Intouch Autumn 2015 - Knotweed cover for commercial properties
When we were preparing to launch our Japanese knotweed indemnity policy, despite how high profile the issue has become recently, we wondered what interest there would be in the product.
But we have to admit, after our residential policy hit the market in June, we were a little taken aback at the response when, much like a property with a knotweed problem, we became quickly engulfed by numerous enquiries for quotations and for more information.
A commercial concern
In amongst these enquiries, we received many requests from solicitors and conveyancers for insurance to provide cover for commercial properties.
We had considered this, but we didn't have the cover available at that time. However, we've taken on board your feedback, and we're pleased to tell you that we can now cover existing commercial properties too.
As with residential properties, the cover offers protection against the financial costs and physical damage arising from the future discovery of knotweed.
If knotweed is found or recurs at the property after the policy commences, we will cover the buyers, their lenders, lessees and successors in title for:
the cost of obtaining a survey report from a knotweed treatment specialist
treatment costs to eradicate knotweed
repair and restoration costs for any damage caused by knotweed
legal defence expenses incurred to handle any claim from a third party affected by the spread of knotweed.
As there is no question about the presence of knotweed on the property information form for commercial transactions, before we can offer a quotation, we will need to establish if the seller has been asked about the presence of knotweed.
The commercial policy covers the property owner for 10 years and premiums start from as little as £130 for a £100,000 policy limit.
As well as being asked about cover for commercial properties, we also received a number of enquiries about cover for new-build properties.
In response, we've tweaked our residential knotweed policy slightly so that we can now cover new-build residential properties too, at the same terms as for established dwellings.
For more information or to obtain a quotation, please call 01603 617617 or email firstname.lastname@example.org.