In a first for the property management industry, Doncaster-based PM Legal Services, a division of hlw Keeble Hawson, has launched a revolutionary flood insurance scheme for ‘uninsurable’ blocks.
In partnership with London insurance broker, 1st Sure Flats, the trailblazing property management legal team’s solution gives affordable protection to many flat owners in high-risk areas nationwide.
The scheme provides flood cover to homes not protected by the government-backed Flood Re scheme, which, despite the best intentions of Flood Re, does not apply to residential blocks in England and Wales with more than four flats.
Cassandra Zanelli, head of PM Legal Services, said: “With flooding in the UK increasing year-on-year, people living on flood plains rely on their home insurance policy to protect their most valuable asset, should it be damaged by rising waters.
“Flood Re guards the insurance industry against an unaffordable level of claims while guaranteeing reasonably-priced cover for homeowners.
However, it doesn’t apply to residential blocks in England and Wales with four flats or more. This has left increasing numbers of flat owners uninsured and completely vulnerable, compounding the devastation caused by the flood itself.”
PM Legal Services and 1st Sure Flats have plugged the gaping hole in the market by developing a solution for appropriate, affordable and accessible insurance cover - which also includes floods - to many blocks which were previously struggling to obtain this cover.
PM Legal Services has designed a simple format that allows the necessary modifications to be carried out quickly and easily at a low cost to flat owners. Once completed, blocks and leaseholders are issued with policies which protect against the usual perils and, importantly, against flood peril – giving all leaseholders the peace of mind of inexpensive, comprehensive flood cover.
1st Sure Flats managing director, Paul Robertson, said: “We have effectively streamlined the lease modification process – and have navigated complex FCA regulations as they apply to consumers – to bring a new, much-needed product to the market.
“Cassandra Zanelli and PM Legal Services should be commended for the work they have done in collaboration with us to achieve this remedy. Their expertise has been instrumental in helping us to navigate the complexities of the legislation governing the Flood Re scheme.
PM Legal Services and 1st Sure Flats have this week launched the initiative at AXA UK plc’s London headquarters and at the Association of Residential Managing Agents (ARMA) conference on at Park Plaza Westminster Bridge Hotel on Westminster Bridge Road.
With offices in Doncaster, Sheffield and Leeds, hlw Keeble Hawson is one of Yorkshire’s biggest law firms and is at the heart of the business and wider community.