In Autumn 2018 a large fire hit the headlines with the demise of the Littlewoods Pools building in Liverpool.
Although thankfully no lives were lost, it was a stark reminder of the risks of commercial fires. We know that many Mortgage Brokers / IFAs have clients who are commercial property owners or even developers. Whilst you might arrange their mortgage or other personal insurance cover, do you address their commercial needs?
We have experience in cases where developers in particular haven’t insured the site. Insurance should be in place from day one even before works start and include any unoccupied properties. Total loss from fire is an obvious risk, but your clients’ liability as owners or landlords is equally important; for example if a third party or even a squatter breaks in and injures themselves on site.
Modern construction here too has a bearing. One of the biggest risks to modern methods of construction is fire, especially during construction as insulating materials are exposed until the exterior and interior are enclosed. Even after construction, fire risk remains of course; compliance with building regulations doesn’t guarantee a building is of ‘standard construction’ and it isn’t always obvious – modern materials can be designed to look like traditional materials, making it difficult to assess the risk. For example, thin brick slips (typically made from thin slices of brick, concrete or plastic) can be laid over rendered insulation giving only the appearance of brick. It’s vital that property owners know the construction of their properties and provide this information to their insurers to ensure cover is adequate.
We can help you find the relevant insurance needs for your client. Call us on 01273 477784.