Right to Manage, Residents Associations and Residents Management Companies
Taking care of a block of flats or apartments is a lot of work and, depending on the ownership structure and preferences of those involved, can by organised through a Right to Manage arrangement, Residents Association or Residents Management Company…
Whilst there are some legal differences in the way they are structured, in general these bodies play an active part in making sure the building, its facilities and general upkeep are all properly maintained for the benefit of the tenants. They are also usually responsible for arranging insurance for the property and individual flats, which can result in cost savings for everyone involved. In practice, a single policy is also simpler to administer.
Whichever way your block of flats or apartments is run, Adler Fairways offers a variety of insurance products to suit your precise requirements. We have extensive experience and access to a number of bespoke insurance schemes specifically designed for Right to Manage arrangement, Residents Associations and Residents Management Companies.
Main policy features *
The features would depend on the property and the body running it, but might typically include:
- Contents of communal areas
- Loss of rent or alternative accommodation cover
- Property owners’ liability insurance
- Employers’ liability insurance (covering caretakers, for example)
- Subsidence, landslip and heave cover
- Engineering cover for communal lifts and boilers
- Legal expenses and terrorism insurance, as optional extras.
Typical exclusions include:
- Damage by wet or dry rot
- Possible restrictions when your property is unoccupied
- Damage due to a fault or limit of design, manufacture or installation. In particular there is no cover for damage to underground services that do not work because they are worn out
- The cost of replacing any undamaged items, which form part of a set, suite or item of a uniform nature
- Loss or damage to your buildings from any cause not listed in the policy booklet (wider cover is available with the accidental damage option).
* This information is a general guide only. Adler Fairways will assess your requirements and recommend a bespoke range of insurance solutions to meet your needs. As part of the quotation process, we will provide full details of the specific coverage, benefits, limits, premiums, exclusions, excesses payable, and any other policy conditions that would apply to the insurance we recommend for you. We currently only offer cover to businesses registered in England, Scotland, Wales, Northern Ireland, the Channel Islands and the Isle of Man.