15 December 2017
As a managing agent, are you concerned about your clients’ insurance following the Grenfell Tower tragedy? We can help.
Six months on from the devastating fire, the main effect on insurance for property owners and management companies is that insurers are asking more questions about cladding. But what does this mean and how will it affect your clients’ insurance?
Property insurers have always needed to know about the construction of properties they are asked to insure, as this allows them to apply the appropriate terms. Since the incident six months ago, insurers are asking for more information around the type of cladding used and materials involved in order to understand the level of risk.
It is important that this is disclosed to insurers along with details of any fire safety checks that have been completed. With this in mind, if you haven’t already, please inform us/your current broker about the cladding used on the buildings you manage. It doesn’t necessarily mean the terms will change, it may just lead to you having to provide more information.
As brokers, we recommend:
- Checking the construction of all buildings to whether standard methods have been used.
- Arranging testing for clad properties and passing on those results to your broker.
- Reassessing your emergency plans and ensuring there is adequate signage for tenants.
At Centor we are property owners insurance specialists and would be delighted to help you negotiate a safe path through the potential minefields.
For more information, get in touch with:
020 7330 8729