtohavefeweraccidents andovertimegenerallypaysignificantly lessfortheirinsurance.
Toreadthis article fromBarrettCorpHarringtonin full,gotohttp://
www.flat-living.co.uk/advice/457-what-is-it-and-why-bother- with-risk-management
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wants to seethem. Keep all receipts andinvoices forany emergencyrepairs that arecarried out.
Whilethese simple stepsshould
enable your claimto be paid quicklyand with theminimum of fuss,itshouldberemembered that even if youhavetaken outthe most comprehensiveinsurance policy to coveryourblock,this
should be accompaniedbya reinstatementcost assessment for insurancepurposestoensurethe property is insuredfor thecorrect amount andtoobtain thefull benefit fromthepolicy.●
Youcanreadthis article in full onlineat:http://www.flat-
living.co.uk/advice/145- take-the-pain-out-of- making-a-claim
WhaTElSE canI fInDonlInE?
There is a wide range of insurance- related help and advice on our website. Someof thearticlesyou can
find on our site include: nGetting the best fromyour broker
http://www.flat-living.co.uk/advice/144-getting-the-best-from- your-broker
nDirectors and Officers Liability insurance
http://www.flat-living.co.uk/advice/82-directors-and-officers- liability-insurance
nHowis your premiumcalculated?
http://www.flat-living.co.uk/advice/635-how-is-your-premium- calculated
nInsurance speak explained
http://www.flat-living.co.uk/advice/141-insurance-speak- explained
nHowdo we make sure we have the correct suminsured?
http://www.flat-living.co.uk/advice/427-how-do-we-make-sure- we-have-the-correct-sum-insured
Free insurance guides fromFlat Living
Flat Living hasproduced twoeasy-to-readguidesoninsuring blocks of flats. You can download The Flat Living Guide to Insurance and The Flat Living Guide toHeritage Flats at
www.flat-living.co.uk/advice/15- insurance.Each guide takesadetailed look at different aspects of the flats insurancemarketand offer plenty of advice and guidance for leaseholders.
Issue 15 Flat Living
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