Factoring Insurance
As part of our factoring service we provide buildings insurance for the whole tenement. This ensures that the common areas are insured as well as the individual properties and allows for one point of contact if a claim is necessary.
The Association will insure the property for a sum adequate for full rebuilding costs. Cover will include fire and flood and will be provided by a major insurance company. Competitive rates will be obtained for the appropriate level of cover. Owners are required to participate in this insurance scheme.
If a claim requires to be made on the buildings insurance cover, an owner should contact the Association on factoring@reidvale.org.uk who will provide a claim form and assist in the submission of the claim. Any decisions on whether a claim is settled or not is the responsibility of the insurer and not the Association.
Please note that the the excess applied to any claim is currently £250 so claims below that amount are not economic and may impact on the insurance costs.
Any owner who fails to pay their insurance premium may at the discretion of the Association have their insurance cover cancelled.