Unoccupied Commercial Property Insurance

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Unoccupied Commercial Property Insurance

Whilst commercial buildings such as a shop, warehouse or office are normally let out, sometimes they can also lie vacant. Building, particularly commercial buildings that are left vacant, can become targets of local vandals and possible theft.  This makes insuring an empty Commerical building a higher risk than if the same building were to be occupied. As such, a special type of policy has been developed aimed at providing cover for higher risk unoccupied commercial property or properties. IF you are letting out property to students or lodgers, then you will need landlord insurance, which is different to commercial property insurance.

When do you need Vacant Commercial Property Insurance

Standard commercial insurance polices will include a clause that refers to the building insured being left empty or unoccupied. Most polices will give a limited period of cover, typically 30 days, after which the cover that you have is no longer valid, and you need to take out special cover for the empty property. Check your existing policy or talk with your broker to establish the exact conditions of your existing policy. 

What does Unoccupied Commercial Property Insurance Cover?

Polices will vary from broker to broker, but expect any policy to include to provide an option to include the following cover elements.

  • Insurance Cover against Fire
  • Insurance Cover against Flood
  • Insurance Protection against Lightning and Earthquakes
  • Insurance against theft and damage 
  • Public liability insurance with varying limits of Liability available
  • Aircraft and other object dropped from above

What are the insurance requirements when a property is unoccupied?

Each provider will have different requirements, but in general you would be expected to take comm sense precautions. Examples include switching off all utilities, provide good security, and make regular visits to spot and remedy any minor issues before they become major and costly to repair. 

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