Property Owners Insurance
Bruford & Vallance are able to offer Residential and Commercial Property Owners Insurance as part of our service to our clients.
Some of the features of the policies we can offer from a limited panel of major insurer are as follows:
The main component 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.
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.
Contents cover can be provided under a Property Owners Policy, but are usually limited to items which are owned by the landlord.
We are also able to add additional coverage for furnished let residential properties.
Engineering insurance is a specialised coverage addressing the needs of those responsible for Statutory Plant & Machinery, e.g. lifts and escalators 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 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.
If your current policy is due for renewal, or you would like an informal chat about your requirements, please contact us on the office number above, or complete our online request form, and we will contact you at a time convenient to you.