15:26 PM, 1st August 2022, About 2 weeks ago 6
I am a director of a Right to Manage (RTM) for a development with 93 units. Our buildings insurance renewal is due on Monday and, true to form, the renewal premium has only just come in.
It has gone from £350,000 to £500,000, with the broker claiming that the uplift is due to the re-build cost increase and that no one else will quote, due to remediation (which has been approved by Building Safety Fund) but not yet scheduled.
Insurance is sourced through the Lloyds Panel and has several insurers taking a portion of the risk. We have installed new fire alarms and now have positive fire safety reports, but that seems to make no difference.
The broker will make over £39,000 in commission!
What we need is an insurer to re-assess the risk, instead of simply renewing the existing layered policies. However, it seems that the insurance market is reluctant to do this and therefore, there is no alternative quote.
This leaves us with the prospect of having NO buildings insurance, as the premiums are just unaffordable.