Specialist insurer Ecclesiastical has refreshed its property investors product in a move that will see it further strengthen its presence in the real estate sector.
Ecclesiastical already has a substantial real estate insurance portfolio, complementing its expertise in the heritage, education and charity sectors. It is keen to continue its growth in the sector both in London and across the UK through its regional offices in Birmingham and Manchester.
The insurer’s real estate portfolio includes a wide range of risks from the ultra-modern to historic properties, including business parks, shopping centres, offices, industrial/warehousing risks and residential properties.
The refreshed product includes a series of new features and enhancements to existing covers including:
- A Green Clause: covering the cost of improved environmental performance as part of the reinstatement of buildings up to 10% of a single claim or 10% of the sum insured or £500,000 (whichever is the lower value).
- Temporary Accommodation or Loss of Rent for private residences: limit increased to 25% of the building sum insured with an indemnity period of up to 36 months.
- Equipment Breakdown: an increase to £2,000,000 to cover damage to the property owner’s own surrounding property from any one accident caused by explosion or collapse.
- Residents Associations trustee and management liability cover.
- And improved optional Legal Expenses cover including: employment disputes and compensation awards, legal defence, statutory licence appeal, contract disputes, debt recovery, property protection and personal injury, tax protection and leased or let property including removal of squatters.
Commenting on the product refresh, Adrian Saunders, commercial director for Ecclesiastical said: “We have the expertise, capacity and appetite to write significant property investor risks. The refreshed property investors product will build on our already successful real estate proposition and help support our continued ambitions in 2019 and beyond.”
“Our property investors product also comes with access to our specialist in-house building valuation and risk management service. This can greatly reduce the risk of underinsurance, providing peace of mind for brokers and their clients.”
The refreshed product will apply to all new business and renewals from 1 January 2019.