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ELM Group Insurance 2017/18

ELM Group Insurance 2017/18


Our commitment to communicate

As you know the re-insurance process is one of the largest projects we undertake on behalf of our leaseholders each year.  It is important that we obtain the right policy in terms of actual cover provided and also that we ensure we’re getting value for money for our leaseholders. We carry out a great deal of work behind the scenes prior to agreeing to the new policy and we appreciate many of you are interested in the finer details.

Background to this year’s renewal 

Our renewal strategy this year was on the basis that the Group is happy with the cover currently being provided under the Avid/Argo Policy, and on the basis rates are maintained, our brokers, JLT Speciality Limited (JLTSL) advised that they will not be looking to market the policy this year.

Consequently the renewal this year has taken more focus on construction and sums insured of buildings for two main reasons. Firstly, a number of blocks have been revalued for rebuild purposes over the last 12 months and secondly the effect of the fire at Grenfell Tower.

The incident at Grenfell Tower sent shockwaves through the insurance industry as it has the whole country. JLTSL have been keen to ensure that there is no ‘knee jerk reaction’ from the insurers who they work with and have been able to give them positive feedback on the way in which RLHA/ELM manage their properties. The investigation into the events at Grenfell Tower will inevitably bring about new case law and potentially new/revised building regulations, JLTSL will keep RLHA/ELM updated on any effects this may have on future insurance renewals.

Finally one change that we cannot have any influence on is the rate of Insurance Premium Tax as set by the Chancellor of the Exchequer.  The rate of Insurance premium tax applied to this year’s renewal is 12%, increased from 10% at last renewal. The insurance industry has an expectation that this will continue to rise over coming years to eventually meet the rate of VAT, however at this point there is no indication as to when the next increase will be.

 What can I expect?

We are pleased to confirm that notwithstanding issues within the wider UK insurance industry our brokers have been able to secure this year’s renewal based on the same rates as last year, with Argo Managing Agency Limited via Avid Insurance Services Limited. Therefore the only changes in premium are due to changes in the sums insured declared during the renewal process (includes index linking in line with RICS recommendation), and the application of Insurance Premium tax at 12%. We believe, based on market experience from our brokers, JLTSL that this continues to provide good value to RLHA/ELM leaseholders.

In conclusion

We hope that this “good news” will go some way to reassure you of the work that ELM Group carry out to obtain the best options available especially as you are also aware that absolutely no commission is involved in any of our negotiations. Any savings that we’re able to achieve are passed on directly to our leaseholders.

If you do have any queries please feel free to get in touch.

Gary Newell, Finance Director

Customer Services: 01252 356000


"My mother has lived here for 10 years now and has the best of both worlds, the independence which she values and the friendships of the other residents"

Mrs N. Aldershot

Contact us

Head Office
2nd Floor Victoria House
GU11 1EJ
T: 01252 356000
F: 01252 356001