Q: Why
has the
A: The requirements of your lease
state, either the Landlord is to insure the building or the Landlord may
nominate the insurer and agency/broker. Your Landlords insurer is now
Q: I have already paid the previous Landlord/ Service Charge
A: The previous Landlord must cancel the existing insurance from the date of purchase as they no longer have an insurable interest in the property, they will arrange any refund of premium as necessary. It may be that the agent of the Landlord will deal with this on their behalf. We are unable to intervene, with either party regarding the previous policy. To enable us to engage with the Landlord or Managing Agent regarding payment, we will require proof of payment. A copy of your service charge statement, with a break down showing insurance payments.
Q: Why is the new insurance more expensive
A: Not all insurance policies are identical in the cover they provide, therefore in some instances there may be an increase in the premium payable. Your new Landlord requires terrorism cover on all of their properties.
Q: Why do I need terrorism cover?
A: Up until the beginning of 2002, a standard level of terrorism cover was built into most policies. Now all insurers are excluding terrorism cover totally within their policies and all such cover has to be specifically purchased.
In today’s increasingly uncertain climate, terrorism cover is crucial, to fully protect the interests of the freeholder, the leaseholder and the mortgage lender. A terrorist’s main weapon is “terror”. They are indiscriminate in their targets. You cannot predict when, where or how it is going to happen. Insurers take into account that different properties are located in high and low risk areas and this is reflected in the premium. To not insure against terrorism is a risk that the freeholder, leaseholder and mortgage lender cannot afford to take.
Q:How can I check the insurance covenant in my lease?
A: If you do not hold a copy of your lease this can be obtained from your mortgage lender or land registry. Alternatively, you can order a copy of your lease from us for a fee, please put your request in writing.
Q: How do I make a claim?
A: If you wish to make a claim on your
building insurance you will need to contact our insurance broker The Oval Group
on 08458725708. If the claim is an emergency and “out of
office hours” you will receive a voice mail message giving you a direct contact
phone number for the insurance company,
Q: Why is the period of insurance longer or shorter than a full year.
A: This may occur as the Landlord requires the insurance to come in line with their renewal date.
Q: How do I get a copy of my insurance certificate and full policy wording?
A: Copies of insurance certificates are
held at our office and are available on request by either telephone or in
writing. Please note that certificates can only be issued once the premium
has been paid. For a copy of the full policy wording this is available
at www.theovalgroup.com/ASGFHM09-2004
and when prompted the Applicable wording is ASGFHM09-2004
Q: If I sub-let my property will this affect the insurance?
A: If your lease allows letting then you will need to have the freeholders consent – this request would need to be put in writing to us and a form will be sent out to you to complete and return to us with our prescribed fee. If your lease does not prohibit letting then you will be fully covered under the block policy, providing consent is obtained.
Q:Do I nee d to sign anything?
A: No. The policy is held in the name of the freeholder. The policy automatically notes all other interested parties.
Q: What if I sell my property and need a refund?
A: If you are selling your property we would advise you to inform your solicitors about the insurance arrangements and they will be able to handle the matter.
Q: What about contents insurance?
A: If you require contents insurance we can arrange this for you. Please contact us in writing or by telephone to obtain a form.
Q: Have we answered your questions?
A: If not, please write in to the