Property insurance is one of the most fundamental insurances available for businesses and is essential when it comes to protecting against unexpected risks. Taking a personal approach to your risk, we will work with you to understand your insurance needs and find a solution for your property.
What is property insurance?
Property insurance protects your building and contents in the event of natural disasters, fire and other events, and is vital for all businesses. Property insurance covers a broad variety of perils, but it also covers damage to the building itself and loss of income due to business interruption.
What options are available with property insurance?
Choosing the right property insurance is important, and we have a range of options available. At G&M International, we can help with your property insurance needs. Your property can be insured under three different bases of valuations:
- Replacement cost pays the cost of repairing or replacing your property with like kind and quality regardless of depreciation or appreciation. Premiums for this type of coverage are based on replacement cost values, and not based on the actual cash value.
- Actual cash value provides for replacement cost minus depreciation.
- Extended replacement cost will pay over the coverage limit if the costs for construction have increased. This generally will not exceed 25% of the limit. When you obtain an insurance policy, the limit is the maximum amount of benefit the insurance company will pay for a given situation or occurrence. Limits also include the ages below or above what an insurance company will not issue a new policy or continue a policy.
With direct access to Lloyd’s of London, we can provide a specialist range of services and provide our clients with a bespoke approach.
The G&M International solution – helping your business!
Your policy can be underwritten on either an open-perils or named-peril basis. Covers can be inclusive of:
- Business Interruption
- Stand-Alone Catastrophe
- Auto and Equipment
- A difference in conditions/difference in limits (DICDIL)
- Additional Increased Cost of Working (AICOW)
- Deductible Buy-Downs are available
There are different factors which can influence your property premiums and risk management is one of them, as it is key for protecting your property against loss. Insurers usually conduct a COPE analysis when pricing a property risk which includes; Construction Type, Occupation, Protections and Exposure. Ensuring proper risk management takes place, staff are trained correctly, and a safety plan is in place to eliminate hazards can also reduce premiums.
Insuring your property is key and we work with our clients to find a solution which covers their needs to the highest standard. For further information about our property insurance give us a call on +44 (0) 207 977 1490 or take a look at our Property Insurance Brochure.