Barbon’s FARR launches housing risk management tool

Barbon-affiliated broker FARR has launched a service designed to stress-test housing associations’ risk management procedures.

The service, called FOCUS, is aimed at protecting housing associations from rising insurance premiums.

FARR, a part of Barbon’s property and commercial division, specialises in insurance and risk management for the social housing market.

“Insurance premiums are currently at their lowest levels for over a decade. However, some insurers are predicting increases of up to 20% in the near future,” said FARR business risk analyst Matthew Greenhalgh in a statement. “Housing associations with a history of making claims are likely to see the highest rise in their premiums, so FOCUS has been developed to help clients to reduce both the number and the value of the claims that they make.”

FARR said the FOCUS stress test comprises three separate activities. Firstly it identifies risks by engaging with different operational departments.  It then benchmarks procedures and documents to ensure best practice.  Finally staff surveys are undertaken to assess the extent to which procedures are followed in practice.

FARR contends that this process would  allow housing associations to implement a structured system of inspection of their property, maintain accurate records of inspections and maintenance works, apply procedures consistently across the whole organisation and train public-facing staff in the application of procedures.

In the event of a claim, they would be in a position to ensure immediate access to maintenance and inspection records and also be able to demonstrate and prove that they had followed their duty of care to the public.