We are delighted to announce the relaunch of the two Commercial & Industrial Property Owner’s schemes.
With immediate effect all new business quotations and policies with a renewal date of the 4th June onwards will be underwritten by Lloyd’s Syndicates AXIS and Channel Syndicate 2015 at Lloyd’s.
With the change of insurers we have taken the opportunity to review and improve our policy wordings and key facts document. The priority was to look to streamline the wording and bring clarity to the cover provided.
The improvements are as follows:
Commercial PO Scheme underwritten by Lloyd’s Syndicate AXIS
- Loss of Rent up to 20% of the sum insured or up to £150,000 alternative accommodation unless unoccupied – increased from £25,000
- Trace and Access up to £5,000 from £2,500
- New: Capital Additions – 10% of the building sum insured or £250,000 whichever is less
- New: Illegal cultivation of drugs – clean up costs and remedial work in reinstating your building back to it’s original condition if the tenant alters the building without your knowledge – £5,000 in any one period of insurance (not available if the building is unoccupied)
- Accidental damage to cables and pipes – no limit
- Pro rata cancellation subject to minimum time on risk charge
Industrial PO Scheme underwritten by The Channel Syndicate 2015 at Lloyd’s
- Trace and Access costs up to £5,000 from £2,500
- Accidental damage to cables and pipes – no limit
- Damage to landscapes gardens by emergency services – £25,000
- Pro rata cancellation subject to minimum time on risk charge
Premiums remain unchanged along with policy terms and conditions.
Terrorism cover is not currently for the Channel Syndicate 2015 at Lloyd’s product at present. This is will be available at the end of the month.
The Commercial Express website has been updated with the new policy wording and key facts documents. We will also be attaching a change document detailing the difference between the various schemes.
If you wish to view the policy documents directly or the change documents please click the buttons below.
If you require any further details on the above please call us on 0800 978 8007.
