Commercial Property Quote Getting it right
We all know that obtaining home building insurance is fairly straight forward, there are plenty of companies on and off line that will happily quote your a price and even the complete novice to insurance can get themselves sorted out in next to no time.
For landlords though, things are a little different, only in recent years has a wider variety of contracts come on to the market for residential properties, fuelled of course by the buy to let boom, now, as long as you stick to residential, obtaining cover shouldn’t pose too many problems.
The landlord that has a taste though for commercial property, may not find it so easy to obtain cover. Its not that commercial building insurance is a difficult contract to place, its just that its slightly more complex in the questions that need to be asked and it doesn’t always lend itself to an online enquiry form.
In our opinion
Commercial property insurance is definitely a type of cover that should really be obtained by speaking to an insurance broker or a company that specialises in the selling of this product. In view of the fact the premises are used for business purposes, detailed questions need to be obtained regarding the occupation of the property, what the building is used for and details of the trade processes or materials that may be stored there.
Commercial property insurance, like all other insurances sold in the United Kingdom, is a highly regulated product and specialists in this field, will after a conversation, be able to offer a product to the landlord that meets their demands and needs.
Although many polices will include a non invalidation clause, protecting the landlord against changes in the risk profile, that he or she was unaware of, it is very important that the landlord has a good understanding of all commercial activities carried out in the building. These activities need to be communicated to the insurer to enable them to make sure that the quote provided is done so on an accurate basis. If the landlord becomes aware at a later date of any changes to the risk, he needs to inform the insurance company as soon as possible to ensure that cover remains in force.