In response to the tragic events in London and Manchester last year, we have reviewed the cover provided under all of our policies and checked that they will respond to emerging and changing threats.
With local residents adversely affected in the aftermath of the terrorist attack at Borough Market in June, we looked at how our block insurance policies would respond to this type of incident – in particular loss of rent. Prevention/denial of access would be covered providing there had been damage. However, if there was no damage what would happen? We have reviewed our wordings and Aviva, AXA and Ecclesiastical have all agreed amendments to ensure our policies would respond in this type of situation. We have also ensured that our new insurer Covea is providing this cover as well.
This means that if you take out Pool Re Terrorism cover for your client on the back of our policy, it will immediately respond without Terrorism being declared.
All our policies include an emergency accommodation section, which enables loss adjusters and claims departments to agree accommodation for tenants of rented flats. This means that in some situations we will be, in the short term (up to a maximum of seven days) be both paying loss of rent to the flat owner and funding alternative accommodation for tenants. We have decided to take this stance to prevent negative press coverage in the immediate days after a major loss.
We have also ensured that policy sections such as loss of keys and loss of metered utilities will give the cover to the people who pay the premium (the leaseholders) rather than just to a freeholder. Why? Because it’s the right thing to do.
If you would like more information on these recent changes or on any of our products do not hesitate to contact us.
Don’t forget we can provide a range of quotations for you, to save you having to search the market for the right policy. All quotations will benefit from our updated bespoke policy wordings.