How is my insurance premium collected?

Who arranges your building insurance and how premium is collected is defined with the terms of your Lease.

Ultimately the Freeholder of your property is responsible for ensuring that appropriate insurance is in place; if a Managing Agent is appointed this is often an activity that they are delegated.

The collection of the insurance premium is in nearly all circumstances carried out by the managing agent, either through the service charge or through ‘insurance rent’.  Which route for collection is defined by the terms of the Lease; more often than not it is collected through service charge. Insurance Rent would be a one-off payment, whereas service charge is collected monthly.

The managing agent will receive invoices for the insurance premiums from the appointed broker(s). Part of Knight Square Insurance’s work with managing agents is to support their budgeting process by providing regular updates on factors influencing premiums, e.g., claims performance, insurer capacity, inflationary factors. 

To find out what we can do for you, email the team: info@knightsquareinsurance.co.uk