Harrisons Fund

Fenchurch Insurance - Helpful Advice

29 Jul 2020

Fenchurch were recommended (again) to a property owning client who was struggling to understand what they were buying, why there were certain omissions and compounded by the fact that the gentlemen who had previous looked after and administered the block of flats insurance had sold his flat and moved away. She was therefore lumbered with the task of sorting out the insurance and wanted to actually speak to somebody who would help.

In addition, her and her husband wanted to spend £70,000 on a complete renovation and extension project and needed appropriate advice on the subject. A good job she called us as: 1) the existing policy was a Home policy when it should have been a Residential property owners policy. 2) There were 3 separate self contained flats with their own individual leases under the freehold ownership, which the current insurers didn't know. 3) one of the flats was rented out and the existing insurers weren't aware. 4) the rebuild sum insured had been indexed over the last 5 years and nobody knew where the rebuild sum had arrived from or whether it was correct. 5) The extension and renovation needed some careful planning and thought.

So, armed with a full and thorough fact find, Fenchurch were appointed on the current policy and challenged the existing insurer as to whether they knew what they had on their books and if they knew the full facts. No they didn't. We carried out a review of a number of insurers and arrived at one that delivered an appropriate wording with all the facts known at a premium which was appropriate for the risk.

We arranged for a RICS rebuild survey which discovered that the buildings was underinsured by £250,000. At the same time, we obtained terms from a renovation insurance specialist which could provide full cover on the building and to include the new works which has now been parked awaiting a commencement date. The new chosen insurer amended their premium to provide cover at a new and correct sum insured. The client then decided to take a separate terrorism extension as the property was on the Gatwick flight path and they were worried about potential terrorist incidents which could cause an aircraft disaster. All in all, we have carried out a full validation review. The client now has an appropriate and fit for purpose policy for the risk and the premium is the same as they paid last year albeit with another £250,000 of insurance and more extensions of cover than before. Another happy Fenchurch client.

If you want your Buildings or Commercial insurance policies reviewed and validated, then don't delay, call today.

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