Aspen Risk Management launches property owners' product

Aspen Risk Management has launched a new property owners’ insurance product to help deal with the growing issue of underinsurance.

Included as standard will be directors and officers cover up to £500,000 and commercial legal expenses up to £250,000, while policyholders will benefit from a building cost assessment.

The product also covers:

·         Property owners’ liability up to £10m limit of indemnity

·         Contract works up to £100,000

·         Fire risk assessment templates

·         Online training for asbestos awareness and other safety issues

·         Data back-up and recovery

·         Optional full engineering breakdown

To support brokers on both large and small portfolios, capacity is available for an estimated maximum loss (EML) of up to £75 million for any one location.

Aspen Risk Management’s managing director Kevin Pallett said: “In a well-served market segment like property owners’, insurers will often compete solely on price. This product provides cover that is in line with the very best in the market, and allows brokers to offer a different product to their clients.

“With a free building cost assessment backed up by average free, for example, clients will have practical help in dealing with the growing issue of underinsurance. We believe this differentiation, offered on an exclusive basis, will provide our brokers with an edge over their competition to help them win business.”