Nick Symes on... Asset Managementon
Proactive asset management has always been at the forefront of the property market. We are seeing this manifest itself in a number of ways, not least the conversion of offices to residential apartments.
When undertaking building works on a property asset there are two important issues in respect of the insurance.
Firstly, the building works need to be disclosed to the Insurer. Under the terms of the Insurance Act there is a duty to provide a fair presentation of the risk to the Insurer. These building works would influence the terms of the insurance and therefore a failure to disclose could result in any claim being rejected.
Secondly, Insurers standard policy wordings exclude the new building works. So any loss or damage part build will be at your own cost. At Reich we have our own policy wording that includes these works automatically.
When commencing any building works it is therefore important to check whether the new works are covered under your property policy and if not, you need to arrange a specific policy to cover these.
For further information or to get a quote visit www.reichinsurance.co.uk/our-services