Property insurance protects your building and contents in the event of natural disasters, fire and other events, and is vital for all businesses. Choosing the right property insurance is important, it is one of the most fundamental insurances available and comes with a wide range of options. 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.
Here 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 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.
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.
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.