A tenement or block of flats is one building owned by many people. Where the owners want it, we arrange a single buildings insurance policy for the whole property, tendered every year through an independent broker — so that the roof, the walls and the common parts are covered as one, and every owner's share is clear.
We do not sell insurance and we do not hold a policy of “our own”. The common policy for your building is placed through J C Roxburgh (Insurance Brokers) Ltd, an independent insurance broker, who put the cover out to the market each year so that owners keep comprehensive cover at the best available price. Each year every owner receives a schedule showing the sum insured, the premium and their share of it.
Owners are never obliged to take the common policy. If a majority of owners prefer to insure individually, that is their decision. Where a common policy is in place we provide all the information your lender needs — you will not pay twice.
Some factors earn commission from the insurance they arrange. We do not. Our broker confirms in writing that Walker Sandford receives no commission, fee, rebate, introducer payment, profit share or any other form of remuneration in connection with the placement or renewal of your policy. The letter may be relied upon by owners, lenders and auditors.
Download the broker's confirmation (PDF)
Every buildings policy carries a condition called the average clause. Put simply: if a building is insured for less than it would cost to rebuild, the insurer can reduce any claim payment in the same proportion. Insure a building for half its rebuild cost and a claim may be paid at half — however small the claim.
The only protection is to insure for the right amount, and the only reliable way to know that amount is a professional rebuild-cost assessment by a RICS-regulated surveyor. Our broker's short flyer explains the clause in plain terms and how to put it right.
Download the average clause explained (PDF)