I own a leasehold conventionally built bungalow on a holiday park. Under the terms of the lease I have to insure the buildings through the park owner who is approved by the FSA as representative of the insurance company. He has quoted an outrageous premium of £327 for the cover. I got a quote from another insurer of £80 for the same level of cover. The site owner would not accept this and insists that I take his policy at his premiumas my lease states that I must take the insurance offerered by the owner. I suspect that he cannot legally enforce this. Just because it is in the lease doesn't necessarily mean it is legal. I only have a few days to act, so can anybody advise me on this? With the greatest respect, I need an answer from someone in the know rather than just an educated guess. No offence intended.
2007-03-06 05:05:18 · 6 answers · asked by Gin & Tonic 4 in Business & Finance ➔ Insurance
If the park owner is an appointed rep (AR) under the FSA then he has to treat the clients with respect under the treating customers fairly (TCF) and ICOB (Insurance conduct of business). I personally work in the creditor Insurance business, which has come under a lot of flack by the FSA and the competition commission for not allowing customers to make an informed choice on which PP Insurance policies to take out (and more importantly, comanies such as the one in question here, forcing customers to take one particular policy). Exactly the same principals apply here. Since January 2005 the Persoanl Lines insurance business came heavily under regulation since the FSA took over from GISC (general insurance standards council).
Persoanlly I believe you have a case for taking this company to court, but it is indirectly. Speak to the companies Insurance provider and ask them if they are aware of this companies procedure for "making" you take out only this insurance policy. They may have to investigate into it.
If you want to get really narky, speak to the insurance company, and ask them if this particular company sells insurance on an "advised" or a "non advised" basis, this should put the cat amongst the piegeons a little.
The Insurance industry in the UK allows customers to make an informed choice on insurance, and I dont think you are getting it in this case.
good luck
2007-03-08 22:13:35 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Sounds like a case for advice from the citizens advice bureau.
From my knowledge it looks like a case on an unenforceable paragraph in the contract because no-one can put in clauses which are "unreasonable" ie - you have to sleep with the park owner every friday night!
FSA is a red herring as it just means they are authorised to sell insurance - as is every insurance salesman/company. Which Insurance company is it? Sounds like a rip off to me.
You are entitled to shop around so have a word with the other residents to see if any are willing to present a united front .It seems unreasonable to charge in this way but site owners are notorious for rip offs such as this. Beware that these people find all sorts of ways to get more money from you and you will find it difficult to sell when the site owner is like this - you have to tell potential purchasers of any such problems nowadays.
As a leaseholder, have you thought of banding with others to buy the freehold? Again, check with your local CAB office.
2007-03-06 20:08:12 · answer #2 · answered by Anonymous · 0⤊ 0⤋
You need an answer from someone in the know. . Your best bet is to get down to the citizens advice bureau for some informed advice from people who deal with this sort of thing every day and will be able to look at the lease documents.
2007-03-06 09:26:12 · answer #3 · answered by John S 4 · 0⤊ 0⤋
log on and use an coverage rebuild calculator. on the different hand, ring an coverage business company and ask for a quote - they're going to often artwork out the rebuild fee for you. The rebuild fee is in basic terms on your house, no longer the linked semi - in case you had a hearth that destroyed the two properties then yours may be coated below the rebuild fee yet next doorways may be paid for in user-friendly terms your legal accountability disguise. ensure that the coverage right away will advance the rebuild fee at each and each renewal, consistent with marketplace will advance.
2016-09-30 06:57:26 · answer #4 · answered by ? 4 · 0⤊ 0⤋
this is not outrageous for what you have ..... It is static and i would believe go ahead and get it covered..... THIS is all kinds of insurance including someone getting hurt if they are in you property. It is not too bad. I insure just a fee acres of grass and it is much more than that!
Just my caravan costs more than that??
2007-03-06 05:16:04 · answer #5 · answered by sparky 4 · 0⤊ 0⤋
Try the insurance Ombudsman
2007-03-06 05:10:42 · answer #6 · answered by bty937915 4 · 0⤊ 0⤋