With 6,000 UK stores closing their doors in 2017 and 2018 laying claim to more large names such as Toys R US and Maplin, the UK high street retail market is arguably in decline. With more than half of UK commercial property being rented out, this market decrease leaves thousands of retail units unoccupied, and owners facing the consequences. Not only do they need to manage the costs involved and find new tenants, but they also need to make sure that they have the right level of insurance in place as their standard commercial property policy will typically not cover them during periods of longer term inoccupancy.
Unoccupied properties – Retail or otherwise – are seen as a higher risk compared to regular properties as they are prime targets for theft or damage. Even a burst pipe can cause more damage to the property as it may go unnoticed for a long period of time. Because of this it can be difficult for brokers to find cover for their clients. Gresham Underwriting have been working with unoccupied property risks for over 10 years and understand that brokers need to deal with a specialist in this area in order to get the best cover for their clients.
As an MGA we have the ability to take this expertise and create a designated product to meet broker demand regardless of the type of property and previous occupation. So this is exactly what we have done. Working with our A-rated carrier who specifically targets this area of business, our in-house product development team have created our Unoccupied product with brokers in mind. Available on our newly updated online quote system, there is now no need for a manual presentation submission. Instead you can log on and instantly receive your quote. If you need support from an underwriter, our team are on hand to contact with any queries. We also recognise that not all unoccupied property owners are the same, there will be differing levels of care and reasons as to why their property is unoccupied. We are firm believers in risk management and so our Unoccupied product offers favourable terms to those who endorse this and have measurements in place such as maintaining the property in a good state of repair, provision of security and regular property checks.
We have created a helpful top tips sheet for you to share with your clients which will help advise them on how to keep their unoccupied property safe and their insurance low. You can download it here.
To find out more about our Unoccupied product click here.
If you do not already have a TOBA with us the you can easily apply for one online here.