Commercial Property Insurance for UK landlords- Obtaining a quotation.
At Assetsure we are pleased to be able to offer a policy covering insurance for commercial property. We have access to an insurance facility where over 350 different trades or uses can be catered for. Our Commercial Property Insurance cover is handled by our providers own scheme and because of this, we are able to offer quotations for property, quickly and efficiently. In most cases, insurance cover can be arranged on the same day and we have a monthly instalment plan offering interest free payments by direct debit. For Commercial Landlords that have five or more properties, we are able to offer Commercial Property Insurance on a portfolio basis, there are a number of benefits to this arrangement, landlords will benefit from a multi property discount and can add additional buildings through out the year and only pay on a pro rata basis.
The commercial building insurance contract has been especially designed for commercial landlords who require a broad range of insurance perils to be covered under a modern policy wording catering for both buildings & landlords contents (if required) and liability insurance. We have a very wide range of building uses that can be covered right the way through from shops and offices to commercial property located on industrial parks used for either warehouse or industrial manufacturing use. One other advantage of our policy is that we are prepared to offer quotations for empty commercial property insurance. Sadly, our nations high streets and industrial areas are seeing more and more commercial buildings left unoccupied and arranging insurance cover can prove quite problematic. We will consider each empty building on its merits and discuss the range of perils we can offer.
What do We Cover?
Under our commercial property insurance policy, we cover: buildings & landlords fixtures and fittings, including outbuildings, extensions annexes and gangways, walls gates & fences, yards and car parks, telephone gas water and electric installations, piping ducting, cables & wires and associated control gear and accessories extending to the public mains which as landlord you are responsible for. We can also include landlords contents in common areas of the building consisting of furniture and furnishings which are your property. We include a wide range of commercial property insurance perils and cover can be extended to include Accidental Damage as well. Third party interests are easily noted on the policy. The main aspects of the policy are as follows:-
- Commercial Buildings Insurance – you are free to choose your own sum insured under this section of the commercial property owners insurance policy, we can normally quote for sums insured of up to £5,000,000 immediately subject to details, with larger sums insured available on request and referral to our underwriters. You can add and delete properties from the policy throughout the year and once you have insured five commercial properties, you will benefit from a portfolio discount. A wide range of perils including accidental damage. is offered.
Your sum insured will be index linked each year but on request cover on a “day one average” basis may be considered. Other benefits of this section include a non invalidation clause which helps protect you in the event that a material change to the risk occurs without your knowledge. There is a Public Authority extension so as additional costs of rebuilding or reinstatement of the property which you incur to comply with building or other regulations under any European Union Legislation, Act of Parliament or with Bye laws of any Public Authority is covered. A contracting purchasers extension is also included if you have contracted to sell the building and the incoming purchaser has not insured the property elsewhere up until the completion of the purchase, cover will be provided for the purchaser. Other additional covers include : replacement of locks in event of the theft of the property keys, loss of metered water, damage to landscaped gardens and accidental damage to glass, sanitary ware and underground services. Trace & Access insurance is now included as is clearance of drains (if necessary) following an insured peril. In some cases, the unauthorised use of water, gas & electric for which you are legally responsible will also be insured. A wide range of commercial property types can be insured and we will consider both occupied and unoccupied and can also cater by endorsement situations where the property is part occupied/part unoccupied providing variable terms and conditions to each part of the property
- Landlords Contents Insurance – in some of your commercial properties, you may supply certain contents for the tenants usage. These can be covered under this separate section of the policy and you are free to choose your own sum insured.
- Loss of Rental Income – under the commercial property insurance policy, cover of up to 20% of the location sum insured is provided in respect of loss of income following a claim caused by an insured peril occurring at the property. In addition to cover following an insured peril insurance is provided in respect of loss by denial of access to the property caused by an insured peril occurring to a property in the vicinity, also cover is extended to include loss your loss as landlord resulting from damage by any of the defined insurance perils occurring at the premises of your managing agents situated in the United Kingdom.
- Property Owners Liability Insurance – for the commercial property owner, insurance is provided for £1,000,000 in respect of liability insurance. However, on request , high sums insured of up to £5,000,000 can be considered.
- Employers Liability Insurance – Cover is provided for you in respect of persons you employ in respect of your commercial property business. For full details of the cover, reference must be made to the commercial property insurance policy document and the “Key facts” leaflet. Terms and conditions will vary depending on the occupation and usage of the property. There are some types of commercial property that we are unable to insure We are able to provide most quotations on the same day during working hours and look forward to receiving your enquiry. Unless otherwise stated this product will be provided by Quotedesk a trading name of Blenheim Park Limited and is underwritten by OIM Underwriting Limited on behalf of International Insurance Company of Hanover Limited. Inter Hannover Limited is a non-life insurance company, wholly owned by Hannover Re one of the world’s leading reinsurance groups and rated A ( Excellent ) by AM Best ratings.
What is Commercial Property Insurance? – this type of insurance relates to any type of property that is used as a business, such as an Office, Shop, Factory etc. Insurance for commercial buildings usually follows a similar set of perils that you would expect to receive under a residential building insurance policy. These would include all the usually perils such as fire, lightning, explosion, earthquake, storm, fire, flood etc. The commercial element of the risk is often the factor that greatly influences the premium that is offered. Insurance companies will want to know how the building is occupied and any ‘trade processes’ that are being carried out on the premises. These trade processes help the insurance company to calculate the degree of risk and in turn the premium you will be charged. Offices tend to attract the lowest rates with fast food catering establishments or factories involved in certain types of manufacturing will attract the highest. As well as the occupation of the buildings, the insurer will require to know the postcode. From this information they can calculate the properties exposure to any increased risk from flooding or even subsidence. We can provide cover for a wide range of trades, including:-
Commercial Buildings and their Usage – there are many forms of commercial building and one of the key questions to help to determine a commercial building insurance quotation, is what the building is being used for. A well as insurance companies the usage of a building is of great interest to local planning authorities who are responsible for making sure that commercial buildings are only used for the purpose they are intended. Commercial buildings and their usage can have a big impact on the local environment and consideration of all the environmental issues has for quite a while now been part of the planning process. Changing a building formally used as an office or shop in to a restaurant or bar for example may have a big impact of the local residents and other business and thus local authorities control all applications for new developments and changes of usage. Most forms of development whether alterations to exiting structures or new builds will require the approval of the local planning authority before any building work can commence. Applications made are considered on their merits taking in to consideration various other local factors. Many commercial buildings are subject to a change of use throughout their lifespan.