Property / MATERIAL DAMAGE INSURANCE:
Buildings, Contents, Stock, Machinery, Tools
Material damage insurance provides cover against most risks to your tangible property, such as, buildings, contents, plant and machinery, computers, stock, tools, etc. Sums insured need to be set based on the cost of replacement with new, excluding stock. This is called reinstatement cover and therefore, the sums insured need to reflect this. Stock is insured on an indemnity basis, which means it will be the cost of replacement at the time of the loss, excluding any profit element.
The widest material damage cover that is potentially available for commercial property is All Risks which covers any loss or damage not otherwise excluded in the insurance policy, including accidental damage. If a policy is based on standard perils, this can include:
Fire, lightning, aircraft, explosion, impact
Storm, flood, burst pipes
Subsidence, flood and terrorism may not be automatically included but may be available for payment of an additional premium. Please see the following comments:
Business Interruption Insurance
Business interruption cover aims to place an insured business in the same financial position it would have been had it not been for the occurrence of a material damage loss, such as a flood or fire. This type of cover is, therefore, a critical form of protection for any business.
Business interruption insurance consists of the loss of anticipated profit during the period of indemnity which the insured would have earned had the insured incident not occurred, the continuing expenditure to which the business is committed irrespective of whether the business is trading normally and the increased cost of working necessary to maintain the business as far as possible and recover as quickly as possible from the effects of damage.
Business interruption cover only applies following a material damage loss via a clause called the Material Damage Proviso. There are a few exceptions which can be included in a policy under a Material Damage Proviso Waiver for interruptions to the business caused by incidents outside its control, such as:
Denial of access – where damage to buildings, roads, bridges, and so on, which are not the property of the insured, prevent access to the insured’s place of business.
Major damage or destruction of property of a major supplier or major customer of the insured.
Loss of public utilities, the failure of water and telecommunications, including internet access have also resulted in business interruption losses.
As a business interruption insurance policy deals with the intangible, there is usually a formula proposed in the schedule of the insurance policy. Calculating the sum insured, the indemnity period and many other factors means that business interruption insurance can be complex to arrange correctly, to avoid underinsurance and the potential reduction of a claim. This is why the expert team at RS Risk Solutions are here to help you, so please call us to discuss these critically important insurance covers.
Material Damage and Business Interruption Claims Management
Managing material damage and business interruption claims following an insured incident can create even greater levels of complexity for an already over-burdened business, which is why RS Risk Solutions recommend Loss Recovery Insurance with Lorega. Lorega provides an expert team of loss adjusters who will work with businesses and on behalf of businesses throughout the period of disruption. They will help our clients manage their claim, negotiate with the insurers and their loss adjusters and help the business get back on its feet as soon as possible. Talk to the team at RS Risk Solutions about arranging Loss Recover Insurance.
Goods in Transit Insurance
Insurance for Unoccupied and Non-Standard Property
Unoccupied Commercial Property Insurance
Insurance cover for unoccupied commercial property can be difficult to obtain. However, the team at RS Risk Solutions works with a number of expert property insurers who provide insurance covers which are designed for commercial buildings which are going to be standing empty for a length of time. This insurance generally provides cover for loss or damage resulting from fire, theft, cost of evicting squatters and vandalism. Certain perils may be only be available for payment of an additional premium and / or may be restricted or excluded, such as, flood, subsidence or damage caused by leaking water pipes, tanks or systems. Speak to us about water tracking systems – we will be happy to help provide more information.
Non-Standard Property Insurance
Some businesses are involved in complex or hazardous work often find it difficult to obtain the insurance cover you need. We have strong relationships with specialist insurers and would be happy to discuss your requirements. Please give us a call.
Contact us regarding your property, land and livestock insurance requirements. Working with specialist insurers, RS Risk Solutions can arrange all risks cover for both your herds or specified animals only across a range of perils, including animal diseases.
COMMERCIAL LANDLORD INSURANCE
We can arrange your commercial landlord insurance working with our specialist insurance panel. Most insurance packages for commercial landlords include either as standard or as optional extras* the following:
Buildings cover for multi-properties (subsidence, heave and landslip*)
Contents / fixtures and fittings*
Property owner’s and employers’ liability*
Glass and replacement keys cover
Cover to rehouse tenants that are displaced due to insured damage
Loss of rental income following insured material damage*