Non-Invalidation

The insurance will not be prejudiced by a change of occupancy or any increase in the risk of damage which occurs without the Freeholder, Mortgagee or Lessors knowledge, or if the risk is increased by a lessee or occupier. Similarly, workmen may carry out minor repairs, maintenance and alterations to the property without prejudicing the insurance.

Stuart Alexander must be advised immediately when the Client becomes aware of the increased risk and an additional premium may be charged from the date of the change.

Subrogation Waiver

In the event of a claim, insurers will waive any rights in law to recover the loss from any subsidiary company of the Client, or from any tenant or lessee, unless the damage arises out of any wilful, malicious or grossly negligent act of such tenant or lessee.

Repairing or Rebuilding as New

Buildings will be insured for the cost of rebuilding and replacement as new at the date on which the property is reinstated, provided the rebuilding value given at inception is adequate. (See also Inflation Protection below).

Inflation Protection

We recognise the difficulties in predicting the effects of inflation over the timescale needed to rebuild the property. To ease the position the policy will automatically provide cover on a Day One Reinstatement Basis. This allows a 30% increase (other amounts available on request) in the declared value of the building available during the period from the date of damage until reinstatement has been completed.

Public Authorities Requirements

This covers any additional costs of rebuilding or repair that may be necessary to comply with Building Regulations, Local Authority or other statutory requirements provided that rebuilding/repair is completed within 12 months. A limit of up to 15% of the total Sum Insured applies in respect of undamaged portions of the building.

VAT

The VAT treatment of buildings can sometimes be a complex decision for the Client. In order to ensure adequate cover, included automatically is a provision to include VAT paid, which is not subsequently recoverable.

Loss of Metered Water

Additional costs are insured up to £25,000 in any one period of insurance, due to the escape of metered water as the direct result of an insured peril.

Trace and Access

Additional costs necessarily and reasonably incurred in tracing and/or gaining access to the source of escaping water causing damage, will be covered up to £50,000 any one loss.

Landscape Clause

Cover is provided for the cost of making good any damage to landscaped gardens and grounds caused by emergency services when attending an emergency at the premises, up to a limit of £25,000 any one loss.

Drains and Gutters

Costs incurred by the Client in clearing or repairing drains, gutters and sewers on or about the premises following damage by an insured peril will be included as part of the claim.

Temporary Removal

Parts of the property temporarily removed for cleaning, renovation, repair or other similar purposes will be covered away from the premises. The cover applies anywhere in Great Britain and Northern Ireland, either in transit or at temporary premises.

Other Interests

The Client need only advise the names and extent of other interested parties at the time of loss. This avoids the need to advise us of each change in interest.

Automatic Reinstatement of Sum Insured

When an insured loss occurs, the sum insured is reduced by the extent of the cost of repairing the damage. In these circumstances, cover will normally be automatically reinstated by the amount of the claim until the next renewal.

Theft of Keys

Following the theft of keys from the building, or from the residence of any authorised key holding Directors, Partners or employees or are being carried elsewhere in the U.K the policy automatically includes the reasonable expense in replacing locks to the buildings, safes or strongrooms.

Unauthorised Use of Electricity, Gas or Water

Additional costs are insured up to £25,000 in any one period of insurance, arising from its unauthorised use by persons taking possession or occupying the premises without the client’s authority.