Residential Leasehold, Shared Ownership & Mortgaged Properties Insurance Scheme for London Borough of Hillingdon

About

London Borough of Hillingdon awarded a contract to Avid Insurance Services Limited for a residential leasehold, shared ownership, and mortgaged properties insurance scheme.

The contract, valued at £1,801,080, covers material damage for 'All Risks' of accidental physical loss or damage to residential buildings in which the Council has a financial or insurable interest, primarily as freeholder.

Each insured residential building is treated as if insured by a separate policy, with automatic interests noted for freeholders, head lessees, owners or lessees, and mortgagees.

The scheme includes communal parts, with leaseholders responsible for contributing to communal works under their leases.

The policy operates with a common renewal date and requires provision of policy wording, booklets, schedules, and annual summaries.