Leaseholder’s campaign about insurance commission earned by Block Management Agents continues
28th May 2009
Summary: Following from a very successful campaign in The Observer about Block Management insurance, the story has now moved to BBC Radio 4
Leaseholder's campaign about insurance commission earned by Block Management Agents continues
In March Neil Cook an Insurance broker who is a highly respected broker contributed to an article in The Observer on the 1st March entitled "Now angry leaseholders kick back at the brokers"
The summary of the article is that owners of leasehold flats are paying up to double the market rate for buildings insurance because brokers are paying "kickbacks" to the block management property agents who manage their homes.
Some insurance brokers are choosing the insurer that pays the most commission, instead of the company that offers the best value - and then sharing this commission with the managing agent.
This issue featured on a ten minute report on BBC Radio 4 You and Yours programme on Thursday 21st May. Neil Cook was contacted for background information and although he did not appear that day it looks like there will be a follow up as so many leaseholders have been concerned about the problem
Neil Cook said" I have been approached by an increasing numbers of leaseholders over the last few months who are being charged significantly above the going rate.I see a lot of inflated premiums for blocks of flats where it just doesn't add up, and there is no way the broker has sought the best deal. Sometimes it is as much as double but, typically, the premium is about 30% above what you would expect to pay."
Philip Suter of jml Insurance said "We are very pleased that this subject is now being brought to the attention of leaseholders who should thoroughly examine the accounts that they have to pay annually for insurance and service for their flats."
jml-insurance.co.uk is part of jml Property Services, the trading name of Jeffrey Milner Ltd. The company is an UK based company that was established in 1979. jml insurance acts as an introducer for insurance companies selling property insurance including landlord and tenant rental products, pet insurance, wedding insurance, motor insurance, car hire excess insurance, travel insurance and non standard insurance products. They also operate jmlvillas.com an online marketing service for owners of holiday home property to advertise and are part of the jml Group that includes jml Training and Consultancy.
© jml Property Services May 2009