Blocks of Flats
Our Block of Flats policy accommodates full range of insurance needs of flat owners such as freeholders and leaseholders as well as residential management companies.
Our Block of Flats appetite includes:
• higher Buildings Declared Value up to £10m (higher values may be acceptable subject to underwriting criteria),
• purpose-built and converted blocks of flats owned or occupied by freeholders or leaseholders,
• where the insured party is freeholder or a residential management company,
• where the property is managed by a residential management company or a managing agent,
• standard and non-standard residential tenant types including working or non-working tenants, students, council and housing association tenants,
• listed building and properties constructed from 1800 onwards, and
• partially unoccupied block of flats and flats undergoing non-structural development works.
At Pen Property Owners, we have in-house claims service so all of our clients have a dedicated claims team and their expertise means bespoke support that adds value at every stage in the process.
Who Qualifies?
Our insurance is suitable for a wide range of property owners:
• Freeholders
• Leaseholders
• Lessees
• Owners
• Residents' Associations
• Residents Management Companies
We insure a wide range of types of blocks - both purpose-built and converted - and we welcome portfolios. We take a pragmatic approach to occupancy and our unoccupied conditions only apply when the entire block is empty.
What is covered?
• Average Waiver and 85% Reinstatement cost if the property was professionally valued in the last 3 years
• Automatic cover for newly built and/or newly acquired buildings and for alterations, additions, and improvements to the buildings
• Day One cover options up to 50%
• Property Owners Liability options from £2M to £10M
• Loss of rent and alternative accommodation up to 30% of the sum insured
• Sum insured will be adjusted during the period of insurance in accordance with fluctuations in suitable indices of cost
• 24/7 365 Helpline for Spillage (Oil & Chemicals) and Environmental clean-up costs including statutory costs
• Architects’, Surveyors’, Legal and Consulting Engineers’ Fees
• Costs and expenses incurred in locating and repairing the actual source of the damage caused by escape of water or oil from any tank, apparatus or pipe
• Costs incurred in clearing, cleaning, and repairing drains, gutters, and sewers
• Damage to landscaped gardens
• Energy Performance and Sustainable Buildings
• European Union, United Kingdom and Public Authorities including Undamaged Property
• Failure of Tenants to Insure
• Fly Tipping
• Illegal Activities and Illegal Cultivation of Drugs
• Inadvertent Omission to Insure
• Japanese Knotweed
• Loss of metered water, gas, oil or electricity
• Malicious Damage by Tenant
• Reinstatement to Match
• Removal of Debris following a loss
• Replacement of Keys and Resetting of Digital Locks
• Unauthorised or unlawful occupation of the Premises
• Unauthorised use of Electricity, Gas, Oil, Water of Telecommunications
• Value Added Tax
• Optional Covers such as Composite Insurance, First Loss Payee, Incombustible Reinstatement and Rent Protection
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