The board has recently completed work on renewing our insurance policy. We have moved to a new Broker (John Peers Ltd ) and secured insurance at the same premium until 31st March 2023. This bring us in line with our new financial year.
We moved Brokers due to the previous Brokers being unable to secure a new policy for less than a 75% increase. This would have meant an increase in service charge of circa £50 per month for each apartment. In addition they wanted to raise their fees by 33.3%.
We are currently getting an independent building valuation and the new Broker will be working on getting an updated quote for the start of the new financial year on 1st April.
It is anticipated that the insurance premium will rise quite significantly and the board wanted you to be aware of this immediately.
The updated documents will be uploaded to the general information section on the Wapping Website today.