Is terrorism insurance really required?

Unfortunately, this is something all RMC directors must consider, but especially those with buildings in major cities. Terror threat levels in the UK have been fluctuating between ‘severe’ and ‘critical’ since August 2014, with the capital and provincial cities being considered at the highest risk.

It has never been more important to be aware of how to protect yourself against the unexpected, and being aware of how to protect your home is a logical place to start. During the untold stress of being involved in an incident, the last thing your leaseholders will need is to be told that their insurance doesn’t stretch to this sort of situation.

It’s tempting to skip this policy to save a little on your premiums – we understand that. But at the same time, ignoring the potential for your building to be affected could cost your leaseholders their homes.

A standard buildings insurance policy will not provide cover for a terrorist attack and, however unlikely it may appear, if an incident did occur and there was no insurance in place, the RMC directors or Managing Agent could be held responsible.

Some leases also stipulate that Terrorism Cover should be in place.

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