Your home is likely to be the biggest investment you will make in your lifetime. Covering your property under a common buildings policy is without doubt the best way to insure tenement blocks and large flatted developments. It safeguards all homeowners against the potential perils associated with individual flat owners not insuring, underinsuring or not sufficiently covering the common areas. This is why the majority of Deed of Conditions (Title Deeds) place obligations on owners to collectively insure under a single policy, through the managing agent. More recently, we have seen local authorities making it a condition of repairs grant that blocks have common policies in place. At Speirs Gumley we have considerable experience in placing insurance for our customers and appointing professional brokers to obtain the best possible deals for our customers.
It is essential that all Owners insure for the full reinstatement value of the whole property including all common infrastructure areas, against all general risks. BCIS (RICS – Building Cost Information Service) recommends that property sums insured are professionally revalued at least once every 5 years. Further information is available here from BCIS. Speirs Gumley can obtain quotations from professional valuation surveyors for an IRV, but please bear in mind that often we don’t have the authority to do so without explicit consent from a majority of Owners in a block or development. If you are concerned that you may not have had a revaluation in the past 5 years, or you feel your sum insured might not meet current reinstatement values, please contact us to discuss this further and we can arrange quotations for an IRV survey.
Cover for Terrorism is not placed as standard under residential buildings policies and often needs to be added in as a policy extension. This is a decision which can only be made by the ‘client’ on a group decision basis. If you feel you need this extension on your policy please speak to a member of our team and we can provide you with further information.
Escape of water is the most common reason for insurance claims. Our brokers have prepared a guide to help you understand why claims are increasing and what you can do to minimise the risk. You can download the guide in PDF format here.
Our claims team are on hand to assist you in placing your claim; if you need help please call us on 0141 332 9225. Details of how to make a claim can be downloaded in PDF format here.
Details of nominated contractors are listed below for your convenience should you require access to specialist insurance contractors. You are not obliged to use these contractors and we do not provide specific recommendation. You may obtain estimate(s) from your own chosen contractor.
These contractors cover Glasgow, Ayr, Prestwick, Edinburgh, Stirling and Greenock.
Paradigm – 0141 483 5808
Total Reinstatement Services - 08452 726 999
Robb Reinstatement – 0131 561 4489
