If you believe you only need Buildings Insurance, think again!
Most normal Buildings Insurance policies do not cover, Lifts and Plant, Directors and Officers Liability, Acts of Terrorism, Employers Liability or Public Liability. Additionally for commercial property, Loss of rent cover is of prime importance whilst with residential properties, alternative accommodation may be more important.
If you are having works carried out to your building you may need additional contract insurance for the duration of the works.
Then consider your sum insured, when was the last time it was independently assessed? The Association of British Insurers recommends a formal assessment be carried out every three years as index-linking may not be sufficient to maintain the full rebuilding cost in the case of a total loss.
If you are under- insured, the insurer may well average your claim and only pay out a pro rata sum. If you are over-insured, rest assured they will not pay out more than the cost of re-building. In both cases it is your responsibility to ensure the correct level of insurance cover, the insurance company will not tell you!
Sandrove Brahams have no ties to any insurance broker, we are authorised by the FCA to advise on general insurance matters. This means that we can approach a panel of brokers and insurers to obtain the best possible terms both in regard to level of premium and excesses. Also because of our general authorisation, if you wish to use your own broker there is no problem and we can still collect the premiums on your behalf.
We are also regulated by the Information Commissioners Office in respect of Data Protection and The Office of Fair Trading for Money Laundering