Denis HounshamRecently, one of our property specialists – Denis Hounsham – reviewed a new insurance product from Covea for Insurance Age Magazine. Here’s what he had to say…

The new enhanced and warranty free Real Estate product from Covéa is aimed at commercial property owners, from those with a single premise to larger entities with multi property commercial or mixed asset portfolios.

The newly developed policy wording sees the addition of residential loss of rent / alternative accommodation at 20% of the building sum insured and £25,000 of landlords contents (of residential accommodation) covers as standard, along with optional extras such as residential contents and legal expenses. Importantly, in a competitive market the wording can be bespoked according to the policy holders demands and needs, this brings Covea more in-line with the traditional players in the property owners market.

The limits on offer for the standard covers such as trace and access (£25,000) contract works (£100,000) and malicious damage caused by residential tenants (£25,000) are commensurate with the more established wordings. Unusually these days subsidence cover is not a standard inclusion but an optional extra and although property owners liability is standard at the minimum £2m, there is the option to increase this to £10m, if required.

I feel Covea now offer a viable, sound product in a trading environment traditionally dominated by the larger composites.

Unlike many products available to brokers, there is no access to an on-line trading platform, but in an era where broking is becoming more reliant on the internet and the art of human interaction, negotiating a price and  building a policy to suit the specific requirements of a client, is no longer the norm…… this really a bad thing?

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