Category: Insurance
We recently had an existing client insured via LPOC raise concern over the restrictions placed on her property insurance by our insurers and I felt it best to explain the circumstances for our members.
Listed buildings left unoccupied or undergoing long periods of refurbishment can only be insured on a restricted perils basis. The circumstances of which fall into two different categories.
1. If you have been resident in the property for a while prior to the refurbishment works and the works are of an interior upgrade only, it is likely our insurers will continue to provide all major perils, but excluding accidental damage, damage caused by the contractors, escape of water and unexplained theft. A long period of unoccupancy or a major extension with roofing works involved is likely to see a restriction in the insurance cover to – fire, lightening, explosion, earthquake, aircraft and public liability cover only.
2. Where the property is likely to be unoccupied and or undergoing major refurbishment from day one of the ownership, it is highly unlikely either our own or any other insurers will provide insurance cover other than for – fire, lightening, explosion, earthquake, aircraft and public liability cover only. The risk of theft, malicious damage, impact by builders plant etc is just too great.
So whilst we are happy to offer major perils for insurance, they will depend to a great extent on the circumstances of each individual risk and the underwriters personal decision.
You should always ensure that any contractor involved in refurbishment works carries adequate liability insurance and possible contractors all risks insurance for major projects. And always read the terms and conditions of your insurance contract.
Please feel free to contact me directly if you have any queries.
Tracey Warren
Listed Property Insurance Services
Tel: 01525 873322
tracey@lpoc.co.uk