Right to Manage (RTM) Company Insurance
Right to Manage Company Insurance is specialist cover designed for companies that have taken responsibility for managing a residential building through the statutory Right to Manage process.
When leaseholders exercise their Right to Manage, the RTM company takes on important responsibilities, which can include arranging buildings insurance, maintaining communal areas, managing contractors and overseeing the ongoing management of the property.
A tailored RTM insurance policy can help protect the building, leaseholders, directors and management company against a range of property, liability, financial and management-related risks.
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INTRODUCTION
What is Right to Manage Company Insurance?
Right to Manage Company Insurance is specialist insurance for RTM companies that have assumed responsibility for managing a residential property under the statutory Right to Manage legislation.
Once leaseholders take control of the management of their building through an RTM company, they can become responsible for arranging suitable insurance, maintaining communal areas, organising contractors and ensuring the property continues to be properly managed.
RTM insurance can help protect the building and provide financial protection for the management company, its directors and leaseholders against property damage, liability claims and other risks associated with managing a residential block.
COVERAGE
What Does Right to Manage Company Insurance Cover?
Depending on the property, insurer and policy selected, additional protection may include terrorism insurance, legal expenses, engineering inspections, lift inspections, employers’ liability and cover for communal facilities used by residents and visitors.
A comprehensive RTM insurance programme can be tailored to the building and its management responsibilities and may include:
Who Needs This
Who Is It For?
Why Do RTM Companies Need Specialist Insurance?
Taking responsibility for managing a residential block brings a range of financial, practical and legal responsibilities.
An RTM company may be responsible for:
- Arranging buildings insurance
- Maintaining communal areas
- Organising contractors and maintenance work
- Managing service charge arrangements
- Meeting relevant lease obligations
- Overseeing the ongoing management of the property
Without appropriate insurance protection, the RTM company and its directors could potentially face significant financial exposure following property damage, third-party claims or issues arising from management decisions.
Specialist RTM insurance can help provide protection that reflects the responsibilities associated with leaseholder-managed properties.
Buildings Insurance for RTM Companies
Buildings insurance arranged by an RTM company is generally intended to protect the structure of the entire residential development, including communal areas and shared facilities used by the leaseholders.
Arranging suitable buildings insurance is an important consideration for an RTM company responsible for managing the property.
Depending on the policy, buildings cover may protect:
The buildings sum insured should reflect the property’s appropriate rebuilding cost to help ensure the property has adequate protection in the event of a major insured loss.
Directors' and Officers' Insurance
Directors’ and Officers’ Insurance can help protect RTM company directors against claims relating to decisions and actions taken in their capacity as directors or officers of the company.
RTM directors are often leaseholders or volunteers who take on management responsibilities on behalf of other residents. Even where decisions are made in good faith, allegations of wrongdoing or failure to fulfil a duty can still arise.
D&O insurance can provide protection against allegations including:
- Breach of duty
- Negligence
- Errors or omissions
- Mismanagement
- Regulatory issues
D&O cover is often considered an essential component of a comprehensive RTM insurance programme.
COVERAGE
Types of Properties We Cover
HOW WE ARE DIFFERENT
Why Choose Us?
Get Expert Right to Manage Company Insurance
Whether your RTM company manages a converted property, purpose-built apartment block or larger residential development, WS Insurance can help arrange specialist Right to Manage Company Insurance tailored to your requirements.
We work with specialist insurers to source suitable cover and competitive quotations, helping protect the property, RTM company, directors and leaseholders.
Contact us today to discuss your requirements and receive a competitive Right to Manage Company Insurance quotation.