Lannock Insurance Premium Funding
Lannock’s Insurance Premium Funding is an unsecured loan to a body corporate or owners corporation for up to a 12 month period at a fixed interest rate to cover a building’s annual insurance cost.
Funding your insurance premium with Lannock puts you in control.
WHAT ARE THE BENEFITS?
Access to immediate funds in the event of unexpected increases to your insurance premium
It’s easy to implement. No general meeting is required. Documents can be signed by the strata manager or the Treasurer and Secretary of the Strata Committee
Lannock will NEVER cancel your policy if you are late in making a payment
Complete freedom to choose the insurer and policy you want
Smooth out cash flows with flexible monthly repayments
How Insurance Premium Funding works
Contact Lannock for an Insurance Premium Funding Loan Proposal to fund your building’s insurance.
Ready to proceed? Lannock will provide documents to be signed by the strata manager or the Treasurer and Secretary of the Strata Committee.
The body corporate draws down funds from Lannock to pay their building’s insurance policy.
Don’t compromise your coverage with a missed payment. Lannock will NEVER cancel your policy due to a late repayment.
Lannock will consider variations to this standard criterion in special cases such as where the building is being redeveloped or where additional value is being created.
The Insurance Premium invoice needs to be provided in support of the Advance. Lannock will remit the funds directly into the body corporate’s account to enable the premium to be paid, or re-imbursement for a payment already made.
You can choose a term of up to 12 months for the loan.
- “What was really great was being able to get a new retaining wall built within a few weeks of deciding to do it. You can’t put a price on that kind of peace of mind.” Graham Pooley, Treasurer, Owners Corporation, Bellevue Hill NSW.
- “Lannock’s service has allowed us to maintain our iconic piece of Melbourne.” Graham Wilson, Chair, Owners Corporation, “The George”, St Kilda VIC.
- “We would never have been able to achieve such a positive result for the owners without the support of Lannock.” Noel McDermott – Chair, Body Corporate, “Grand Reef”, Dee Why NSW
- “Borrowing should always be an option considered by strata owners as part of the funding mix.” Rob Beck – General Manager, Owners Corporations Victoria Inc (OCV).