April 24, 2024

A commission fit for a Kingsborough … Peverel’s way with insurance

In leasehold blocks, it is the landlord’s responsibility – and perk – to arrange the building’s insurance, though  as with everything else, it is the residents who pay.

Where Peverel is the management company, it has until very recently used its sister company Kingsborough – which was also also part of the Tchenguiz Family Trust – not as broker, as was previously thought, but as an undefined “insurance service” to arrange insurance and offer claims-handling support.

Over the past couple of years, leaseholders have become aware of the high commissions which have been charged by Kingsborough.  In fact, Kingsborough does not do the work of finding a suitable insurance company – they pass this task onto Oval Insurance, which charges a reasonable commission of 3.45% for this work.

For the work Kingsborough has done on claims-handling assistance, however, it has historical