CXA - Buildings Insurance: Updated: 08 August 2019 (Under Cover)
I am pleased to announce that I have today finally managed to achieve suitable cover for CXA, with cover being provided by Zurich.
Please see the basic terms of cover:
1. Insurer – Zurich
2. Annual premium inc Tax - £18,760.45 + £55.00 policy arrangement fee = £18,815.45
3. Policy wording, Keys Facts, Terms of business attached (email to FMS).
4. All Risks cover including Terrorism, Subsidence and Glass
5. Excess - £250 increasing to £1,000 for Subsidence and £10,000 for Escape of Water claims
6. Declared building value £9,500,000 with a 35% day ne inflationary uplift in addition to £12,825,000.
7. Property Owners Liability – Indemnity Limit £10,000,000
8. Employers Liability –Indemnity Limit £10,000,000
9. Loss of Rent/Alternative Accommodation for Residential Units included up to 33.3% of the building sum insured.
10. Zurich have stated that both the yearly premium and the excess for the escape of water will be reviewed in 12 months’ time.
This has not been an easy process, but I am pleased we have finally got there.
CXA - Buildings Insurance: Updated: 03 August 2019 (Still no Cover)
Due to ongoing issues with previous claims over the last 12 months (£89K+) and the possibility of fraudulent letters and documentation having being provided to insurance companies, the building remains uninsured. FMS and company Solicitors are actively, and as a matter of urgency, trying to resolve this issue. We might have to refer this issue back to the Tribunal Judge for his directions / assistance.
I will update this notice, hopefully with good news as quickly as I can and once I have received it.
I appreciate this situation is totally unacceptable and will be causing you considerable concern.
CXA - Buildings Insurance: Updated: 25 July 2019 (No Cover)
At the recent Tribunal hearing, it became apparent that your freeholder, CX Freehold Ltd has had their buildings insurance policy cancelled some months ago and since that date they have failed to put CX Apartments under any form of insurance cover. This news will no doubt cause you concern and I am sure for those of you with mortgages, would find yourselves in breach of your mortgage terms. Please be assured that myself, along with a number of other outside agencies (company solicitors, insurance brokers) are working extremely hard to try and resolve this unsatisfactory situation. However, this is proving harder than we first envisaged, due to the relevant claims information being withheld by Covea Insurance (previous insurance company). My company solicitors, Fursdon Knapper Solicitors, have escalated this matter and have referred the matter to the CEO of Covea. All being well, I anticipate having CX Apartments under insurance cover within the next few days.
