Standard property insurance policies do not cover damage caused by acts of war or terrorist attacks. While such events are appreciatively rare in the UK, there is still a continual underlying threat.
If an act of terrorism affects your block and there is no insurance in place, the directors of a residential management company are exposed to the potential of being sued and losing personal assets.
If your property is located in a target area, such as near government buildings, major transport hubs, or famous buildings, terrorism insurance would provide you with peace of mind and the financial protection to put things right if the worst should happen
Other risks you may consider include:
- Residents in a block of flats could be potential targets due to their place of employment or other factors
- A bomb could be assembled or travel through your local area, leading to an unplanned explosion or evacuation
- An occupying tenant could be a potential terrorist – there could be a police raid on the property or an accidental explosion