Broker Solutions for Cladding and Fire Safety affected Block Insurance
17th July 2020
Nearly 200 leaseholders joined the UK Cladding Action Group London virtual event yesterday, 16 July. Joining BIBA were the Deputy Mayor of London for Housing and Residential Development, E&M Asset Management and The Leasehold Knowledge Partnership.
BIBA highlighted the essential role of brokers to navigate access to affordable buildings insurance and the work BIBA is undertaking with Government (Ministry of Housing, Communities & Local Government (MHCLG) and Treasury) to improve access to PI insurance for brokers and their clients.
In particular, leaseholders and management companies were able to understand how brokers arranged primary and excess layers of cover for buildings at risk whilst their cladding mitigation work takes place. BIBA stressed the importance of regular communication through the broker with insurers, both well in advance of renewal and through the building mitigation process of planning, funding (i.e. access to the Government’s £1billion Building Safety Fund) and replacement of at risk cladding.
BIBA will continue to engage with leasehold stakeholders to listen to their insurance issues and help contact with the broking community to find solutions.