The Property Management Company has negotiated very competitive rates with insurance broking firms for block insurance. Block insurance of the entire building including common parts and services, provides an opportunity to achieve substantial cost savings over clients individually insuring their personal property. This also means in the event of a claim, only one insurer is involved, ensuring a speedier settlement and further only one policy excess will apply.
Acting as intermediary the company arranges, collects and administers premiums and policies. As an added benefit claims up to £10000.00 may be settled locally with the broking loss adjuster. The Property Management Company also assists with the management of claims on behalf of clients by arranging competitive quotations for repair works to their property.
We are pleased to extend this facility to contents insurance and act as an introducer for the client and the insurance company. The negotiation of rates; production of claims data, administration of policy claims, collection and payment of insurance premiums, and payments to contractors for insurance repairs is not covered by a normal management fee.
Therefore PMC uses commission received from the insurers as a disbursement of our costs that also includes annual compliance fees for registration with the Financial Services Authority.