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 carefully but if the information you require is not shown then please contact us with your requirements and we will see if we can assist.
- 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.
- We always require detailed information about the risk Construction, Occupation , Protection and Experience. (COPE). We need also to know the COPE details about other occupants in a multi occupancy building or adjacent property. Particular detail is needed about electrical installations, high risk processes and their risk mitigation plans.
- We cannot insure any risk involving Arms, or munitions.
We will not consider non standard construction or buildings predominantly constructed of flammable materials.
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
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.
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
- 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
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
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
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
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
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.
