ABOUT CLAIMS VIDEOS NEWS CONTACT CAREERS PAY ONLINE CONTACT US TODAY 01274 515747 MON - FRI | 8:30AM - 5PM Menu Property Owners In House Claims Bespoke Insurance Solutions Risk Management Expert Advice If you own a property, it is important to have appropriate insurance covers in place. Whether you own a commercial building, block of flats, private house or a portfolio of properties, insurers offer a range of policies to suit the type of property and your requirements. Buildings It is important to choose a sum insured that is sufficient to cover the costs of rebuilding, repairing or reinstating the property following a loss. The sum insured not only includes the rebuild from scratch but also includes professional fees and costs for removal of any debris. A Chartered Surveyor can calculate the accurate sum insured and as the cost of rebuilding the property will tend to increase over years, so it is best to review this figure periodically to make sure it remains adequate. Important Clauses to be aware of VAT Clause: If the entity owning the property is unable to recover VAT, then this element must be included in the building sum insured and it is important to check to make sure the reinstatement figure is adequate. Average Clause: The Average Clause is an important consequence of underinsurance and all policies have conditions in determining the claim settlement. If, at the time damage occurs, the sum insured is less than the actual calculated rebuild cost of the property, the insurance company’s liability shall be limited to that proportion of the amount otherwise payable. The claim will be reduced on a pro rata basis and any extra costs will have to be dealt with by the policyholder. Contents Whether it be communal contents and/or landlord’s contents, an adequate sum insured for reinstatement on a “new for old” basis should be covered. Property Owners Liability This is an extension on most Property Owners policies and will cover costs and damages awarded to a third party if they have suffered a bodily injury following an accident, illness or disease which is deemed to be as a result of the premises. From a tenant falling down the stairs due to poor maintenance or a loose tile hitting a third-party vehicle, there would be legal expenses and solicitor’s costs in defending the claim. Property Owners Liability protects landlords and property owners, and the limit of indemnity should be based on your assessment depending on the risk. Extensions Different Property Owners policies have a variety of extensions including:- Employers Liability Engineering inspection Alternative Accommodation Trace and Access Legal Expenses To find out more and to discuss your needs, please contact us on 01274 515 747 or email us at mail@lwood.co.uk Request a callback Send us your details and we'll be in touch. First Name Last Name Phone Number Email Postcode CAPTCHA Business Interruption We would always recommend insuring on a Gross Revenue / Gross Profit basis, together with additional costs as from experience following a loss, the policyholder would have to spend more money than necessary in order to keep the business functioning LEARN MORE Directors & Officers Liability In today’s rapidly changing business climate, regulators are increasingly more vigilant about internal controls and corporate governance meaning the need for superior Directors and Officers Liability cover has never been greater. LEARN MORE SIGNUP TO THE L WOOD NEWSLETTER TO RECEIVE TIPS, GUIDANCE AND NEWS. Email* For further details on how your data is used and stored, read our Privacy Policy CAPTCHA About Claims News Contact Pay Online © 2021 L Wood & Co Ltd Insurance Brokers. All Rights Reserved. Registration number 306091. Authorised & Regulated by the FCA - https://register.fca.org.uk/s Terms of Business | Privacy Policy | | We use cookies to track your use on our website. This enables us to learn more about how you use the site and track any patterns. This helps us to develop and improve our website for yourself and other users, as well as guide us on improvements to products and/or services in response to what you might need or want. Cookie Policy Cookie settings ACCEPT