Estate Insurance

Posted by admin

January 15, 2011

For those looking for good estate insurance, the key is to find cover that is both comprehensive and flexible. And to get an insurance company that will work on your behalf to cover the wide ranging risks involved in owning and managing an estate.

To keep up with the large number of government regulations, initiatives and laws, both in the U.K. and overseas, you have to select an agent who is up-to-date with the latest legislation and who will act on your behalf. This might mean that they have to travel outside of the U.K. to look after your affairs.

Above all, flexibility is the key. The insurance company should be able to offer you clarity in their dealings and provide information in a timely and informative manner. This might be able to quickly identify the status for each of the tenants and their particular requirements.

You will need help and cover in the following main areas: contents; engineering; latent defects; legal expenses and indemnity; loss of rent, or income; public liability; service charge; threat of terrorism; and, unoccupied buildings.

Depending on what your estate consists of, coverage can be obtained for residential estates, commercial estates, or mixed residential and commercial estates. This might include DSS residences; holiday home lets; homes; hotels; industrial units; offices; professional tenants; sheds; shopping centres;
student accommodation; retail units; and, warehouses.

And if you run your estate through a company, it is best to consider specific commercial insurance. Polices in this area will cover such things as business interruption due to accident, or sabotage; company vehicles and their contents; personal accident and, stock deterioration.

Combined liability insurance will cover further items, such as employer liability, public liability and products liability. For those that need to be covered in their work practices, there is also professional indemnity insurance, which can include breach of copyright, confidentiality and loss of documents. And directors and officers liability insurance can protect those executives working on behalf of the estate from personal culpability claims.

At the very least, your estate insurance policy should cover a number of key elements.

This might include computer insurance which, although not on the top of everyone’s list is crucial, as the theft of computers and digital files can be a nightmare for any estate. This can also cover technical problems as well.

Contract works insurance covers say work on building sites and any losses that might be caused by theft, or structural damage. It also covers against public liability during the time of the building works.

To cover against financial loss, then credit insurance can help as it can offset the effects of financial loss due to the financial problems of others. Along the same theme, fidelity insurance can help cover against any of your employees being dishonest, or committing fraud.

If you have equipment on the estate, then engineering insurance covers plant and machinery that may be owned, or on hire. And for those involved in contractual arrangements, then legal expense covers legal awards and defence costs arising from disputes. If you expect problems over the title, or development of land, then legal indemnity insurance can help with this area.

And, for the owners of estates who might be high net-worth individuals, a combined household insurance can cover the belonging assets of affluent home owners.

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