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Assess rebuild costs
Is your building insured for the correct amount? We advise seeking a Reinstatement Cost Assessment (RCA) from a building surveyor to ascertain the correct figure. Insurers recommend this is carried out every 3 years to protect against underinsurance.
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While specific figures can vary greatly depending on the property and location, the potential losses associated with inadequate sums insured may be significant. For example, if the property is underinsured by 50%, insurers may apply an ‘average’, reducing the claim by 50%.
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The Royal Institution of Chartered Surveyors (RICS) reports that a significant percentage of commercial properties in the UK are underinsured, with average shortfalls of 61%. This shows the importance of having an up-to-date RCA to reflect changes in construction costs and property improvements.
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Be aware of tenant activity and always keep insurers updated
Keeping a keen eye on tenant activities and keeping your insurance company in the loop is essential. Some insurers may deny or decrease a claim if they’re not adequately informed about specific circumstances. Always notify your insurer about any shifts in occupation. For instance, if a tenant alters their business operations or sub-lets a portion of the property, it’s imperative to bring this to your insurer’s attention to help ensure you’re fully covered and that there are no unpleasant surprises if you need to make a claim. An informed insurer is your best ally when it comes to protecting your property!
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Don’t forget to inspect vacant units
Most insurance policies stipulate that empty units should be inspected every week. If this routine is overlooked, your cover could be at risk.
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Without these regular visits, a minor issue like a leaking pipe could go undetected for weeks, leading to significant damage. Insurance companies often have strict rules about vacant properties. Make sure you’re familiar with these by thoroughly going through your policy documents.
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![\"\"](\"https://ggfx-strettons.s3.eu-west-2.amazonaws.com/i.prod/Protect_vacant_properties_6953985179.png\")
Protect vacant properties
Securing your unoccupied properties need not be a daunting task, but it is crucial to uphold your insurance policy. If your property is vacant, consider draining the system or setting the heating to maintain an appropriate temperature to prevent frozen pipes and bursts. Secure your letter boxes, clear away rubbish which may become a fire hazard, and consider additional security requirements to deter squatters and break-ins. Our property management and insurance teams work alongside each other to better understand the risks of properties under our management and seamlessly coordinate any additional precautions where needed. For advice on securing any vacant units, ask our team.
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![\"\"](\"https://ggfx-strettons.s3.eu-west-2.amazonaws.com/i.prod/Pay_attention_to_restaurant_and_kitchen_conditions_cea1164a03.png\")
Pay attention to restaurant and kitchen conditions
Insurance policies that cover restaurant buildings may come with specific kitchen conditions. Keeping your tenants in the loop about these policy requirements is important. You must disclose an essential detail: if your tenant undertakes deep-fat frying, your insurer needs to know, or your claim may be declined. By staying transparent with your insurer and your tenants, you’re ensuring a smooth insurance process.
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Double check your Property Owner’s Liability
When it comes to Property Owner’s Liability, you’re guarding yourself against unexpected incidents where you, the landlord, might be held responsible. This cover provides protection if a third party suffers an injury and you’re found at fault. Let’s say a tenant stumbles over a loose carpet or uneven pavement, or perhaps a tile dislodges from a roof and injures a passerby. In these scenarios, your Property Owner’s Liability cover is your safety net.
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Always review your cover to ensure the limit is sufficient. Many insurance providers automatically offer a minimum of £2m or £5m. Is that enough? Strettons believes in providing more comprehensive protection, which is why our policy offers a standard limit of £10m. It’s about giving you that extra peace of mind. After all, when it comes to safeguarding your property, there’s no such thing as being too prepared.
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Insurance is an essential tool that protects your investment and offers peace of mind. By following these tips, you can ensure that you’re not just buying an insurance policy but investing in your commercial property’s future.
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Our property management and insurance clients benefit from our Premier Level Cover, a personalised, dedicated service and expert guidance on minimising potential risks.
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If you would like our team of experts to review your policy for any hidden caveats, please don’t hesitate to reach out.
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