by Kirti » Wed Jun 24, 2009 09:03 am
I am one of the directors in a management company for a block of flats. We have had numerous large escape of water claims in the last 2 years. Our building block insurance premium has gone up by 88% and now have excess of £7500 per claim. How do we deal with the excess of this large amount which was in the past paid by the flat owners claiming on the insurance. Is there a policy that individual flat owners can take out for their flats which will cover escape of water etc... How do we deal with the excess per claim?Are there any options or insurance companies that would take what is classified as 'high risk' client?What are our options?All suggestions would be greatly appreciated.Thanks
Posted: Thu Jun 25, 2009 06:50 am Post Subject:
Our building block insurance premium has gone up by 88% and now have excess of £7500 per claim.
Are you from outside the United states?
Are there any options or insurance companies that would take what is classified as 'high risk' client?
Did your carrier rep. state that you're now a high risk client for them?
Steven
Posted: Thu Jun 25, 2009 07:53 am Post Subject:
Yes, the record of the claims for the last two years have been in the region of £120K - a bit of misuse involved I think! The premium went from £9.7K to £17K.
We are currently insured thro an insurance arm of the managing agent who say they are working for us! Tried all the major insurance companies and they have refused cover. So, at the moment we are paying high premium and high excess.
The building is 24yrs old with concrete suspended floors so, a leak between floors is hard to locate and it's only through incidental damage it becomes known that a leak has spung.
Also the wate board has been updating the pipework in the area which may be part of the increase in pressuer with old pipework which is causing the leaks.
Thanks for your reply
K
Posted: Thu Jun 25, 2009 10:25 am Post Subject:
Hi Kirti,
Is there an issue of poor management involved in the frequent water damages?
Posted: Thu Jun 25, 2009 11:13 am Post Subject:
Dear Kirti..
Tried all the major insurance companies and they have refused cover.
Apart from the claims in the region, is there any other factor that these companies had stressed upon?
Also the wate board has been updating the pipework in the area which may be part of the increase in pressuer with old pipework which is causing the leaks.
For how long are they gonna continue with this work?
Steven
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