Following the recent terrorist atrocities there is a risk for the rental sector that insurance costs will spiral or worse insurers will leave the marketplace.
The BVRLA is lobbying government and the insurance industry to call for a central fund to cover the insurance costs from such incidents to ensure market continuity for insurance cover. A similar fund was established for commercial property insurance when office buildings were a key target for terrorist activity in the 80s and 90s.
The BVRLA has written to Ministers at the Home Office and Department for Transport to ask them to support the BVRLA's calls.
Member's who are concerned about the rising cost of insurance due to the recent terrorist activities may wish to consider writing to their own local MP and asking them to support the BVRLA's calls. A sample letter is available here.
The BVRLA has also produced guidance for members on being vigiliant which is available here.