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Property

Property insurance covers the assets of your business against loss or damage at your own premises, third party premises, customers or storage locations and mobile property anywhere in the world. Cover can be arranged for specified perils, eg. fire, lightning, storm and flood, or more commonly on an “all risks” basis subject to pre agreed exclusions.

What is covered? The wording generally revolves around the following categories of assets:

  • Buildings
  • Tenants improvements
  • Stock
  • Machinery, plant and all other contents
  • Computers including portable equipment

When arranging cover for our clients, due consideration is given to:

  • Sum insured
    • Must be accurate to ensure compliance with the average condition. We have developed market leading wordings to ensure premium spend is focussed on the assets which matter – see case studies
  • Warranties
    • Specifying risk management procedures must be agreed prior to placement to ensure claims are met in the event of a loss. The application of warranties and conditions have increased in recent years as insurers battle for market share on price. Reliance upon warranties and conditions to decline claims is essential for insurers profits. These need to be amended or deleted from standard wordings to ensure compliance is achievable
  • Subsidence
    • Commercial contracts do not always cover loss or damage resulting from subsidence, ground heave or landslip automatically. This can leave property owners facing a large bill in the event of a loss from this cause. The policy wording may need to be extended to provide this cover which is normally subject to a £1,000 excess
  • Debris removal
    • In the event of a fire, damaged contents and parts of the buildings structure will need to be removed from the premises or what's left of them. In some policies, this cover is automatically provided, but other insurers need to extend their wording and will charge for this additional cover
  • Unoccupied properties
    • When properties are left empty for 30 consecutive days, cover is normally restricted to fire, aircraft and explosion only. Increased cover can be obtained on negotiation with insurers
  • Non standard risks
    • We can arrange cover for obsolete buildings and stock, composite panel construction, fluctuating stock, property in the open, engineering breakdown

Castlemead Insurance Brokers have the knowledge, experience and market connections required to competitively place the required cover for your business.

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