Security Insured are in the fortunate position of our parent company Movo Insurance being specialists in Property Insurance.
That means that you can also talk to us directly as we are already adept at looking after insurance policies for property owners, property developers, managing agents, private landlords, leaseholders, freeholders and right to manage companies. We realise that it may not just be a liability risk for your security business that you need looking after and we already look after a number of property portfolios right across the UK and have seen most scenarios before.
Property insurance no matter the kind, does require specialist insurance protection. Within our group’s portfolio we look after single shops, apartments/flats, houses/mansions, office blocks, blocks of flats, private estates, vacant properties, public houses, industrial estates, vacant properties and buildings in construction.
Frequently asked questions (FAQ)
Commercial property Insurance can cover a wide range of risks, but at its heart is the protection against loss or damage of the structure and fabric of the building itself, together with the policyholder’s contents.
Risks which may be covered in this way would include, fire, flood, earthquakes, explosions, escape of water, storm damage, impacts (from aircraft, vehicles or falling trees and branches), vandalism and theft.
The amount of insurance required naturally depends on the size of the commercial property and the business activities carried out within it. As a general rule, however, building and contents cover assumes the worst-case scenario in which the building is a total loss and needs to be completely rebuilt. Guidance of rebuilding costs from the Royal Institute of Chartered Surveyors can be found here.
No having Property Insurance isn’t a legal requirement.
However, your mortgage lender may insist you have buildings insurance as this type of policy covers the cost of a complete rebuild if something catastrophic happens to your property.
These are the risk insurers give covers for. Examples are: fire, water damage, theft, malicious damage, earthquake, storm, subsidence and accidental cover.
This is a policy, or a section of a policy which provides protection for the possible loss of profits and/or to give you help in re-establishing your business to the position that it was in prior to the loss. Business interruption claims usually requires a physical incident to occur in tandem with any BI claim. There are several bases for insuring business interruption although the most popular way is by declaring the insurance gross profit estimate. We have a handy calculator to help with this.
On some occasions they do via selected registers. The best approach is to declare everything you think is relevant, thus removing any concerns you may have about historical data.
The answer is an emphatic yes! Most insurers will ask you a direct question in relation to liquidation or bankruptcies, it may be for a limited period or ask you to declare any incidents ever. It’s important to answer the question correctly as this is often an area that comes up when insurers are investigating claims.
This is when a proportional amount of the premium is refunded in line with the amount of time that remained on the policy.
Policies vary greatly. Some products, like high net worth private household policies give very broad cover including warranty free policies whilst other policies may restrict cover to very narrow set of conditions using policy wordings. It is also true that insurers approach to claims handling varies greatly and you should always enquire as to how well an insurer deals with claims.
Consumer policies tend to have a cooling off period. Some commercial policies will offer a pro rata cancellation refund if cancelled mid-term. Some policies are known as minimum and deposit. This means all the premium is due from the moment you take up the policy with no refunds given. It is always worth consulting with us regarding any questions you have around this. Our aim is always to provide you with the insurance solution which best fits your business and current needs.