Property Managing Agent
PIB is a dynamic insurance broker employing outstanding individuals with a wealth of knowledge and experience in the insurance market. We pride ourselves on being independent, client centric and service focused with our property and other specialists working together as one team.
We provide specialist sector and insurance expertise which is delivered through a client service model tailored to our clients’ needs.
Property Portfolios under Management
Because no two property risks are the same, we believe a bespoke and flexible insurance solution for managing agents is an essential part of any property manager’s toolkit.
PIB is very well placed to generate the most value from the particular features of often large portfolios of managed properties, including:
- Spread of risk
- Bulk buying power
- Economies of scale
PIB Property’s approach, which includes a thorough assessment and evaluation of each portfolio, will result in a tailored insurance programme specific to your requirements.
PIB Property has the knowledge, experience and a passion for the managing agent sector. We will therefore be a valued strategic partner that you can rely on. Our specialist staff understand the importance of mirroring your own standards of professional service and we know, for example, that prompt turnaround times helps you meet the tough demands of your clients and tenants.
How can we help?
Whether you place cover on a block portfolio arrangement, or handle insurance on an individual policy per client or block basis, PIB will focus on the following key areas to ensure a thorough approach is taken when designing and placing an insurance programme for managing agents:
- Cover: We can create bespoke policy wordings, drafted by property insurance professionals, to enhance the insurance protection you can offer to your clients. Many standard property owner policy wordings have unrealistic conditions that are not practical for a managing agent to adhere to. All too often we see inadequate cover and unworkable policy conditions increasing the risk of uninsured losses. Claims costs that cannot be recovered under a policy can put pressure on service charges, resulting in searching questions from clients and occupants. A thorough review of your current policy wording(s) will enable such issues to be addressed before they arise.
- Administration: We will discuss your requirements to help align our service to your own processes in matters such as issuing documentation, invoicing, claims handling and future renewal procedures. We can also offer flexible remuneration arrangements for portfolio or individual policy options. Our commission share structure will be discussed and confirmed when reporting our recommendations to you to ensure full transparency of earnings.
- Cost: An insurance programme must be viable and competitive to satisfy all parties. We recognise managing agents have pressures from freeholders, landlords, leaseholders and in particular directors of leasehold apartments when it comes to charging out insurance premiums. Our knowledge of the market and strength in negotiation, coupled with our relations with specialist property insurers will enable us to provide you with a competitive solution to meet these demands.
- Claims: When loss or damage arises, your clients and tenants will rightly seek prompt attention to address the problem. We ensure expectations are met by handling your claim swiftly to get repairs under way with the minimum of disruption to all parties. This is the most important area to get right to avoid your property managers having to spend their valuable time chasing for claims payments. Our appointed claims team We will communicate with all parties, insurers and loss adjusters to oversee a timely satisfactory outcome.
- Market Updates: Your property clients are continually affected by changes happening within the market and will expect to be informed where they impact on their investment. The Insurance Act reforms, changes to terrorism cover, the introduction of Flood Re and increases in Insurance Premium Tax are some of the areas we will regularly update you on as well as ensuring our insurance continues to address future changes that may arise to remain the best option for your clients.
Who we can help
Our staff have experience in dealing with property managing agents of all sizes with managed property portfolios from all sectors of the market, including:
- Residential, including leasehold apartment blocks for freeholders or residential management companies, houses (single occupancy or HMO's) for landlords with single properties or a portfolio.
- Commercial/industrial property, manufacturing, wholesalers, warehousing, industrial estates and business parks.
- Properties in the hospitality and retail sectors.
- Offices with single or multiple tenants / serviced offices.
- Vacant properties, high risk locations, properties of non-standard construction or converted or purpose built properties.
Along with the usual property risks of material damage, loss of income, liability, legal expenses and terrorism cover, we can offer advice on niche areas not readily available elsewhere in the market including legal indemnities, latent defects, right to light and energy efficiency Insurance.
Our service offering includes…
- Insurance programme design, placement & management
- Expertise to accommodate all property owners and property managers, from the large pan European institutional investors and developers to residential let property owners
- Tenant premium allocation modelling
- Risk management & loss control programme design
- Premium cost assessment, benchmarking & analysis
- Limits of liability analysis
- Claims handling & management advice
- Lease & loan contract due diligence
- Policy wording review & benchmarking
- Commitment to drive efficiency, mutual trust & collaboration
Our focus is on doing the right things for our clients, doing them well and executing them in an honest, compliant and transparent manner.
PIB promises to deliver…
- An entrepreneurial ‘can do’ attitude
- Access to a significant number of insurers & facilities
- A personal, friendly & efficient service
- Attention to detail
- Quality advice derived from staff with a depth of experience both as underwriters and brokers of the property industry & it’s insurance requirements
- Crystal clear communication, expertise without the jargon
- Transparency regarding remuneration & trust
- Long-term, sustainable & valuable relationships
Get in touch
We appreciate carrying out a review of your current portfolio arrangements may initially seem a daunting task. At PIB we are here to help and will happily discuss with you the practicalities of how to best extract the required information to ensure a smooth and trouble free process. Once our review is completed, the full findings and recommendations, along with our proposals and remuneration arrangements will be presented to you for your consideration. Get in touch today.