Residents Management Company (RMC) Insurance
Tailored insurance solutions for Residents’ Management Companies (RMCs) responsible for managing residential buildings, communal areas and shared facilities. Whether you manage a small block of flats, a converted property or a larger residential development, we can help arrange specialist insurance designed to protect the building, directors, leaseholders and the management company.
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- UK Wide Cover
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- Fast Quotes
INTRODUCTION
What is Residents’ Management Company (RMC) Insurance?
Residents’ Management Company (RMC) Insurance is specialist cover designed for companies established by leaseholders to manage residential buildings, communal areas and shared facilities on behalf of residents.
RMCs may have responsibility for arranging buildings insurance, maintaining communal spaces, organising contractors, collecting service charges and ensuring the property is managed in line with the relevant lease obligations.
A tailored RMC insurance policy can help protect the building, management company, directors and leaseholders against a range of property, liability and management-related risks.
COVERAGE
What Does RMC Insurance Cover?
Depending on the property, insurer and policy selected, additional protection may include terrorism cover, engineering and lift inspection cover, legal expenses, employers’ liability and protection for communal facilities used by residents and visitors.
A comprehensive RMC insurance policy can be tailored to your building and management responsibilities and may include:
The exact level of protection will depend on the size, type, and occupancy of the property.
Who Needs This
Who Needs RMC Insurance?
Whether your RMC manages a small converted property or a large apartment development, specialist insurance can help protect both the building and the organisation responsible for its management.
Why Do RMCs Need Specialist Insurance?
Managing a residential development can involve significant legal, financial and practical responsibilities.
RMC directors and committee members may face claims relating to management decisions, while the company itself can be exposed to liabilities associated with the building, communal areas and day-to-day management activities.
Specialist RMC insurance can help provide protection against:
- Property damage
- Liability claims
- Management-related risks
- Legal disputes
- Unexpected financial losses
Buildings Insurance for RMCs
Buildings insurance arranged by an RMC is generally intended to protect the complete structure of the development, together with communal areas and shared facilities used by the leaseholders.
A comprehensive buildings policy can provide protection for:
The buildings insurance should be based on an appropriate assessment of the property’s full rebuilding cost to help ensure adequate protection following a major insured loss.
Directors’ and Officers’ Insurance
Directors’ and Officers’ Insurance can help protect RMC directors against claims arising from decisions or actions taken in their role within the management company.
Many RMC directors are volunteers who act on behalf of fellow leaseholders. Despite acting in good faith, directors can still face allegations relating to errors, omissions, breaches of duty or management decisions.
D&O cover can help provide protection against allegations such as:
- Breach of duty
- Negligence
- Errors or omissions
- Mismanagement
- Regulatory matters
This cover can be particularly valuable for volunteer directors who take on responsibility for managing the property on behalf of residents and leaseholders.
COVERAGE
Types of Properties We Cover
HOW WE ARE DIFFERENT
Why Choose WS Insurance?
We understand the challenges and responsibilities faced by Residents’ Management Companies and work with specialist insurers who provide insurance solutions for leaseholder-managed residential properties.
Get Your Free RMC Insurance Quote
Whether your Residents’ Management Company manages a small block of flats, a converted residential property or a larger apartment development, we can help arrange tailored RMC Insurance to protect your building, directors, leaseholders and management responsibilities.
Our team works with specialist insurers to provide competitive quotations and comprehensive insurance solutions designed for Residents’ Management Companies.
Contact us today to discuss your requirements and receive a competitive RMC Insurance quotation.