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Engineering Insurance (Insurance for Lifts in Purpose Built or Converted Flats)
Introduction - If you are the owner or manager or residents committee of a block of flats, you should be aware that certain equipment at the premises may have to be inspected at regular intervals to ensure it continued safe usage. Certain items of lifting equipment are covered by stature and thus there is a statutory requirement to have they inspected by a competent authority at regular intervals. In the case of lifts in highrise flats, lifts have to be inspected at 6 monthly intervals and a written report obtain as to the condition of the equipment. This inspection is usually carried out by an insurance company under an Engineering Professional Liability Insurance policy. Once every 6 months, the insurer will send an engineer to the premises and he will compile a report as to the condition and serviceability of the equipment. His report will be divided in to sections and he will highlight any remedial work required and suggest a time scale. This basic type of services is known as Engineering Professional Liability Insurance and at this level it does not provide any insurance coverage, it is simply a service which inspects the equipment on your behalf to enable you to comply with the law. As it is a service and not insurance , the charge will be subject to VAT and not the normal insurance premium tax. To this inspection only cover you will have the option to add several types of Engineering Professional Liability Insurance insurance (and of course as they are insurances, they will be subject to insurance premium tax not VAt). Typical covers are sudden and unforeseen damage and breakdown. Premiums are usually calculated on the type of equipment installed and many insurers will, provide you with a ceiling sum insured. As well as lifting equipment other items at your flats may require inspection as well, these could include boilers, stair lifts, car parking lifts or electronic gates and barriers. You may also decide that items that do not have a statutory requirement for inspection should be inspected as well, often if the engineer is calling at your premises, you can arrange for other electrical items such as cleaning equipment to be inspected as well. In some cases expert opinion is required to alert you to what equipment actually needs to be inspected, before phoning for a quotation, make a list of all the services and equipment in use at the premises ( some modern developments now have gyms and swimming pools and these may also require inspectio. The report generated by the insurer should be kept in a safe place as it may well be required by solicitors or lenders when one of the flats in the block comes up for sale. As it is a statutory requirement to have certain equipment inspected a copy may be required by the Health & Safety Executive. As director & officer of a block of flats, it will be your duty to make sure that all statutory inspections are carried at the prescribed time. Even if you pay an insurance company for this services, do not rely on them to simply turn up every 6 months tio carry of the necessary inspections, make a diary note of the due dates and always make sure you obtain a copy of the report and act on its recommendations. Types of extra covers usually available.
Policies will usually come with an excess ( £50.00 is typical), damage to newly fitted items is often excluded as it damage caused to items that are being repaired or cleaned or subject to testing or maintenance. Also if damage is caused by failure to maintain the equipment, this will also be excluded.
Copyright Assetsure Limited 2010 Assetsure is an Appointed Representative of Intasure, a trading name of Blenheim Park Limited who are authorised and regulated by the Financial Services Authority. Assetsure Limited is an appointed representative of Highhouse Insurance Services Limited who are authorised and regulated by the Financial Services Authority. | |||||||||||||||||||||||||||
For
Business with or without premises 
