Recorded in December 2015
Insurance coverage for Residential Leasehold Properties (including residential portions of mixed developments) is undergoing some dramatic changes with some major insurers now imposing: reductions in cover, imposition of new onerous policy conditions, increases in policy deductibles for claims and significant additional exclusions to escape of water cover are a few examples. If policy wording changes go unnoticed they risk impacting heavily on service charges, not to mention searching questions from policyholders where uninsured losses arise.
Not all sectors of the insurance market are adequately bringing such changes to the attention of policyholders: and of course finding out about such limitations after a claim, is too late! This presentation will discuss how some insurers are responding to the changing nature of risk faced by property owners; including:
- How new exclusions relating to “persons lawfully on the premises” can impact on all leaseholders
- Escape of Water: some surprising new exclusions to avoid
- The action insurers are taking to combat the rise of cannabis farms and the implications to property managers
- Financial Conduct Authority: the implications of non-compliance for property managers
- How the recent changes in Pool Re terrorism will affect costs and what alternatives are available
- The real cost of the 50% plus increase in Insurance Premium Tax
Advices and solutions to all the above and more will be provided in this presentation to help you stay one step ahead of the market to continue to offer your clients comprehensive insurance cover and avoid the wide reaching exclusions that are appearing in many sectors of the insurance market.
The presentation also includes relevant case law on residential leasehold and building insurance issues, such as Qdime Limited v Bath Building and Avon Estates (London) Limited v Sinclair Gardens Investments (Kensington).
About the speakers:
Nicholas Kissen is a solicitor with over thirty years experience both in private practice and the public sector. Nicholas is a regular speaker at property professional events and he also contributes regular articles to leading property publications.
Trevor Palmer FCII is a Fellow of the Chartered Insurance Institute and is a property insurance specialist working for Pi-Property Insurance. Pi-Property Insurance is an award winning Chartered Insurance Broker offering a niche service for property insurance.
Trevor has over 30 years of experience in the insurance industry and works closely with investors, leaseholders, chartered surveyors and property managers throughout the UK to provide viable insurance solutions. He regular presents at property conferences and webinars around the country to ensure those with an interest in property are kept up to date with current issues.
