Unoccupied Commercial Property Insurance
Excellent low cost premiums
Extension, Renovation & conversions covered
Low monthly installments available
Bespoke unoccupied schemes
Low payments with value-added policies
Specialist advice to ensure you get the right policy
Unoccupied Commercial Property Insurance is much more difficult to obtain than standard Commercial Property Insurance it is likely that cover will be limited and security requirements will be stricter. The security requirements for unoccupied property are often more onerous than for Commercial Buildings and Contents Insurance and the cover available is often restricted to FLEA cover (Fire, Lightning, Earthquake & Aircraft).
When quoting for this type of cover the insurers will require answers to all the standard underwriting questions such as construction, age, location and previous claims. They will also pay special attention to the tenant of the building and in particular their use of it. Normally shops & offices have the lowest rating with factories and premises where goods are manufactured being the highest. It is nevertheless possible to obtain cover for unoccupied commercial buildings.
Unoccupied Property Insurance has become very much a specialised area and insurance for empty commercial buildings has become hard to obtain. Many insurance companies are just not prepared to meet the risks associated with unoccupied property.
Unoccupied commercial buildings are particularly unattractive to insurers underwriters in view of the increased chances of theft and malicious damage and without heating in place the threat of burst pipes also increases. Unoccupied Home Insurance is easier to place but will generally come with additional terms and conditions such as draining the heating system and turning of the mains water of ensuring heating is kept on to prevent freezing
Empty buildings fall in to several categories, some are domestic homes on the market awaiting sale and often empty property insurance is only needed for a short time. Short term insurance is not attractive to underwriters because of the small premiums ratio in return for the cover offered.
When selecting an insurer for unoccupied property it is important to disclose to the best of your knowledge and belief the answers in the application form are true and correct. Tell them exactly why the property is vacant and provide them with a schedule of any works to be done. If you don't answer these questions honestly, your policy may be cancelled, withdrawn, or a claim rejected or not fully paid.
Before obtaining a quote we recommend that you consult a surveyor to obtain an up to date reinstatement value. Under insured properties will result in any claims value being reduced. If you require unoccupied house insurance you can obtain an up to date reinstatement value by visiting the building cost information website (BCIS).
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