I have now read the Transfer, thanks.
It is clear to me that firstly, the Management Company are responsible for insuring all the properties on the Estate (clauses 3 and 5 of the Third Schedule). Clause 12 of the First Schedule also confirms that the individual owner should NOT insure the individual property.
What is not clear is who is responsible for paying for the block Insurance. The Transfer confirms that each owner shall contribute towards all communal costs, other than the Insurance. Accordingly, my view is that the Management Company alone are responsible for insuring and paying for the insurance. However, in practice this does not really cause an issue because if each of the owners are a member of the Management Company, and the Management Company are responsible for paying for the Insurance, this makes each owner jointly responsible for paying for the Insurance!
This is therefore the legal position.
As mentioned previously, if all of you agree to insure separately, that would be OK, PROVIDED you were all happy that the Estate has been adequately insured. I must say that it would be better if just one Block Insurance Policy was taken out and the cost of it can then be divided between the owners.
I hope this assists and answers your question.