Whilst building our portfolio of property owners insurance, we have worked with all kinds of property owners including landlords, property agents, commercial surveyors & estate managers in order to go beyond the simple, general cover.

We have identified eleven elements of cover that property owners often overlook. These eleven elements are the most common reasons given to us from clients moving from other brokers because we are able to offer them as standard:

1. Flood risks – The recent introduction of flood mapping and modelling has allowed most insurers to predict the impact of high rain fall & flooding. Cornerstone have arranged cover for properties that lie in areas that are likely to be affected by a major flood, with up to a 0.1 per cent (1 in 1000) chance of occurring each year. Every case is taken on its own merits and depends upon past flooding experience, construction and occupation.
2. Non-standard construction – properties that have unusual or non-standard construction can be placed through Cornerstone. Everything from roofs made from Perspex plastic & mineral felt on timber decks to walls made from mud & straw present a problem but can be accommodated with Cornerstone, dependent on the building use and condition.
3. Unoccupied properties including empty factories, flats and offices. Full perils may be available for most properties with good physical security and a timetable to be re-let. A recent parade of shops on the East Coast with only 20% occupancy was insured with full perils when the refurbishment plans and re-occupation schedules were detailed and approved with insurers.
4. Property in the course of alteration – most buildings will undertake some building work in their life time and Cornerstone currently have on the cover properties where their internal wall & floors have been removed. Partial demolition can create headaches for most developers and Cornerstone could have the solution for this type of property.
5. Hazardous activities can cause the premiums to escalate. Warehousing of flammable products, recycled materials, waste and chemical storage is a challenge we’d like to help you with.
6. Have you got underground storage tanks or worried about contamination of a nearby a river or watercourse? Why not discuss your building concerns with our property directors or let us put your mind at rest and organise an environmental risk survey.
7. High value goods are in the news with the Hatton Garden break. The building’s insurers are picking up the pieces with repairs and it’s not good news for the property insurers. Our clients get advice on additional security and discounts on approved alarm systems. We have successfully foiled raids on our clients properties with some inventive security solutions.
8. Last minute cover can be arranged for property bought at auction and certificates of insurance issued from our offices for mortgage lenders with no fuss or delay.
9. Loss of rent, £2 million property owners liability, accidental damage and subsidence come as standard.
10. Emergency call out team available for boarding broken windows, storm damage, fire & flood restoration. No need to scour the internet for a tradesman when Cornerstones disaster recovery partners can be with you within hours of the call.
11. Payment options are often a consideration for property owners and our clients request terms from 3 to 10 months.

If, like our clients, you would prefer to have a comprehensive property owner’s policy or if you’d like to know what you haven’t got & what you might need, please feel free to give us a call on 0116 344 0040 & we’ll arrange the cover without fuss.

Tim Lee

Managing Director – Cornerstone Insurance