Demand for empty commercial property insurance has risen “dramatically” | 27 July 2012
Demand for commercial property insurance has risen “dramatically” in the past few years, according to one specialist.
Lord Sheikh, chairman and chief executive of broker Macmillan Sheikh, told postonline.co.uk that this increase has coincided with the onset of the recent recession in the UK, as vacant industrial estates need to be protected.
He said: “Many intermediaries and individuals are finding it increasingly difficult to insure vacant properties as the exposure to risk is significantly higher. Metal theft, vandalism/violent disorder and malicious damage rank in importance alongside the more traditional insurance perils of fire and escape of water, flood, etc.”
There are currently several hundred thousand commercial premises without tenants in the UK and this situation has prompted Macmillan Sheikh to launch a new insurance product to help commercial property managers cover their assets specifically when they are empty.
According to thisislincolnshire.co.uk, the number of empty commercial properties in Lincolnshire has led to the creation of a funding scheme to encourage more people to use such buildings. The North East Lincolnshire Empty and Derelict Commercial Land and Property Renewal Scheme issues loans of up to £100,000 over a five-year period.
Commenting on the project, surveyor Carl Bradley of Clark Weightman said it should help improve the area aesthetically as well as bring properties back into use.
Written by Paul Smithson on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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