A sustained rise in construction costs this year is increasing the likelihood of significant underinsurance of buildings in the UK. Recent data from RebuildCostASSESSMENT.com has highlighted how on average, buildings are covered for just 68% of the amount they should be in Britain. However, with rebuild costs rising rapidly, the current situation is likely to be even worse. According to the Builders Merchants Federation (BMF), prices have risen by between 10% and 15% for products and materials this year. However, some products, such as timber, have seen prices go up by 50% and by as much as … [Read more...]
Rebuild Cost Assessment
Protect your organisation from underinsurance Buildings should always be insured for the amount it would cost to rebuild them. However, fewer than one in ten commercial properties in the UK are covered correctly. If you are over-insured you are probably paying too much for your buildings insurance. If you are under-insured, you face a reduced pay out in the event of a claim. Insurance claims can be reduced by hundreds of thousands of pounds due to under-insurance. Watch this short video to see why being underinsured can be a big problem and how you can avoid it. Read … [Read more...]
Unoccupied Property Market Response – Lockdown 3.0
Unoccupied premises due to COVID-19 It is important to distinguish between temporarily closed premises due to COVID-19 and previously longer terms unoccupied premises, the responses contained below are specifically for temporarily closed premises due to government guidelines and will not apply for premises that fall outside of the guidelines. For those customers whom have longer terms unoccupied exposures we recommend that they review their policy document and notify us immediately if they are struggling to adhere to any pertinent policy conditions. The ABI have released the following guidance … [Read more...]
