Introducing New Unoccupied Commercial Insurance Product
7 October 2024
NBS Underwriting is pleased to announce the launch of its latest product – Unoccupied Commercial Insurance. This new offering marks a significant expansion of its product portfolio, which already includes a wide range of commercial and non-standard home insurance products.
Its Unoccupied Commercial Insurance product compliments its existing suite of property owners’ products, which also includes Property Owners, Unoccupied Residential, Non-Standard Residential Let, Holiday Let, and Sub-Let Contents insurance. This new policy is designed to cover commercial premises that become vacant due to a variety of reasons including, probate, awaiting tenants, undergoing refurbishment or construction works.
Key features include:
- Flexible coverage durations: Available for 3, 6, or 12 months.
- Tiers of coverage available: three levels of cover for acceptable property types (FLEA; FLEA plus Flood, Storm and Theft; Full Perils)
- Coverage limits: Insures commercial properties valued up to £1 million as standard, with options up to £2 million upon referral.
- Broad non-standard eligibility: Accommodates a wide range of construction types, claims histories, and convictions.
- A-rated capacity: Policies backed by Tokio Marine HCC.
Steve Cowman, Managing Director of NBS Underwriting, commented on the launch: “The introduction of our Unoccupied Commercial Insurance product is a testament to our commitment to growth and evolution. In the UK, the number of unoccupied commercial properties has seen a 5% increase1 over the past year, highlighting the growing demand for such coverage.
In addition, we have listened to feedback from brokers and developed this complementary product to meet the specific needs of their clients. This product not only enhances our existing portfolio but also reflects our significant growth and dedication to delivering market-leading insurance solutions.”
For more information visit the Unoccupied Commercial product information page and get a quote here.
Interested to know more about Unoccupied Commercial Property Insurance, please email Robert Hawkes Underwriting Manager at robert.hawkes@nbsunderwriting.co.uk