In June of this year I was appointed Company Secretary of The Dolphin Court Management Co Ltd which owns a block of 5 apartments in Shaldon ( Teignmouth). In looking at the annual cost of the Building and Employers Liability Insurance, it seemed very high. Renewal was due soon so I decided to approach other Brokers and get comparison quotations.
Firstly Dolphin Court Management Company do not employ anybody or have a payroll so why were they paying a premium for Employers Liability?
The quotations that came back from other Insururance brokers for the Building Insurance only were more than £900.00 less expensive!! (approx. 40%)
I telephoned Fidelius and informed them that if they wished us to renew with them they would have to considerably "sharpen their pencil" and remove the unnecessary Employers Liability and at the same time increase the sum assured for the buldings which appeared to low.
Fidelius came back with a similar premium to the other brokers ie some £900.00 less expensive. The Company had continually renewed with Fidelius for the last 14 years. I asked the question why the premiums had been so high and despite increasing the sum assured and taking into account the increasing Insurance Premium they had managed to reduce the premium by 40%? The reply I received was 1) " That insurance premiums go up and down" and it means that market has changed. Furthermore that we had removed the Employers Liability which was "an expensive section of the policy"
If Building Insurance policy premiums had dropped by 40% then it would have made headline news. Their explanation is simply untrue.
I contacted another Broker and requested a quotation for Employers Liability should the Dolphin Court Management Company have directly employed a gardener or a cleaner.
The quotation came back as a premium of £81.00 for cover of £10,000,000.
How can £81.00 be an expensive part of a premium that was well in excess of £2,000.00?!!!
USE FIDELIUS INSURANCE SERVICES AT YOUR PERIL !!!!!! read more
