A bird's-eye view: A risk management solution for waterfront apartments

Insuring a block of flats comes with its own very specific risk considerations. Here’s how multiple RSA departments collaborated during the pandemic to deliver personalised cover for a long-term partner.

26 October 2021

How do you assess the risk of a block of flats when you can’t visit it in person? You draw in broader expertise. This is how our underwriters approached the challenge when they were asked to assess a modern block of flats in Liverpool’s Mann Island waterfront area during the Covid lockdown.

Understanding the nature of the risk

When it comes to insurance, no apartment block is the same. Our first step is always to understand the nature of the risk.

Any property comprising two or more flats or apartments is considered a ‘block’ for insurance purposes and every block of flats can be constructed differently, with a range of occupancy and locations across the UK. This means that each block presents its own unique set of challenges and risks that need to be considered when designing the right cover.

For this building, its seafront location and lengthy claims history added to the complexity. There were repeated claims for damage from birds flying into the building’s contemporary glass facade.

Engaging well before renewal, our team of risk consultants, claims professionals and local property underwriters worked together with the broker to rapidly build a complete picture. Unable to make site visits, they assessed the risk through frequent meetings, local knowledge and understanding of the area.

Developing a flexible solution

Acknowledging the effect the claims history would have on the premium, the team presented various options with different premiums and excesses, plus stability deal and finance options for the broker to discuss with the client.

The flexible approach and speedy response of the cross-department team impressed the broker and their customer. The team proved they understood exactly what was needed to provide the best offer – despite lockdown restrictions. 

Speedy claims service

We understand the impact a property claim can have. That’s why our dedicated team provide a fast claims service to get people and businesses back on track as quickly as possible.

All property claims with a value up to £5,000 will be handled via our Express model. On receipt of an Express claim presentation, we’ll process claims within 24 hours. If we receive all the information we need by 12 noon, the claim will be processed on the same day, and the settlement payment will be issued within 24 hours.

Residential properties insurance

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