Posted on April 17, 2015
Last April we published a blog looking at the issues faced by property owners when their property becomes vacant. These include empty property rates as well as restricted terms, an increased excess and a higher premium on the buildings insurance due to the increase in risk.
In Estates Gazette this week one potential solution is looked at which is the use of guardians at the property. The use of guardians to protect vacant property has increased significantly with some reports claiming an increase of 40%-50% in property guardian companies in the last few years. The article is attached below.
Whilst guardians can be an ideal solution for some situations we would always advocate early intervention with insurers to discuss the best solution prior to any decision being made. Insurers generally have differing views about the use of guardians. It is also the case that there is a wealth of difference between the various providers of these services.
If you would like more information or wish to discuss this issue, please contact Gemma Worton [email protected].