UK insurers are becoming more restrictive in the type and size of properties they are looking to insure for many reasons, some of which you may be familiar with and some that may not be as instantly recognisable.
Several large fire losses in commercial properties has led to underwriters reviewing their current property portfolios and limiting the type of properties and businesses that they want to insure. In the last 30 years, many commercial properties have been built with modern and more innovative construction methods which are proving to be less attractive to insure, including:
Over the last couple of years, insurers within the hospitality sector have started to require the installation of automatic fire suppression systems in commercial kitchens and recently, insurers within the care sector are also requesting that care homes adhere to this requirement as well.
It is Towergate’s expectation that this will become a standard requirement for all locations with a commercial kitchen within the next five years, no matter how small the care home.
Some insurers are limiting the size of commercial property that they are prepared to insure, due to concerns regarding the potential for a large property having an associated loss of income claim.
If your current policy is with an insurer that is not offering renewal terms, you should be prepared to provide additional information to your broker for them to obtain an alternative quote from the insurers that may still be able to assist.
For more information or to get a quote, please call 0330 123 5342 or email our team at firstname.lastname@example.org. To submit an enquiry form and get a call back, you can also visit our website www.towergateinsurance.co.uk.
Carolyn Baker-Mellor is a respected industry leader with over 35 years' experience within the care insurance sector. She works across a wide spectrum of insurance product and policy development, delivery and optimisation for care industry clients, including managing global corporate accounts, working closely with trade associations, and helping clients in protecting their businesses and personal assets.
Date: April 18, 2023
Category: Care and Medical