Excesses on Block Policies

[10amwalker]

I would like some help please- our management company would like to obtain quotes for block policies based on an excess of €5,000 however we are very concerned that owner occupiers will be severely impacted on.

Investors can write such expenditure off against their tax liabilities.

We have found that investors tend to inflate their expenses- this is not downing all investors however it is based on our experiences.

Opting for a €5,000 reduces the premium we have to pay which means that the service charges are not increased due to the increase in premiums.

I would be very interested to hear how other management companies deal with large excesses.

 

[GarBow]

Well our excess for this year's premium was €250 per claim. We have in turn seen a 4 fold increase in claims.

€5000 seems ridiculous though. Your premium must be on the floor at that cost. Only fire or severe flood damage would warrent that kind of an excess.

 

[maybelline]

In the management company I'm a director of, the best quote we could get this year meant we had to have a 5K excess up from 1K, and this cost us 80% more than last year with a different company! Last year's company wanted to triple the premium!! We've had a few claims but no insurance company seems to want to cover apartment blocks anymore...
We've only just renewed this so I can't say yet what people's reactions will be, but I can imagine they won't be happy...

 

[KARENJ]

I have been working on something like this for the last month, for a multi-purpose block of units.
our main issue is that no one of the residents wants to take over the running of the management from the builder but thats another days work.

I am just a concerned owner who has with constant consultation with the builders secertry gone and got prices for block inshurance.
I have had the lads in beautiful pin-stripe suits out to assess and measure and quoat me.
Where 2009 was €2900 ,
rates for 2010 are coming in at
€7325 with €5000 per appartment excess,
€5060 with €2500 excesss
€5600with €1000 excess
€5900 with €5000 excess
€5950 with €1000 excess. So far its a matter of going door to door to get the info to the owners and plan on just collecting the money.
trying to keep our place inshured.

so these are all different inshurance companys I got 2 brokers to do that part for me. you have to shop around .
FBD would not quoat for me at all , did not want to have any thing to do with us. no claims in the last 3 yrs. and only had 3 claims in total small ones I was told.