| Contingent Building Insurance [message #377800] |
Mi, 05 April 2006 23:03 |
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I have today received a report from my solicitor about a flat I am
buying, asking me whether I would like him to request a contingent
buildings insurance policy from the seller (the flat is one of two
flats in a converted building, and under the terms of each lease, each
lessee is required to insure their part of the building - we have seen
copies of the current insurance policies for both flats).
I've no idea what contingent buildings insurance is intended to cover
and I wonder whether this is something I really need, or whether there
is another reason for him suggesting it (commission? covering his own
back?) Before I speak to him, could anyone explain what such a policy
would cover?
Thanks in advance
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| Re: Contingent Building Insurance [message #377813 ] |
Do, 06 April 2006 09:40 |
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<alongney [at] yahoo.co.uk> wrote in message
news:1144270993.064368.106140 [at] t31g2000cwb.googlegroups.com...
>I have today received a report from my solicitor about a flat I am
> buying, asking me whether I would like him to request a contingent
> buildings insurance policy from the seller (the flat is one of two
> flats in a converted building, and under the terms of each lease, each
> lessee is required to insure their part of the building - we have seen
> copies of the current insurance policies for both flats).
>
> I've no idea what contingent buildings insurance is intended to cover
> and I wonder whether this is something I really need, or whether there
> is another reason for him suggesting it (commission? covering his own
> back?) Before I speak to him, could anyone explain what such a policy
> would cover?
>
> Thanks in advance
>
Some flats are insured separately by each owner - unlike the most common
method whereby the whole block of flats is insured by the operator.
Unfortunately, if one flat owner does not properly insure his flat and
something goes wrong with it which impinges in some way on the other flats,
then those other flats have a problem unless they have contingent insurance.
This is designed to pay up if the other guy can't. But you shouldn't need
this if there is a block policy in force.
Rob Graham
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