Flat Buildings Insurance Query

Thornton2025

We have just moved into a flat within a block of 4. We all own a percentage of the freehold and one of the residents deals with the buildings insurance as we manage the property ourselves. When contacting the broker to add our name to the policy and remove the previous owner of the flat, we have been informed that the whole policy has to be cancelled and the remaining period of the policy fee be refunded to the other flat owners and then a brand new policy drawn up. The problem is, this will be a cost to the other residents. I would have thought it would be just a change of name on the policy plus (I assume) an admin fee which we would be happy to pay. This seems an unusual process and costly. Would anyone be able to comment on this? Thank you in advance.   

DullGreyGuy

Do you actually own the building or you own shares in a company that owns the building? Often its the later in which case the Block insurance is just in the name of the company and doesn't need changing when owners change.