A residents association of a large private housing developer had seen buildings Insurance Costs spiral to an uneconomic level mainly due to the amounts being paid out annually on Insurance Claims
Business Cost Consultants (BCC) engaged the services of their Insurance experts to provide a solution with the sole aim of reducing costs with no detriment to the cover provided.
From in initial engagement it immediately became apparent that 80% of the historic claims cost were in respect of “Escape of Water” so a Risk Managed approach was the only way forward.
A new Insurer was approached who had the capability, expertise and flexibility to think outside the box. With the assistance of Insurer funding water flow measuring devices are now being fitted to each of the 260 flats which will ultimately reduce the level of claims being intimated.
The deal was structured over a 3 year period with potential savings being in excess of half a million pounds