Overview

A residents’ association of a large private housing development, Lancefield Quay, had seen building insurance costs spiral to an uneconomic level. This was mainly due to the amounts being paid out annually on insurance claims.

Situation

BCC engaged the services of our insurance experts to provide a solution. The sole aim was to reduce costs with no detriment to the cover provided.

Solution

It immediately became apparent that 80% of the historic claims cost was due to ‘escape of water’, so a risk-managed approach was the only way forward. We approached a new insurer who had the capability, expertise and flexibility to think outside the box.

With the assistance of insurer funding, water flow measuring devices were fitted to each of the 260 flats in order to reduce the level of claims.

RESULT

 

The deal was structured over a 3 year period, and during that time BCC achieved savings of £500k for our client.

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