commercial insurance
property investors
Exclusive market for Property Investors via Willis Property Investors Division, which is made up of a group of the major insurers. The WPID Policy has exclusive policy wording, an extremely fast turnaround of documentation. Only available via Kennett Insurance.
Benefits of the WPID Policy wording
Definitions
An extended definition of buildings applies with yards, outbuildings etc. included as standard. Theft and subsidence cover apply to areas outside of the main structure without any proviso that the main structure must also have suffered damage.
General conditions
- No cancellation clause
- Change of Risk/Cessation of Interest clause – unlike the majority of wordings the insurer does not have the right to cancel cover because the nature of the risk has changed. The only circumstances where the insurer can cancel the policy are when there has been misrepresentation, misdescription or non-disclosure
Basis of Settlement
- Buildings includes Loss of Market Value, Capital Sums Payable to Lessees, Insurance Premiums and Technical Agents Fees
- Rent includes Projected Increases in Rent (up to £500,000) and Accelerated Reinstatement Expenditure
Conditions
- There are no warranties or conditions precedent to liability
- Blanket Average is provided as standard
- Full cover for unoccupied buildings
Clauses
The wording includes as standard:
- Aerials
- Abortive Repairs and Investigations
- Break Clause
- Buildings Awaiting Sale (no sub limit)
- Capital Additions (Buildings and Rent) £2,500,000 any one loss
- Contract Works £100,000 any one contract
- Emergency Services
- Explosion of Steam Pressure Plant £2,000,000 any on loss
- Failure of Third Party Insurances £1,000,000 any one loss
- Fly Tipping £10,000 any one loss
- Inadvertent Omission to Insure £1,000,000 any one loss
- Landscaping (no sub limit)
- Loss of Attraction £1,000,000 any one loss
- Loss of Metered Supplies (no sub limit)
- Obsolete Building Materials
- Party Wall
- Privity of Contract £2,500,000 any on loss
- Rent Free Period
- Rent Review – automatic cover for increases in rent up to 100% of the total sum insured
- Replacement of locks (includes accidental loss and no sub limit)
- Removal of Insect Nests
- Trace and Access – no sub limit and cover extends to include damage to pipes caused by freezing
- Unauthorised Use of Public Utilities £50,000 any one loss
For your free quotation or for more information contact Jeremy Stead, his details are
on the right of this page.