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Management Company and Insurance Broker

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  • 21-03-2021 9:08pm
    #1
    L31P
    Registered Users Posts: 1 ✭


    Hi there - I need some help/advise!
    Can my management company be my insurance broker? They aren't directly the broker but they are ensuring that the business is going in their direction, do they need to disclose the interest in the contract before the insurance policy is taken out?
    Thanks in advance!


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    #2
    Dav010
    Registered Users Posts: 14,516 ✭✭✭✭Dav010


    L31P wrote: »
    Hi there - I need some help/advise!
    Can my management company be my insurance broker? They aren't directly the broker but they are ensuring that the business is going in their direction, do they need to disclose the interest in the contract before the insurance policy is taken out?
    Thanks in advance!

    The management company is made up of property owners, do you mean the managing agent?

    Typically the Board get quotes from a number of insurers and goes with the best, if you feel this was not done appropriately, either contact the chairman of your MC or raise it at your AGM. What was discussed in relation to insurance at last AGM?


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    #3
    Baby01032012
    Registered Users Posts: 1,622 ✭✭✭Baby01032012


    It’s unclear what context the OP is talking about. It could be OMC or managing agent selecting insurer themselves although usually through broker or it could be op owns a property managed by an agent who has arranged insurance. If they are a tied agent or providing financial advice then they must be regulated by the central bank. Some agents provide a separate business as mortgage broker etc.


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