Modern bespoke Property Owners policies are crammed full of special enhancements geared to offering the policyholder very wide protection beyond the “All Risks” or “Fire and Perils” headline covers. Some of the most common and key clauses found in policies and particularly where several properties are covered by a single policy are explained in this section.
This is not an exhaustive list and it should be appreciated that the explanations are in their simplest form, as the detail of many of these clauses can vary from one policy to another. The information provided must be viewed for guidance purposes only and clarification of your cover can only be determined by looking at your own policy(s).
The lease/license/agreement will determine which party is responsible for insuring the building and whether or not the premium payable can be recovered in full or part.
Whilst most leases will require the landlord to insure the buildings and/or loss of rent/service charges etc for the full range of insurance risks, this is not always the case and should never be taken for granted.
It is important to make sure the policy is placed in the correct manner and in the name(s) of the interested parties, as required by the lease/license/agreement, to prevent unnecessary complications in the event of a claim.
We hope this helps to take away some of the mystery of Property Owners Policies and would be delighted to hear from you with your views. If you would like us to consider adding to this list any other property owners insurance subject matter, please let us know using the link provided in the contacts section.