Residential Leasehold, shared ownership & mortgaged properties insurance scheme

The London Borough of Hillingdon are seeking a suitable qualified and competent insurance scheme provider for residential leasehold, shared ownership and mortgaged properties Each of the Residential Buildings insured will be treated as if it is insured by a separate policy. The Council has a financial/insurable interest in these properties, in most cases as the freeholder.

A standard clause in all the leases imposes a responsibility upon the Council to arrange the buildings insurance. It is desirable that the Policy should not be subject to Average.

Copies of policy wording, examples of policy booklets/schedules for circulation at inception of scheme and annual summary of cover documentation should be provided and a flexible approach to underwriting is desirable. Ease of Administration is desirable, such as the requirements for declarations and the notifications of new properties.

The policy operates with a common renewal date. COVER REQUIREMENTS Insured: London Borough of Hillingdon and their respective leaseholders and/or freeholders and/or part owners.

Automatic interest of the freeholder and the head lessee of the residential property (if they are not the policyholder), the owner or lessee of each residential property and the mortgagee of any of them are deemed to be automatically noted. Covering: Residential Leasehold Properties, Shared Ownership and Mortgaged Properties in London Borough of Hillingdon and Freeholders with a London Borough of Hillingdon Mortgage.

SUMMARY OF COVER REQUIRED A. Insurance and Claims handling in respect of: - Material Damage cover for 'All Risks' of accidental physical loss or damage to the properties insured, including Terrorism. - Loss of Rent /Alternative accommodation - Property Owners Liability - Limit of indemnity £5,000,000 - Legal Expenses - Limit of indemnity £10,000 - Claims Handling arrangements B.Material Damage For any Leasehold, Mortgaged or Equity Share residential/and or commercial property including the landlord's contents and common parts. Buildings Perils: - Full detailed requirements in the Specification