Following the expansion of apartment block housing in the UK over the last 20 years or so, the issue of insurance has become more controversial given the height of some blocks and the obvious fire safety risks after Grenfell. But there is some proactive news to report from specialists in this sector. The Department for Levelling Up, Housing & Communities (DLUHC) has named Bridge Insurance Brokers Ltd (through its FlatGuard brand), as a business that has officially pledged insurance broking best practice, by employing an ethical approach to the insurance placement and management of buildings with identified fire-safety issues.
Here’s the word from Bridge, other brands adopting the Pledge include Brown & Brown, PIB, WTW and Lockton LLP.
By signing up to the pledge, Bridge’s FlatGuard brand showcases broking best practice for residential insurance services – the Government encourages freeholders and property managing agents to use one of the signatories to this pledge, should they require the services of a broker.
Bridge’s FlatGuard product has been credited by DLUHC for “stepping-up to address the concerns around the value and transparency of commissions and commission sharing”. The aim of the pledge is to maintain best working practices, help reduce costs, and improve disclosure to residential leaseholders on any residential buildings over four storeys with fire-safety issues.
Andre Backner, (pictured) founder of FlatGuard, says: “I am extremely proud that our continued commitment to improving the outcomes in the blocks of flats insurance sector, and our dedication to supporting our clients is being recognised.”
Roger Potts, CEO of Bridge Insurance Brokers Limited, says: “This is the culmination of two years of hard work, skill, and dedication by everyone involved to navigate Bridge through FCA and Government discussions into this sector and it recognises the ethical approach Bridge has implemented throughout its distribution model – right the way through to considering leaseholders and evidencing fair value to become one of the pre-eminent trusted advisers in this space.”
DLUHC, say: “We encourage freeholders and property managing agents (if they require services from a broker), to use one of the signatories to this pledge. We would also encourage leaseholders to press the placer of insurance for their multi-occupancy building as to whether they are using a broker that has subscribed to the pledge.”
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