Why Use NGP?
Insurance
With lots of leasehold properties – one of the many piles of invoices to arrive is insurance organised by the landlord who then asks you to pay the bill. Some landlords are very cost conscious and negotiate competitively priced premiums. Some unfortunately do not.
What can NGP can do for you
- Reduce excessive landlords’ property premiums. This is what we do.
- Benchmark all your invoices via our database to check if competitive.
- Ensure all property premiums at market rate, or reasons for disparity established.
- Negotiate with landlords if premiums excessive.
- Reduced premiums typically stay re-based (lower in real terms) for many years.
- Reductions are not one-off savings.
- We approve or reject all your insurance invoices from landlords.
Cost Discrepancies
Cost discrepancies charged by landlords for very similar buildings is an area that frustrates many tenants. There is a metric that allows simple comparison of one premium with another to sense test if a premium being demanded is statistically in the same ballpark as other similar demands from other landlords. NGP review around 20,000 insurance invoices annually. We are purely looking at the competitiveness of an insurance premium when compared with similar sites.
Competition and Transparency
From this NGP produce a useful comparison that can be given to your landlords ideally in advance of renewal for them to present to their own broker as a helpful table of information to what market rates are as evidenced by all your landlords. This effectively introduces competition and transparency into the process. It does not seem fair if one company has an efficient and diligent landlord who negotiates or ensures his broker negotiates each year a market competitive premium and directly opposite say another competitor paying the same rent and rates incurs a higher insurance demand because his landlord has not sought competitive quotes or perhaps has done so but maybe the level of fees and commissions involved in this landlords premium build up are far higher than another landlords broker .
The issue of fees, discounts retrospectively paid, and commissions is one that would be best if it were all transparent to the tenant who ultimately pays for the negotiated premium.