Commercial Building Works insurance
By this we mean the buildings of the property including out buildings, garages, walls etc. if cover is required.
Under this policy, cover is written on an indemnity basis. Not new for old. The cover provided will ensure that the existing property will be restored to the condition it was in prior to any loss (providing it has been insured for the correct value.
The breadth of cover provided will however vary dependant on the construction of the property and its condition. For example, if a property is used every day and is in a sound condition, we should be able to provide "All Risks"* cover. If the property is in a dilapidated state and unoccupied, then the perils operating would probably need to be restricted in some form.
If contract conditions require insurance for specifically named risks, then we can usually accommodate this to match in with contract obligations.
The policy also provides cover for the cost of renting alternative accommodation if incurred whilst the property is being repaired following an insured claim rendering it uninhabitable.
(*Under any "All Risks" policy, there will be certain exclusions that apply e.g. A standard "All Risks" buildings policy would exclude storm damage to gates and fences.)
For full terms, conditions, exclusions and limitations please refer to our policy summary and policy wording, available at the Document Centre.