Langton London joins Government fire safety premiums pledge
We are one of 12 sector-leading insurance brokers to have signed up to the pledge, which is part of a range of planned reforms for the multi-occupancy residential building insurance market by the Department for Levelling Up, Housing and Communities (DLUHC).
A Financial Conduct Authority (FCA) review into the market commissioned by DLUHC last year found that since the Grenfell tragedy in 2017, insurance costs for this type of building have rocketed, while the number of providers is falling.
The pledge calls on insurance brokers to end the practice of sharing commissions with managing agents, landlords and freeholders. Signees promise to impose a cap of 15% on the proportion of the premium that they take to compensate for their work and are required to disclose information on commissions to leaseholders if requested.
Eddie Ferrao, Director at Langton London, commented: “We believe that, like all our clients, leaseholders living in buildings with existing fire safety issues deserve transparency and protection from their insurance.
“We are proud to have signed this pledge, which perfectly upholds our ongoing promise to always provide excellent value while delivering a first-class service.
“By demonstrating our commitment to industry-leading standards like this pledge, our customers can be confident in choosing our brokerage for their insurance needs.”
The pledge has been welcomed by property management companies, the Association of British Insurers and the British Insurance Brokers’ Association (BIBA), the latter of which worked closely on its launch with DLUHC in November 2023.
You can read the full pledge on the Government’s website. For more information on how we can help with residential multi-occupancy building insurance, contact us today.
