| Comment | P.S. Hacking & Paterson are bastards. When I dealt with them, 40p of every £1 they billed you for insurance went in their pocket. It’s probably higher now. Ask them what commission they receive from their insurance broker for arranging cover on your behalf - they have to tell you legally.
Also, because they buy a block policy for the whole portfolio of buildings they manage, they pay Insurance Premium Tax (currently 12% - applies to pretty much all insurance in the UK). They then charge you a proportion of that policy for your cover, but because they are the policy holder, and are providing factoring services, it is subject to VAT at 20%, so by using a factor, you are paying tax twice on the insurance element. |
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