Contingent Buildings Insurance

[alongney]

I have today received a report from my solicitor about a flat I am buying, asking me whether I would like him to request a contingent buildings insurance policy from the seller (the flat is one of two flats in a converted building, and under the terms of each lease, each lessee is required to insure their part of the building - we have seen copies of the current insurance policies for both flats).

I've no idea what contingent buildings insurance is intended to cover and I wonder whether this is something I really need, or whether there is another reason for him suggesting it (commission? covering his own back?) Before I speak to him, could anyone explain what such a policy would cover?

Thanks in advance

[Stuart]

Something here might help

[DJC]

The contingent policy would cover the possibility that the other flat fails to insure their part. Insuring half a building is not a very good idea. Having an interest in a property that depends on other people doing things they may well neglect is not a good idea.