Premier Property Owners
Premier Property Owners is an enhanced proposition tailored to meet the needs of mid-market property risks including commercial, residential and mixed portfolios and dealt with by our specialist real estate teams in London and Manchester.
Why choose NIG for Premier Property Owners?
- Wide policy wording tailored to meet the needs of large Property Owners placed by specialist Real Estate Brokers
- Specialist Real Estate underwriting team.
- Comprehensive cover including Material Damage, Loss of Rent, Property Owners Liability, Employers Liability, Engineering Inspection and Legal Expenses.
- Wide acceptance criteria on large portfolios
- Capacity up to £100m total sum insured per location.
- A-rated insurer (A2 Moody’s).
- Tailored risk management proposition.
- Building valuation solutions and financing options.
Features
- Inadvertent omission to insure and third-party failure to insure – £5m limit as standard
- Automatic loss of rent/alternative accommodation 33.3% of sum insured as standard
- Cover for newly acquired/newly completed/redeveloped or refurbished properties for 30 days maximum £5m any one property
- Loss minimisation clause – for the sole purpose of avoiding or diminishing the amount of a loss following insured damage. £25,000 limit
- Theft and Malicious Damage by tenant covered automatically up to £10,000 per claim
- Legionellosis cover included
- Environmental statutory clean-up costs up to £100,000
- Engineering Breakdown automatically included. Covers boilers, heating systems, lifts, alarms and air conditioning units
- Legal Expenses £250,000 limit of indemnity with options for increased limits
What's covered
Material damage
- “All Risks – specified perils” cover
- Cover for landlords contents included
- Cover available on: re-instatement, indemnity or loss of market value
- Adjacent property damage up to £150,000
- Contract works up to £500,000
- Frustrated legal costs up to £25,000
- Loss of keys up to £50,000
- Metered water, electricity & gas charges up to £50,000
- Removal of tenants’ debris of up to £25,000
- Trace & access extension
New extensions include
- Archaeological discoveries
- Clearing of drains
- Debris recycling costs
- Emergency access by police
- Energy performance and sustainable buildings
- Gardening equipment
- Ground rent
- Illegal cultivation of drugs
- Incombustible reinstatement
- Involuntary betterment
- Obsolete building materials
- Tree felling and lopping
Loss of income
Cover includes
- Loss of rent or estimated gross revenue
- Cost of re-letting
- Additional expenditure to avoid Loss of Rent
- Business rates payable by the insured as a result of damage
- PR expenditure
- Accelerated re-instatement expenditure
- Accountants fees
- Additional Increased Cost of Working (optional)
- Advanced rent (optional)
- Contingency rent included
- Loss of attraction £500,000 included
Property owners liability
- £5M/10M Limit Of Indemnity (LOI) options
- Legionellosis included
- Financial Loss included
Employer’s liability
- Legal liability for damages and legal costs
- £10M/£25M LOI options
Engineering breakdown
- Computer equipment up to £250,000
- Reinstatement of data up to £25,000
- Increased Costs of Working £25,000
Legal expenses
Cover includes
- Tenancy disputes
- Rent recovery
- Nuisance or eviction of squatters
- Property protection
Terrorism (Optional section)
- Cover for losses arising under any of the Heads of Cover as a result of damage caused by an act of terrorism
Cyber (Optional section)
- Variable excesses and Indemnity periods available
- 24/7 specialist support provided
This is a summary of the cover available. Please refer to the policy booklet for full terms and conditions.
Documents
The following policy documents apply to policies incepted on or after 24 June 2024 or renewal dates on or after 24 June 2024.
