About Insurance Costs

The impact of the unlawful erection of cladding in 2017 was two fold:

1. 1. 1. • The existing insurer terminated the insurance as they are allowed when a false declaration has been made on their discovery in August 2021, resulting in a loss of £3,488.09.
         • The cost of insurance increased by a factor of about three - for the estate, circa £9k to circa £25k. 
           Noted: The increase in the costs of insurance results in a similar increase in the commissions which may be earned . . . 

The following are the insurance charges raised for the estate, and the allocation to the service charge year [1st January to 31st December], Noted that Insurance withdrawn by Allianz 10th August 2021:

Invoicing and Allocation to Year

Yearly Insurance Charge