If you have any doubts as to whether you have insurance cover through HPMS, or about the identity of the insurer covering your property or if you would like further details of the cover, please contact our office and we will be pleased to provide you with the relevant information.
Common Insurance can be a confusing and complex matter. We have therefore produced this informative Q&A which we hope will serve as a useful guide in helping unravel some of the issues.
How does h&pms procure common insurance for a property?
How often should the sum insured be reviewed?
How does a homeowner know the insured sum is adequate?
the only method by which to be assured of a true insured sum is to have an insurance reinstatement valuation carried out by a suitably qualified valuation surveyor.
How is the premium calculated?
How is the annual insurance premium billed?
How is a claim made?
What is a policy excess and why is this necessary?
What is index linking?
If a homeowner already has a buildings insurance policy in place that they arranged directly when they purchased their property, in addition to a common policy, how is this resolved?
what does a homeowner pay h&pms for with regards to their insurance?
Does H&PMS get a commission or fee from a common insurance policy?
No, however, as is commonplace in the industry, the broker receives commission from the insurer and is responsible for handling most of the administration of the policy. The broker in turn looks to H&P, the parent company of HPMS to carry out the majority of this administration for which we receive commission.
The administration that we undertake in this role includes:-
- Issuing policy documentation
- Claims administration assistance (not Claims Handling which the insurer or broker deals with)
- Dealing with necessary policy endorsation
- Corresponding with interested parties where necessary, such as solicitors, banks, lenders and homeowners
- Arranging for the collection of the premium on behalf of the insurance company
All of the above is in addition to our formal commitment to the broker that the entire annual premium due by the various homeowner groups will be paid to them on time.