The word from Open GI and Covea;
Open GI has further expanded its property insurance offering with the addition of Covéa’s new Property Owners product.
Available on Open GI’s SME Commercial Lines platform and via imarket, the new product provides cover for up to ten commercial and residential properties under a single, comprehensive All Risks policy. The product is tailored to suit a host of property types including professional lets, retired tenants, family units, offices and retail units. Highlights of the cover include:
- Commercial buildings cover of £1,000,000 and contents up to £50,000.
- Property Owners Liability up to £5,000,000.
- Loss of Rent up to 33.3% of property sums insured for residential properties and blocks of flats.
- Alternative Residential Accommodation up to 20% of the building sums insured.
- And a standard £250 Property damage excess.
Commenting on the new product, Nick Giddings, Director of Partner & Distribution at Open GI, said: “Open GI and Covéa have been working together for nearly two decades and the launch of this new Property Owners product is the latest output of this strategic relationship.
“We have worked together on everything from insurer hosted pricing to data-driven performance analysis and this new product brings Open GI’s 45 years of digital innovation together with Covéa’s award winning proposition to create a brand-new proposition for brokers. We are delighted that Covéa have once again chosen Open GI to facilitate their distribution.”
Commenting on the launch, Keith Hector, Commercial Lines Director at Covéa Insurance, said:
“We’re really pleased to be bringing our new Property Owners product to market with Open GI. This launch is another example of how our SME Experts proposition continues to evolve, shaped by what brokers tell us they need to trade effectively.
“Working in close partnership with Open GI, we’ve combined flexible, comprehensive cover with a simple digital trading experience, helping brokers place and manage property risks with confidence.”
In addition to the primary cover, the Property Owners product provides a host of extensions as standard, including:
- Contract Works – £250,000.
- Illegal Cultivation of Drugs – £5,000.
- Malicious Damage by Residential Tenants – £5,000.
- Replacement of Keys and Resetting of Digital Locks – £5,000.
- Theft of fixed fabric of the buildings – £25,000.
- Unauthorised Use of Electricity Gas or Water – £10,000.
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