Deakins Park, Bolton, North West

Case Study 3: Outstanding Insurance claims and extensive water damage

Project Description: Reduce High Number of Leaks & Insurance Claims

Location: Deakins Park, Bolton, North West

We had been appointed to replace a failing agent and to deal with the numerous problems the development faced.

A high number of outstanding insurance claims were evident with over 80% of the communal areas showing signs of water damage.

We were able to fully demonstrate how our attentive management style and culture would benefit the new client and the lessees who had experiences of our services on other local developments. This provided them with the confidence they needed to progress with the change of managing agent.

As part of our site audit, we were able to identify the common cause of the leaks. The client had already identified faulty valves but it was deemed extraordinary that so many valves would fail. We set about testing water pressure and found that many properties had an incoming mains pressure of up to 14bar. This was 4 times the pressure recommended for most residential properties and fittings inside apartments!

The Expectations

The client had received a renewal indication for the development. Insurance was anticipated to rise significantly. The client was mindful of the increase so we set about looking for a solution.

Complete were tasked with demonstrating that they could achieve a reasonable and cost effective renewal as well as resolving the long term problem for the residents.

Our Solution

Complete engaged the services of an approved tradesman from their database and looked to fit pressure reducing valves to each of the 100+ properties with little disruption.

After meeting their brokers, the case was reviewed along with the insurance renewal and claims history. Despite the large number of water leak claims that  cost over £200,000 the review identified poor claims and risk management by the incumbent agent. Complete were able to satisfy the brokers and insurers that with proactive management, complete could ensue that such claims would be avoided. 

Results, Expectations and Savings:

Complete had the capital investment of £10,000 approved by the board of directors and insurance was renewed for £8610.29

This represented an immediate saving of £1519 as insurance was renewed with new brokers with a reduction and no further increase.

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I am very pleased to endorse and highly recommend the services of Complete Property Management and company founder Darren Norris...

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