With few underwriters available in this market you’d be forgiven for thinking our risk appetite would be quite narrow. In fact, it’s quite the opposite.
We aim to accommodate most risks with intelligent underwriting and consultation to make sure that the risk represents a fair opportunity for both underwriter and client.
We presently underwrite:
- private client domestic renovations where the property is destined to be the main residence
- private client domestic renovations for holiday or second homes
- thatched domestic renovations
- overseas property in Northern Europe
- commercial properties being converted or returned to domestic use
- commercial properties being converted to mixed use including residential accommodation.
In general, the proposed works should equate to at least 15% of the existing structure sums insured. In addition, the period requested for cover prior to works should not exceed 60 days if unoccupied for that period or longer.
We carry separate products to insure longer term unoccupied properties not undergoing works on an All Risks basis, but only if they form part of a proposal for a renovation programme at the end of the unoccupied period.
Current capacity allows us to write combined works and structures with sums insured to £100m, which includes most projects seen in the UK to date.
Where projects exceed £2 million, we will need to see a fire risk management plan, project Gantt chart and selection of drawings, as well as a structural survey. Contracts above £20m require additional underwriting and should be referred at an early stage to allow time for pre-cover surveys and underwriting.
The markets we use are A+ rated and sit comfortably with the type of capacity that you would prefer to use for your client’s standard household portfolios.