All Property Insurance

Tailored Insurance Solutions for Property Owners and Lessees

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Insurance Solutions for Warehouses and Manufacturing

Whether you own the warehouse or you are leasing your warehouse there are a number of things you need to be aware of – APIS can assist with finding the right covers at a competitive premium – In addition to this our advice on risk management would see a reduction in your claims. (See FAQs)

What to look for

  • Sums Insured
    Always ensure that your sums insured are accurate especially for buildings, stock and if applicable Tenants Improvements – Insurers operate a clause called “average” this clause will kick in if your sums insured are not adequate – Insurers are at liberty to deduct the % that you are under-insured from any settlement. For example if you get cover for £100k and it should be £200k and you claims for £50k then you will only get £25k.
  • All Risks
    Always check that your policy provides cover for loss or damage on an All Risk Basis – There are policies available that will only cover certain perils – If you find yourself without all risk cover you could see your claim repudiated
  • Goods in Transit Insurance
    Do you regularly send out goods? You might consider looking into a goods in transit insurance
  • Business Interruption Covers
    Does your current policy provide – loss of profits, loss or rent and increased cost of working
  • Engineering Inspections Covers
    Are your Fork lift trucks and any mechanical equipment insured and maintained on an annual basis
  • Stock Levels
    Are stock levels increased seasonally

What Covers you may need

  • Employers Liability – Provides cover against your legal liability in the event of injury or illness to staff members as a result of your negligence
  • Public Liability – Provides cover against your legal liability in the event of injury or illness to members of the public or visitors to your site as result of your own negligence
  • Material Damage – These covers refer to damage or loss of property – for example buildings, contents, tenant’s improvements.
  • Vehicle Insurance – For your fleet of vans and any forklift trucks
  • Goods in Transit – Covers your goods while in the custody of third party – e.g. Courier or parcel service
  • Business Interruption – In the event that your premises cannot be operated from provides indemnity against loss of profits and any additional costs incurred
  • Legal Expenses – Covers the cost of legal expenses if someone sues
  • Engineering Inspection covers – Provides an annual inspection of any engineering inc conveyor belts and fork lifts

 

FAQs – Warehouses, Industrial and Manufacturing

  • What is commercial combined insurance? – Insurance for warehouses, wholesalers, manufacturers, workshops, factories, importers and hundreds of commercial properties and businesses is also known as commercial combined insurance.
  • Why must I give accurate sums insured? – An Insurance policy is a contract between you and the Insurance Company and is entered into on the basis of upmost good faith. If even as a mistake do not give accurate sums insured then Insurers can apply the average clause in the event of a claim – This clause simply puts will reduce any settlement by the percentage that you are under for example if you insurer for £100 but really should be £200 and you claims for £50, you’ll only receive £25. If you need assistance in calculating your sums insured the ABI (Association of British Insurers) has some advice on the following link https://abi.bcis.co.uk/

What is Business Interruption cover? – In event of a major claim it is likely that your premises will be unsafe to work from – Business Interruption cover provides indemnification against profits lost during this period and will assist with expenses for the additional cost of working

  • Why would I need Legal Expenses cover? Legal Expenses Insurance provides cover for Legal Expenses for the following occurrences (Always check the wording)
    • Property Protection
    • Repossesion
    • Tenant default
    • Contract disputes
    • Debt Recovery
    • Tax Protection
    • Injury

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