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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.

Buildings

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

VAT Clause:
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.

Average Clause:
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.

Contents

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.

Extensions

Different Property Owners policies have a variety of extensions including:-

  • Employers Liability
  • Engineering inspection
  • Alternative Accommodation
  • Trace and Access
  • Legal Expenses

To find out more and to discuss your needs, please contact us on 01274 515 747 or email us at mail@lwood.co.uk

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Directors & Officers Liability

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Professional Indemnity Insurance

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Cyber Liability & Financial Crime

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Crisis Management, Kidnap & Ransom

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Terrorism

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Hauliers/Freight Forwarders Liability Insurance

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Marine, Transit & Cargo Insurance

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Legal Expenses

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Commercial Combined

Commercial combined insurance is designed to provide cover to protect you against risks to your business and can be tailored to your requirements.
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Computer Insurance

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Employers Liability

Employers’ Liability insurance is a legal requirement and failure can lead to you being handed significant fines.
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Products Liability

Having Product Liability Insurance is essential for your business if you supply a product.
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Public Liability

Public Liability Insurance is essential cover for businesses offering protection against compensation claims if clients, suppliers or the public suffer injury or property damage because of your business.
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Contract Works Insurance

Whether your building project is straightforward or complex, you should have a contract that clearly outlines the project’s essential details.
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Employment Practices Liability

Employee litigation is currently on the rise, making it even more essential to have Employment Practices Liability Insurance in place.
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Engineering Inspection Cover & Machinery Insurance

It is a legal requirement for regular engineering inspections of lifting and pressurised machinery and equipment in your commercial premises.
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Group Travel Insurance

Having company Travel Insurance is beneficial to protect the key people of your business who regularly have to travel.
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Machinery Movement

Machinery Movement Insurance covers you for any installed machinery or equipment in your possession at a specified location.
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Motor Fleet Insurance

Motor insurance is a legal requirement, and Motor Fleet Insurance is a more flexible approaching to insuring vehicles used by a company.
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Motor trade insurance

Motor trade insurance is a vital requirement for anyone buying, selling or running a car garage.
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Shops Insurance

Shop Insurance is primarily designed to provide cover for all areas of a retail business with commercial premises.
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Tradesman Insurance

There are thousands of different tradesmen all with varying needs of insurance due to the levels of risks with their work.
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