Case Study
Residents’ association drastically reduces insurance premiums by £67,000
A 35-storey modular apartment block, constructed in 2017 and located in the heart of London, had been experiencing consistent and unexplained rises in insurance premiums. The building is owned by a residents’ association with a declared rebuild value of £56 million.
Although most of the cover in place was appropriate for a modular building of this type, the policy had been incorrectly set up in the wrong name, and the residents felt they were being underserved by a process that was neither transparent nor consultative. Initially faced with an £17,000 annual saving thanks to Ascend’s efforts, the long-term relationship later led to an additional £50,000 premium reduction after a market re-approach.
Key Business Achievements
The Problem
Despite the building being only a few years old and fitted to a modern modular standard, the insurance premium kept rising year after year with little justification. When the residents’ association tried to engage their broker for clarity, they found a lack of ownership, poor communication, and no proactive approach.
A review of the policy documents uncovered three key problems:
▶ The policyholder name was incorrect — the residents’ association itself was not listed
▶ The pricing didn’t reflect the true risk and build profile of the property
▶ No clear explanation or breakdown of premium drivers was provided
▶The association turned to Ascend Broking to get answers and solutions — not just quotes.
The Solution
Ascend began by conducting a full fact-find 6 months before renewal. We explored every detail — from policy structure to claims history — and initiated a complete market exercise to identify which insurers were truly suitable for this kind of modular construction.
We corrected the legal policyholder name and engaged underwriters with a far clearer understanding of modular property risks. Ascend also funded a full survey to satisfy underwriting concerns and demonstrate rebuild validation
