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If you own a property, it is important to have appropriate insurance covers in place.
Whether you own a commercial building, block of flats, private house or a portfolio of properties, insurers offer a range of policies to suit the type of property and your requirements.
It is important to choose a sum insured that is sufficient to cover the costs of rebuilding, repairing or reinstating the property following a loss. The sum insured not only includes the rebuild from scratch but also includes professional fees and costs for removal of any debris. A Chartered Surveyor can calculate the accurate sum insured and as the cost of rebuilding the property will tend to increase over years, so it is best to review this figure periodically to make sure it remains adequate.
Important Clauses to be aware of
If the entity owning the property is unable to recover VAT, then this element must be included in the building sum insured and it is important to check to make sure the reinstatement figure is adequate.
The Average Clause is an important consequence of underinsurance and all policies have conditions in determining the claim settlement. If, at the time damage occurs, the sum insured is less than the actual calculated rebuild cost of the property, the insurance company’s liability shall be limited to that proportion of the amount otherwise payable. The claim will be reduced on a pro rata basis and any extra costs will have to be dealt with by the policyholder.
Whether it be communal contents and/or landlord’s contents, an adequate sum insured for reinstatement on a “new for old” basis should be covered.
Property Owners Liability
This is an extension on most Property Owners policies and will cover costs and damages awarded to a third party if they have suffered a bodily injury following an accident, illness or disease which is deemed to be as a result of the premises. From a tenant falling down the stairs due to poor maintenance or a loose tile hitting a third-party vehicle, there would be legal expenses and solicitor’s costs in defending the claim. Property Owners Liability protects landlords and property owners, and the limit of indemnity should be based on your assessment depending on the risk.
Different Property Owners policies have a variety of extensions including:-
- Employers Liability
- Engineering inspection
- Alternative Accommodation
- Trace and Access
- Legal Expenses
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