lpm clients benefit from strong Zurich insurance deal
lpm have recently negotiated the insurance premium renewal which is due on 1st September 2016. Due to lpm’s bargaining power with the size of our portfolio, determination to find the keenest price for clients and a strong claims performance across the past few years, we have negotiated a zero % increase in base premiums for the majority of our developments with the only factors causing an increase in overall cost being index linking at 3.5% (based on BCIS September 2016 index linking figures) and an increase in Insurance Premium Tax from 6% to 9.5% (a government imposed increase in November 2015). For those few developments that have incurred an increase due to poorer claims experience, we have managed to minimise the impact on our clients and kept increases at a lower level.
Having conducted a thorough review of the market via our broker, we have chosen to remain with Zurich as our insurance provider for the forthcoming year. Consideration has been given to premium rates, service provision and claims handling capabilities in deciding to remain with Zurich. Zurich are a renowned and trusted insurer who have provided a highly competitive and comprehensive insurance policy along with a rate stability deal and 0% financing. This allows lpm to continue to spread the cost of your insurance premium across the year, unlike other property managers who invoice annually in advance of the period.
Correspondence will be issued to all homeowners in the next couple of weeks providing the new policy details and further information on claims history and alternate quotations received. Also, included in this correspondence will be details of the commission earned by lpm from the insurer in undertaking certain insurance related activities. This rate, we believe to be one of the lowest in the industry, therefore minimising the overall financial impact on our clients.
lpm remain confident that we offer the best insurance rates in our industry in Scotland.
lpm Doing it the right way.