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Common Buildings Insurance

Published on 25/07/2016

Insurance warnings for property owners as factoring firm put into interim liquidation

Some of our homeowners may have read with interest the recent news story in The Herald Scotland concerning a property factoring firm going into interim liquidation, the second such firm in the recent past. This left their customers uncertain over whether or not the buildings insurance premiums covering their properties had been paid along with other essential maintenance matters, such as fire safety servicing, lift maintenance, gardening, cleaning etc.
Grant Johnston from the Property Managers Association Scotland was quoted as saying:

“Owners should take steps to reassure themselves over their buildings insurance. That is their priority, to make sure their premiums have been paid. If any clients have outstanding repairs it could get complicated but it is sortable. But they should consider the appointment of a new factor because getting agreement among so many owners could get tricky. But the priority must be insurance”

Hacking and Paterson Management Services would like to assure all customers whose Buildings Insurance is placed through ourselves that all premiums are up to date and cover is fully in place.
Appointing a Factor is a major decision that should not be taken lightly by groups of homeowners and looking beyond the discounted prices and special offers for substance, security and durability by far outweighs the potential of finding yourself in the position of these unfortunate customers.

There is an old saying “you get what you pay for.” This being true in today’s competitive factoring market.

Having formed in 1922, almost 100 years ago, we pride ourselves on our heritage having provided a successful, durable and long standing service to all our home owning clients through a range of economic difficulties. As the largest independent factoring firm in the country, employing in excess of 120 staff, we offer our existing customers and potential future customer’s security, durability and stability at a competitive price.

These recent events are a stark reminder of how “cheaper is not always better”.

Details on this story can be found at: Herald Scotland

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