Property owners insurance

Property owners insurance As a common theme, property owners face a need to protect their building assets and revenue, whilst at the same time meeting the obligations of lease and tenancy agreements.

Owners, Investors, Occupiers and Funders all have an interest in insurance protection. Effective, but flexible, handling is essential to keep matters running smoothly. Fortunately there is a range of insurance covers available designed specifically to meet these needs.

Cover includes: Buildings, Rental Income, Building Defects, Plant and Machinery and Legal Liabilities. Give one of our experienced advisers a call to discover exactly which cover is right for you, your business and your obligations and agreements.

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More information on property owners insurance >

More information on property owners insurance

Buildings

Cover is usually arranged for accidental loss or damage, and sometimes theft. Extended covers available include subsidence and acts of terrorism. Claims settlement is frequently the full value of replacement "as new" - termed reinstatement, but this is not always appropriate and there are many variations. In particular some care needs to be taken to protect the owner against cost increases during the period of rebuilding, which can be lengthy for large projects or where planning issues arise.

We can help you with:

warranty free wordings where it is unwise to rely absolutely upon occupiers fully observing insurance conditions, and which might therefore invalidate cover
maintaining the widest cover upon void properties, and advice upon risk management of these
correctly dovetailing buildings, contents and contract works insurance when renovation or alteration works are being conducted

Rental Income

In the event that your property is damaged it is important to protect your rental income. Repair or reinstatement could be a lengthy process and, in some cases, you might find your tenant leaves the property due to the timing of the claim and the wording of any break clause.

This is an important area of cover that is rarely given all the consideration it is due. This is all the more surprising when you consider that it is frequently the tenant who meets the premium cost!

Legal Liabilities

Insurance against your legal liabilities to third parties is essential, and you may also require employer's liability insurance in addition. For locations where large numbers of the public could congregate it will be wise to consider an appropriate limit of indemnity.

Plant & Machinery

For properties where lifts, heating or ventilating plant is situated there may be a requirement for safety inspection. These items can be expensive to repair and we can assist with engineering insurance to protect against unforeseen expenditure resulting from breakdown.

Building Defects

Defects are sometimes inherent in the design or construction of a building and might not become apparent for a number of years. A building defects policy covers damage caused by the defect, including the costs to rectify the problem.

cover is available for up to 12 years, but generally only 6 years for weatherproofing

cover can be extended to include machinery and services, such as lifts or heating systems

cover can be transferred to new owners or tenants, and can include business interruption losses

All types of contracts can be insured. Whilst it is preferable to involve insurers at the design stage cover can be obtained for completed structures up to 24 months old.

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