commercial property

Commercial Property

we can provide the following cover

Below you will find the information that relates to the cover that we can provide if you require Commercial Property Insurance. 

Please check the sections below careful but if the information  you require is not shown then please contact us with your requirements and we will see if we can assist.

Occupations we can cover
  • We are not necessarily restricted as to the type of occupation we can provide property coverage for as what we can offer very much depends on the quality of the physical risk itself and the quality of information supplied.
  • Without COPE information including reference to the electrical system age and condition we will not be able to offer any terms.
  • Property consisting of or involving the storage or use of Arms, munitions or explosives we cannot cater for.
  • For any occupation utilizing a ‘high risk’ process such as the application of heat or raw materials which are highly flammable, corrosive and/or explosive in nature we will require full details of the processes involved and risk mitigation plans.
  • If the property forms part of a multi tenure facility we will need details of all processes being. undertaken not just those of the person / entity requesting cover.
Types of Premises
Premises need to be of modern construction and constructed from non flammable materials.  We need to be advised as to any type of composite panel utilised in the construction of the building, its manufacturer and a data sheet confirming its exact chemical makeup.

We will not consider non standard construction or buildings predominantly constructed of flammable materials.
Cover available
We normally provide standalone Commercial property cover under the Munich Re LM7 wording which provides cover for Accidental Damage or loss to the property insured subject to standard policy exclusions.

The cover includes damage or loss from the main perils of Fire, Lightning, Aircraft, Explosion plus Earthquake, Storm and flood.

The main policy exclusions are as follows but are not restricted to:

  • Gradual Damage (Wear and Tear)
  • War, Terrorism and Political risks
  • Time recognition
  • Cyber risks
  • Employee dishonesty
  • Deliberate Acts

Other exclusions may be applicable depending on occupation, processes being undertaken and location and previous claims, these will be clearly shown within any quotation provided.
Options to cover

General Extensions

There are many different options and extensions that can be provided to the basic cover from Fire Brigade charges to claims preparation costs.  These can be discussed at the time of the request for quotation.

Business Interruption
We can provided we are happy with the general risk provide cover for interruption to the business following an insured event based on the Gross Profit of the Business or the Gross Revenues received by the business.

We do not offer this cover automatically and it is subject to additional information being provided including details that will be contained with the proposers audited accounts.

Underwriting Guidelines

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Please click on the heading below to learn more about our underwriting criteria but note that whilst flexible as to our approach to the cover we can provide, there are certain prerequisites that need to be met before we can consider providing cover.

  • The property to be insured must be in a good state of repair and clear of any defects that could increase the risk of damage from the cover being requested
  • There must be an insurable Interest in the Property by the person purchasing the cover either ownership or contractual
  • We will need full COPE When used referencing Property Insurance, COPE stands for Construction, Occupation, Protection, Exposure. Is a set of risks that we review when determining whether to offer an insurance policy. COPE data helps allow us to make an informed evaluation of the risks involved with specific property, which ultimately will determine along with the claims experience whether we can provide cover.  details of the premises either being covered or where the property to be insured is being kept
  • For certain high risk occupations and types of property we will require a full survey of the premises, by a surveying company approved by us, and the initial cost of this would need to be met by the Insured prior to us providing cover and in certain cases will be required before we can quote as we will need the survey to engage reinsurance markets.

Limits Available

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The limits we can offer are completely dependant on risk quality and the availability of acceptable reinsurance to ourselves. Policies can be written on a Total Insured Value basis or on a Loss Limited Basis.

For Natural Catastrophe cover and certain extensions the limit will  apply on an aggregated basis where the maximum amount you can claim will be capped over the course of the policy or on an annual basis.

For large limits the cover may be written in layers and we are happy to look at both Primary and Excess of Loss programmes.

Deductibles Applicable

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Will vary considerably dependent on the risk itself, with the occupation, trade processes undertaken, values at risk, COPE information and location all being taken into account.

It is not unusual for there to be a percentage deductible applicable as well as minimum monetary amount. For Natural Catastrophe perils there will always be a Percentage deductible applicable.

Information Required

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As commercial property insurance can be difficult to obtain reinsurance on and we require detailed risk information, please contact us in the first instance to enable us to discuss your needs with you click through to contact us screen

Claims History

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We require written confirmation of any claims that have occurred under any previous property policies over the previous five years or if no cover has been in place that any incidents that could have given rise to a claim under the policy had cover been in force is advised or if none this is clearly stated.

 

For large risks we will often request the experience to be confirmed before binding cover.

use of captives

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Almaseer are used to captives participating in Energy Programmes and will discuss a clients / potential clients captive utilisation in their programme based on the clients own unique needs.