'Insurance Broker of the Year' - UK Broker Awards
Wow! 2016 has seen us not only win 'Chartered Broker of the Year' for the third consecutive year, but we have also been named 'Insurance Broker of the Year'.
Pi-Property Insurance specialises in dealing with the property portfolios managed by Chartered Surveyors whether it be commercial, residential or mixed. Surveyors need to be aware of the type of policy they are offering to their clients. Many policy wordings have hidden warranties and exclusions. Chartered Surveyors should seek assistance from a specialist property insurance broker who has a wealth of knowledge in the property sector with bespoke policy wordings and administration solutions.
What are the benefits of using a specialist property insurance broker?
Pi-Property Insurance have listened to the issues that their Chartered Surveyor clients face and have responded by offering a bespoke policy wording to meet their unique requirements.
There are a number of key features detailed below which can have a significant financial benefit to your client. Always ensure your clients properties cover includes a non-invalidation and non-vitation clause whereby the insurances will not be vitated or avoided against any insured party as a result of circumstances beyond the control of that insured party.
Our policy wording looks at the “bigger picture” and helps property owners understand from the outset of what the “true” cost of the insurance is. The true annual cost of a property insurance policy is as follows:
“True” annual Insurance Premium = Annual premium + the cost of uninsured losses + the aggregate of all policy excess deductions + the cost of adhering to policy terms and conditions.
Our policy wording is constantly reviewed and adapted to ensure we remain market leaders in this sector by offering one of the widest covers available.
*Subject to underwriting criteria **With certain insurers
We keep these to a minimum, in fact our bespoke enhanced policy wording provides one of the widest policy wordings in the market. Occasionally, insurers will require additional terms (for example flat roof or long term unoccupied properties) but rest assured that we will always challenge unreasonable requests and work with you and the underwriters in all cases.
Not necessarily. We can isolate the “problem” property and apply any necessary rate increases just to that property, leaving the remaining properties unaltered.
We feel the insurance contracts protecting the pension portfolio (buildings insurance) is key to supporting the growth of the investment and potentially assisting tenants in the event of a claim. Sometimes this can be overlooked and we have seen many policies with cover that is simply not adequate. Liability limits on existing insurance contracts can sometimes be far too low and the insured can sometimes not understand how the lower limits could affect them. If not covered correctly, one bad claim could potentially wipe out an investment. Our advice is to speak to the experts, Pi Property Insurance.
Yes! Pi-Property covers Loss of Rent up to 36 months as standard. For commercial properties this is based on the annual rental income received by the landlord. For residential properties this is up to 33.3% of the building sum insured which is automatically included within the policy wording.
We are happy to discuss the factors you should take in to account when arriving at an adequate indemnity period. This includes the estimated time to rebuild the property (allowing for demolition, site clearance, planning and fitting out) ready for occupation again.
It is essential that your policy cover for loss of rent does not stop at the time the property rebuild is complete (some policies on a “material damage” basis will only cover you for loss of rent up until this point).
Our policy wording will continue cover for loss of rent beyond the repair stage and allow for any period of ongoing un-occupancy whilst you find a new tenant. If you have to offer incentives to attract a new tenant, including rental holidays or reduced rent levels, our policy will cover the shortfall in rent right up until rent levels have been restored or the indemnity period expires; whichever comes first. In addition to rental income, consideration should also be given to service charges too.
Yes! Pi-Property would not automatically restrict or refuse cover for any unoccupied property but rather gain an understanding of the property, e.g. how long has it been vacant, what are the intentions for the property, what security measures are in place etc.
We are able to offer more flexible terms for inspections of vacant properties giving up to 45 days between inspections, as opposed to our competitors which could be as little as every 7 days which can be rather inconvenient, costly and impractical. In extreme cases, insurers may restrict cover and/or increase the excess but before we get to that stage we will negotiate with the insurers on your behalf to gain the most satisfactory terms for all parties.
Yes! We just need to take a note of the building construction, what level of grading has been applied and understand any non-standard elements (such as a thatched roof).
Insuring a listed building requires care and attention, most importantly by utilising the services and advice of a professional valuer specialising in reinstatement cost assessments for listed properties. The declared value must make allowance for the method of construction, unusual features and craftsmanship required to repair or rebuild a listed property. Our cover includes additional clauses to make allowances for unique issues that may arise in the event of damage, such as archaeological finds and local authority intervention if overseeing repairs.
As with all property insurance, the declared value for buildings must represent the cost of reinstatement and NOT market value.
We operate through a delegated authority from the insurers and have an online system which produces a certificate per property. As soon as cover has been confirmed we are able to forward a copy of your certificate and policy wordings within 24 hours.
We offer flexible monthly premium payments where required, please contact us on 01789 761660 for further information and we will be happy to confirm various options that best suit your needs.
All insurers will review past claims history, but we recognise that incidents do happen! When we review the insurance for a prospective client, we assess your past claims history, discuss with you the cause of the loss or damage and establish what measures are now in place. Our insurers underwrite on a portfolio basis so if you have a problem property(s), this is taken into consideration within a portfolio.
At Pi-Property we are very proud of our award winning in-house claims team that is rarely matched elsewhere. We have delegated claims authority provided to us by our insurer partners to handle claims on their behalf.
This enables us to take control of the whole claims process.
Our experienced, knowledgeable claims team are immediately on hand to ensure a prompt efficient service for any claims that arise.
Based in Gravesend, the largest firm of Chartered Surveyors in Kent.
"Insurance is a key part of the service we provide to our property management clients. Although it is essesntial, it is not our core business and we needed to find a broker that not only took responsibility for FCA compliance by accepting us as their Appointed Representative, but also one with whom we could establish a professional and trusting relationship to reflect our own business and ethos and provide trouble-free management of our large insurance portfolio. Pi-Property Insurance has provided the perfect solution on all fronts and brings with it the desire to help us drive the insurance part of our business forward."
David Gurton, Director
Data from @RebuildCost highlights that on average, buildings in Britain are covered for only 68% of the amount they… https://t.co/gfsAD9OW1Y
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'Insurance Broker of the Year' - UK Broker Awards
Wow! 2016 has seen us not only win 'Chartered Broker of the Year' for the third consecutive year, but we have also been named 'Insurance Broker of the Year'.
Our knowledge and expertise in settling property insurance claims is second to none.
We believe it’s important to help our clients when they are at their most vulnerable - and aim to exceed your expectations when it comes to our claims service.