Property Owners Insurance

Estate Insurance Group specialise in the Property Owners Insurance and as part of our service to our clients we can assess your needs and advise you on the coverage that is most appropriate. We work both on UK and international property portfolios.

We understand the necessity for clarity and are therefore our bespoke system is able to produce individual certificates and invoices for each tenant.

Buildings Insurance

At the core of all Property Owners Insurance policies is cover for the Buildings. The cover provided will usually be on an “All Risks” or Specified Perils including Accidental Damage basis.

Definitions of buildings insurance are generally the same and to define a building this means, for insurance purposes, the actual structure, the foundations, the walls, floors, roof, windows, plumbing, fixed electrical wiring, decoration and permanent fixtures and fittings. Anything easily removable would be covered by contents insurance. There are a few grey areas such as fitted carpets as these would generally be treated as contents and are not to be insured under the buildings insurance policy.

Buildings insurance would also cover any outbuildings. When you extend your building or make any structural changes and enhancements to your property, you should notify the buildings insurance policy provider to update them to the property changes in case of a claim being made.

It is important to note that the Building Insurance value is based upon the cost of rebuilding your property not on the market value.

Rental & Service Charge Income Protection

This is an integral part of the Property Owners policy. There are different requirements depending on the type of property and it is very important to assess indemnity periods when calculating loss of rent and service charge figures as most leases will usually require the landlord to insure for a minimum period of three years for loss of rent cover.

Property Owners Liability

A final and equally important part of a standard Property Owners policy is cover for Property Owners Liability.

This cover provides indemnity against Legal Liability for accidental bodily injury or disease (fatal or non-fatal) to third parties or loss or damage to third party property arising out of business activities by the policyholder. Limits of Liability usually from £5m and upwards can be obtained to suit the requirements of the policyholder.

Terrorism Insurance

Your Property Owners policy can also be extended to cover Acts of Terrorism which will indemnify you for losses resulting from loss or destruction of or damage to property insured, directly caused by an Act of Terrorism occurring during the Period of Insurance.

An Act of Terrorism is defined as: Act of persons acting on behalf of or in connection with any organisation which carries out activities directed towards the overthrowing or influencing by force or violence of Her Majesty’s Government in the United Kingdom or any other government de jure or de facto. The maximum paid will not exceed the Limit of Liability or Sum Insured specified in the policy.

It should also be noted that should you elect to take up terrorism cover this must be applied to all properties insured under a portfolio.

Landlord Contents

Contents cover can be provided under a Property Owners Policies but would are usually limited to items which are owned by landlord.

We are also able to add additional coverage for furnished let residential properties.

Engineering Insurance

Engineering insurance is a specialised coverage addressing the needs of those responsible for Statutory Plant & Machinery, which includes inspection and breakdown cover. We have relationships with a number of insurers who offer a wide range of engineering covers to suit the needs of property owners and businesses alike.

Legal Expenses

Legal Expenses covers legal awards and defence costs arising from contractual disputes.

Legal disputes are often costly and stressful to pursue or defend. Many people are deterred from taking legal action because of the financial risk and uncertainty of the outcome. This is where legal expenses insurance can help.

Unlike conventional insurance, legal expenses insurance does not make a direct payment for a claim. Instead, the insurance covers the legal costs involved in pursuing or defending a claim.

Unoccupied Buildings

If you own a property which has become unoccupied, you are probably aware of the difficulty you can then face trying to obtain a competitive quotation to insure it. Many insurers will either limit cover or in certain circumstances or not provide any cover for an unoccupied building, and therefore specialist products are required to ensure you get the maximum amount of cover at a realistic price. Unoccupied property insurance is suitable for properties which may be left vacant for 30 days or more.

When your property becomes occupied inform us immediately and we will then review your cover and arrange for the appropriate cover and premium to be applied.

Latent Defects

Latent Defects insurance is a cover that provides owners of new commercial or industrial properties with protection against damage caused by a defect in design, workmanship or materials not discovered before the cover commences.

By taking out Latent Defects cover it will provide costs for repairing the damage and allow you to remain running your business. Latent defects policies should be considered at the outset of the project because they tend to be much more expensive if sought during the construction period.