Lannock’s 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.

Smooth out cash flows with flexible monthly repayments

Lannock will NEVER cancel your policy if you are late in making a payment

Complete freedom to choose the insurer and policy you want

 

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 provides funds directly to the body corporate – we do not lend to the individual owners. Our funding is completely unsecured – there are no mortgages, banker’s liens, charges or caveats. Because we provide funds to the body corporate directly, we do not investigate the financial position of individual owners of units. We do not require owners, committee members or the strata manager to give personal guarantees. The strata manager is not required to certify documents.
The advance can be drawn at any time during the Availability Period (which is usually 1 year from the date of the Facility Agreement).
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.