Our core factoring services include the placing of common insurance policies for our customers and the administrative cost of this is covered in your annual management fee. These policies might include Comprehensive Buildings Insurance; Property Owners’ Liability Insurance; Employers’ Liability Insurance and Engineering Insurance.
We are able to secure the most appropriate terms of insurance for the properties in our management portfolio through our broker, AON.
Common insurance can be complex, but our team will be happy to discuss any queries you have. In the meantime, here are some FAQs that may help:
- How is the insurance premium billed?
We spread the annual cost of the buildings insurance premium over 4 equal instalments throughout the year via the quarterly common charges invoices which are issued to you in February, May, August and November. Other insurances with smaller premiums appear as a one-off charge in your invoice against the due date.
- How do I make a claim?
The claims line number is detailed below:
Mon to Fri 9:00- 5:00PM 0141 240 2626
Emergency Out Of Hours Claims Line: 0345 604 8580
If you require assistance at any stage of the process, our team will be happy to help you. Contact us here
- Does Your Local Factor get a commission from a common insurance policy?
It is common in the industry that the broker receives a commission from the insurer and is responsible for carrying out the administration of the policy. The broker then turns to Your Local Factor to deal with this administration and we receive a commission for handling this work. We have a formal commitment to the broker that the entire annual premium due by all the homeowner groups will be paid to them on time.
Where applicable, details of what the common insurance policy covers can be found here.