Commercial Property Owners Insurance
At J. E. Sills and Sons Ltd we have been arranging Commercial Property Owners insurance for over 80 years.
We have a panel of leading Insurers and Underwriters who provide extremely competitive premiums.
Risks we can Insure
We can insure all types of Commercial Buildings including:-
Blocks of Flats
Commercial
Industrial
Multi tenure
Offices
Shops and Shopping Centres
Unoccupied
Cover
Standard cover generally includes fire, lightning, explosion, aircraft, earthquake, riot, malicious damage, storm, flood, burst pipes and impact.
In addition cover can be extended to include accidental damage, subsidence, theft and breakage of glass.
Terrorism
Following the attacks on 9/11 Terrorism cover was deleted by all Insurers from their standard policy wording but can be purchased as a “buy back” for relatively little cost.
The definition of a terrorist is extremely wide and we recommend all Clients should take out Terrorism cover
Loss of Rent
Should the property suffer a major fire and be uninhabitable for a period of time it is likely there will be a reduction in rental income.
It is possible to provide protection for Loss of Rental Income. The period during which loss of rental income is covered (indemnity period) can range from 12 months to 36 months. Some Insurers provide 36 months protection as standard and for no additional premium.
Property Owners Liability
The owner of the building may held legally liable following injury to or damage third parties including tenants.
The Limit of Indemnity can be pre selected from £1m to £20m or even higher limits where needed.
Employers Liability
If you employ cleaners, caretakers or other employees you will need to arrange Employers Liability Insurance under The Employers Liability Insurance (Compulsory Insurance) (Amendment) Regulations 2008.
The standard limit of indemnity is £10m but this limit can be increased if needed.
Statutory Inspection
Passenger lifts and other lifting equipment may need inspection under The Lifting Operations and Lifting Equipment Regulations 1998 (LOLER) which became law from 5th December 1998.
Compressors and pressure vessels may need statutory inspection under The Pressure Systems Safety Regulations 2000.
We select the most competitive premium from a panel of leading Insurers.
Sums Insured
The sum insured should represent the rebuilding cost including removal of debris, architect and surveyors fees.
If the sum insured is inadequate then average may apply and Insurers may on pay a proportion of the claim.
It is important to consider that if a loss were to occur on the last day of the period of insurance and rebuilding takes 24 months the sum insured you select now needs to take into account inflation in rebuilding costs from inception of the policy until the date the property is rebuilt. At J. E. Sills and Sons Ltd we have can provide protection against such increases in rebuilding costs.
Landlord v Tenant arranging Insurance
Normally the lease will dictate who is responsible for arranging insurance for the buildings.
At J. E. Sills and Sons Ltd we believe that the owner of the building should arrange the cover, even if the tenant reimburses the insurance premium. As a property owner the building will represent a significant asset and by arranging insurance as landlord you have control over the cover, sums insured and the market in which the cover is arranged.
CALL US NOW ON 01522 549191 or CLICK HERE for a quotation.