Flint Insurance

Flint Insurance

March 08, 2010 01:00 ET

Insurance Still Important For Empty Commercial Property

MIDDLESEX, UNITED KINGDOM--(Marketwire - March 8, 2010) - Many vacant commercial properties in the UK may have inadequate Commercial Property Insurance despite facing a significantly increased risk of arson and malicious damage. Following similar warnings from the UK's largest insurance group, Aviva, the independent commercial insurance broker, Flint Insurance, is urging owners of empty properties to remember the importance of Commercial Insurance during these financially challenging times.

Latest research from the Local Data Company shows that the worst affected areas of the UK are experiencing a level of empty commercial properties that is hitting a 24 per cent high. The UK average for empty commercial properties is currently 12 per cent. The Local Data Company's research is representative of 92 per cent of the UK, covering more than 390,000 retail and leisure premises.

Inadequate commercial insurance can lead to financial loss for the owners of empty properties if they fall prey to acts of vandalism; furthermore, failure to inform an insurance provider that a commercial property is empty could invalidate a property owner's insurance. Owners of vacant properties must also ensure that their buildings are adequately insured in response to wider legal concerns, as identified by a property risk manager for Aviva, who said:

"Empty units must be adequately protected - every year, over three million properties are vandalised and 25 per cent of this malicious damage occurs in empty properties with arson costing Pounds Sterling 2 billion".

Continued:

"Landlords also have a duty of care to anyone visiting the property, so failure to remove hazards or have sufficient warning signs, could mean the landlord is liable for any injury, even if a visitor is trespassing".

Commercial insurance broker, Flint Insurance, provides bespoke and high quality insurance policy solutions to both the personal and commercial sectors. Flint Insurance draws upon more than thirty years experience to provide a professional service to businesses, offering help and guidance in the process.

For further information on Commercial Property Insurance cover, from Flint Insurance, visit: http://www.flintinsurance.co.uk/.

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