Unoccupied Commercial Property Insurance covers insurance for vacant property and property undergoing renovations. An unoccupied commercial property policy is often more difficult to arrange.
Many insurers are reluctant to provide cover for vacant properties and as a result, premiums can often be significantly higher in comparison to a premises that is occupied. While cover may appear to be relatively easy to obtain, in reality when you check the small print you may find that cover is restrictive. The same applies when a property moves from occupied to unoccupied; while the existing insurer may give a short period of full cover, it could quickly restrict this.
If you have commercial properties where un-occupancy is an issue it makes sense to seek professional advice and guidance on how to protect your assets correctly, this is where we can help.
We understand commercial property owners business and the associated issues you face. As such, we have worked with insurers to create a bespoke product aimed at well-managed vacant property. We will take the time to understand your circumstances and will provide expert advice and solutions for you.
No, although cover may be restricted over time there is no maximum period.
Contact your insurer or broker immediately to let them know. If you don’t, you risk facing issues should a claim occur
This depends on the length of time until it becomes unoccupied and also how long the property will be unoccupied for. Our experts will take the time to understand your situation and advise on the appropriate course of action.
Each insurer will vary, but in practice it is common sense to take precautions to reduce risk e.g remove waste, switch off utilities, secure property, regular visits/inspections etc