Insurance News Archive

Landlords warned over insurance information accuracy

Commercial property owners should be very careful they provide all the necessary information required by insurers to ensure their policy remains valid, it has been suggested.

This can include details of the materials used to construct the building, the level of protection provided by security systems to deter thieves and the location of safety devices such as sprinklers, according to the Association of Insurance and Risk Managers (AIRMIC).

Paul Hopkin, spokesman for AIRMIC, said: "Accuracy of information is always the critical issue. The best deal is sometimes achieved by failing to disclose the correct information, but this is absolutely a bad idea.

"Landlords... have to work on the basis that the best price is often not the best deal."

While the location of the property and its use will both have a bearing on the premiums charged by an insurance company, Mr Hopkin said that construction materials such as concrete are preferred in many cases as they are less likely to suffer accidental damage.

24 Aug 2007