Why it is important unoccupied commercial property is adequately covered under an appropriate insurance product
In challenging economic times, in which lenders are less inclined to lend and entrepreneurs adapt a wariness that halts their commercially-minded spirit, commercial property inevitably becomes less sought-after and its demand begins to wane.
Within this climate, as more and more businesses fail, new ones are not there to replace them, hence commercial property becomes increasingly unoccupied. The growing number of commercial premises being left unoccupied across the UK highlights the importance, not only for unoccupied property insurance, but for premises to be adequately covered under an appropriate product and with the right wording.
An unoccupied commercial building, such as a shop, warehouse or office, is vulnerable to theft, vandalism and damage. Vacant buildings are more likely to attract unwanted visitors as they act as easy targets to vandalise and be broken into.
Due to the increased risk of vacant commercial property, if the building is left unoccupied for more than 30 days at a time, standard commercial property insurance policies would not be adequate. Instead, a non-standard commercial insurance product will need to be taken out. Nelson Policies at Lloyd’s provide a comprehensive range of non-standard, specialist insurance products for commercial property that can cover vacant premises.
We recognise that no two properties are the same, and there are different reasons as to why a building is left unattended. Our team of professional and experienced underwriters will look at each individual case and provide appropriate cover with the right wording to cover unoccupied property.
To find out more about our Non-Standard Commercial and Residential Insurance and taking out an appropriate product with the correct wording that will adequately cover unoccupied properties, get in touch with our team of Underwriters today.Back to Blog
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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