Residents' management company D&O insurance
- Recurring
The short answer
Directors' cover for RMC and RTM boards
- Price from
- £150.00
- Time on site
- 15 to 30 minutes for a quote
What you get
You get an insurance policy protecting the personal assets of your RMC or RTM directors against legal challenges and claims arising from their management duties.
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When do you need a Residents' management company D&O insurance?
D&O insurance should be in place as soon as an RMC or RTM company is formed and directors are appointed. It's essential cover for all active board members to protect their personal assets.
What happens on the day
The process involves providing details about your RMC or RTM company, its activities, number of directors, and claims history. The broker will then offer tailored quotes and explain the policy terms.
How to prepare
- Company name and registration number (RMC or RTM)
- Number of directors and their roles
- Details of properties managed (number of flats/units)
- Information about any managing agent involved
- History of previous claims against the directors or company
How to improve your result
- Ensure all board decisions are properly minuted and recorded.
- Seek professional advice (legal, accounting) when making significant decisions.
- Maintain clear communication with residents and respond to concerns promptly.
- Regularly review the policy to ensure it remains adequate for current risks.
Why it is useful day to day
Provides essential personal protection for directors, encouraging capable individuals to serve on RMC/RTM boards without fear of personal financial ruin from unforeseen legal claims, ensuring effective building management.
Why we ask these questions
We need to know about the company's structure, number of directors, managing agent involvement, property type, and any past claims to accurately assess the liability risks. This ensures directors receive adequate personal protection.
Frequently asked questions
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