Commercial property insurance is one of the most competitive sectors in the Insurance market at the moment. Insurers are biting each other’s hands off on certain risks.

In order to make the most of the current market situation, it’s important that all risk information is accurate.

Our commercial insurance team have put together a quick cheat sheet to help when putting together a risk submission. With over 50 years of insurance experience, our team have seen the good, bad and the ugly when it comes to submissions.

Property Spec

An insurance underwriter will always look for the following information so NB to have this to hand:

  • Year built
  • Roof construction
  • Floor construction
  • Any portion or flat roof

Occupancy

This tends to be a critical factor for rating the price charged for a commercial property insurance policy. Obviously, a manufacturing plant would command a higher insurance premium as opposed to serviced offices, as the risk of a fire etc. would be greater.

Rebuild figure

Always important to update the rebuild figure on an annual basis in line with the current market prices. So commercial property owners just choose to renew on an annual basis without ever amending. In the event or an insurance claim, the property owner may be left with a shortfall to rebuild the property.

What to look out for?

Each and every insurance policy is different and each company apply their own policy limits and policy exclusions so it’s important you know what to look out for?

Glass Coverage

This limit tends to vary between insurers so make sure you have enough cover in place especially if your commercial property has glass frontage!

Fire brigade Charges

This is another limit that varies between providers typically cover is offered at €10k or €20k so make sure you select accordingly based on the size of your property.

Policy Endorsements

Depending on the occupancy of your premises some insurers will place endorsements for your tenants to abide by. Failure to adhere to these may result in the insurance company refusing to pay out on a claim. Make sure you pass these conditions onto your tenant

If you own a commercial property and want to shop around the market the commercial team at BJP Insurance have access to both Irish and UK markets.

Don’t delay contact the insurance people today on 01-6674985 or pop us an email to info@bjp.ie