lpm clients benefit from strong Zurich insurance deal
Life Property Management have recently negotiated the insurance premium renewal due on 1st September 2017.
Due to the continued strength of lpm’s bargaining power as a result of our extensive portfolio, our 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.
The only factors increasing the overall costs are:
- Government imposed increase of Insurance Premium Tax to 12%, in June 2017.
- Index Linking at 3.9%, based on BCIS July 2017.
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.
In partnership with our broker, weconducted a thorough review of the insurance marketplace. Consideration was given to premium rates, service provision and claims handling capabilities and in consequence, we have chosen to remain with Zurich as our insurance provider for the forthcoming year.
Zurich Insurance 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 negotiated arrangement 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.
lpm correspondence has been issued to homeowners over the past few weeks, providing the new policy details and further information on claims history and alternate quotations received. Also included in this correspondence are 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.
For further information related to insurance premiums please contact firstname.lastname@example.org
lpm Doing it the right way