What is buildings insurance?
Buildings insurance normally covers the main structure, outbuildings, walls, gates and the property owner’s fixtures & fittings. The level of coverage can vary greatly between different insurance policies, with some policies covering very little.
A common mistake when insuring a building is to insure the cost of its market value rather than the cost of rebuilding the property. Most buildings’ insurance policies are written on a reinstatement basis, which means the building should be insured for its rebuilding cost, including debris removal costs and professionals’ fees. Therefore, the insurance value and market value may differ greatly. Consideration in valuation will need to be given to construction, listing, location, etc. Alternatively, you may wish to insure your building on a first-loss or indemnity basis, which we would be happy to discuss with you.
Most modern policies cover ‘all risks’, meaning everything except listed exclusions will be covered. Common exclusions include subsidence and terrorism, which you may have to request. If your property is high risk, such as unoccupied, the insurer may restrict coverage to ‘named perils’ such as fire, lightning, earthquake, and explosion.
What insurance do I need to consider?
Every club, organisation, and race is unique, so no ‘one size fits all’ insurance plan or solution exists. Aside from buildings insurance, there are some other recommended insurance options for your club, such as:
Public Liability
Personal Accident
Cyber Insurance
Legal Expenses
Kit & equipment
Employers Liability
Event Cancellation
Sports travel insurance
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For almost 20 years insurance premiums in the sport & leisure sectors have been stable or even getting cheaper. However, in recent months the market has hardened to the extent that some policyholders are seeing their premiums double, treble or even almost impossible to obtain cover.
Interested in Mann Broadbent’s Buildings Insurance?
Get in touch with us and see how we can assist your buildings insurance needs.
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