Posted on May 9, 2014
At Pii we often meet with property professionals who have responsibility for various property interests which are widely spread both in the UK and in Europe or even further afield. It is often the case that these properties are insured with several different insurers with cover being placed as it is required. This results in renewal dates occurring throughout the year which increases the administration required as they fall due.
We look at each client’s interests and work with insurers in order to build a portfolio which can accomodate all territories and will have one renewal date which can be selected by the client to fit in with their requirments. The benefits of this type of arrangement include the following:
- Premiums under a large policy will benefit from economies of scale and so are are likely to be much cheaper.
- Cover under a UK block policy will be more comprehensive and lower deductibles (excess) can often be negotiated.
- Omission to Insure cover can be agreed with insurers. This means automatic cover for newly acquired properties (up to agreed levels) if the property owner forgets to advise insurers on completion of an acquisition. (We have often come across this scenario).
- We would arrange for dedicated Loss Adjuster across the block policy to ensure consistency.
- A common renewal date will ease administration.
- Access can be arranged for the property owner to view their portfolio via a dashboard type arrangement which gives details of all properties at their fingertips.
- One point of contact on all properties for all insurance needs is provided.
- For non-UK properties, our local network of brokers provide help on the spot if needed.
If you are interested in finding out more about how a portfolio may assist your business, contact Steve Packer [email protected].