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Various Buildings

Property Owners and Landlords take note!

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One of the simplest package policies on the market is for property owners, sometimes called landlords insurance. Everything you need in one policy. So, what is included and what is left out?

To start with you want to protect the physical structure of the building and this is done by providing cover for a specific range of “perils” such as:

  • Fire
  • Lightning
  • Aircraft
  • Explosion
  • Earthquake
  • Storm or Flood
  • Theft or attempted Theft
  • Impact
  • Escape of Water
  • Riots
  • Malicious Damage

Even with these covers there are exclusions, so it is vital you read the wording in detail #becauseaccidentshappen, to nice people all the time.

Cover is also available for “other” accidental damage, as well as subsidence, ground heave and landslip, but these are usually options, so check the detail.

Standard exclusions include: War, Radioactive contamination, Sonic Bangs, Changes in Water Table, Electronic Risks, Wear and Tear, deterioration, and any gradually operating cause.

Cover can be restricted for unoccupied property, or in the course of renovation, sale or repair.

Land for development can be covered, but for liability only.

More on property owners liabilities, business interruption and legal expenses this week.

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A lost profit, or a loss of profits?

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One of the most complex parts of insurance cover is business interruption, so maybe a short explanation is in order?

For most business the cover will be based on “Gross Profit” and that is turnover, less the cost of raw materials with nothing else deducted, especially wages, as you will need to pay your staff.

For service businesses its “Gross Revenue”, which equals turnover and for landlords it can be loss of gross rental income.

The next thing to understand is that in 99.9999% of cases you cannot have a claim for business interruption, unless physical damage has occurred.

This has to be for one of the identified perils, such as Fire, Lightning, Explosion, Flood, or Storm!

There are a number of extensions, but these vary greatly between policies. In some cases the cover is as little as £25,000.

These extensions normally include the following:

  • Failure of public utilities.
  • Denial of Access – Physical Damage.
  • Damage at supplier’s premises – Can’t supply you with what you need.
  • Damage at customer’s premises – Stops buying from you.
  • Murder, death or suicide – Premises closed whilst police investigate.

In some cases, there are other extensions, but these vary greatly with very low sums insured.

If you really want to know, you have, talk to a professional and take the time to understand what cover you need, #becauseaccidentshappen to nice people all the time.

Feel free to message me or call the office on 029 20 470 375 for a free, no obligation consultation.

It could be the most valuable phone call you ever make 😎