Is your listed property adequately covered?
There are around 500 thousand listed buildings in Britain. A building becomes officially listed when it is included on the Statutory List of Buildings of Special Architectural or Historic Interest. When it has a listed status, a building cannot be changed, extended or demolished without special permission from the Local Planning Authority.
There are three grades of listed property in Britain. Grade I refers to buildings of exceptional interest, Grade II are grouped as particularly important buildings, and Grade III are considered the highest type of special interest building, in which every effort must be made to preserve them.
Owning a listed building brings additional responsibilities. Historic, old and listed buildings require specialist insurance that is inherently more complex than conventional buildings insurance. The last thing any owner of a listed building wants is to discover they are not adequately insured should the building be subjected to damage.
Insurers are often reluctant to insure listed buildings for a number of reasons. One of the primary reasons to the due to the scarcity and special nature of the materials often required to be used on the restoration of old, listed buildings. As materials are often much rarer than those on non-listed buildings, it can take significantly more time, money and effort sourcing materials and getting repairs done.
Often the repair or restoration of a listed building requires a specialist to reinstate the building properly. For example, a master mason may be required to carve out stone for a listed building repair. Such specialist requirements can significantly increase the costs and time involved in repairing or rebuilding a listed building.
Given the complex nature of listed building repair and restoration, it is vital owners of such buildings have insurance in place that covers them should damage occur to the property.
Nelson Policies at Lloyd’s underwriters specialise in providing bespoke, tailored solutions for non-standard residential property.
For more information about our bespoke insurance solutions for non-standard residential property, including listed buildings, get in touch with Nelson Policies at Lloyd’s friendly team of residential property insurance experts.
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Q&A with … Kelly Staggs our longest serving team member, renewals underwriter.
As I oversee all the commercial renewals, I like the fact I am continuously kept busy. Every day, I am reviewing a different type of risk and seeing how other people would underwrite it. I also like having the ability to re-review a risk and provide the best options for both the Insured and broker.
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