Brokers expect an increase in unoccupied commercial properties as a result of economic disruption
Specialist MGA iprism has revealed a new product for unoccupied commercial and residential property owners, to address the surge of premises that are vacant post-lockdown.
It will provide cover for commercial properties ranging from heavy industrial buildings to those of non-standard construction, as well as insure a series of perils in addition to the standard fire, including lightning, explosion, earthquake and aircraft risks.
The new product will also offer protection to unoccupied properties undergoing alterations and renovations, plus it is available on a shorter and longer-term basis.
Ian Lloyd, iprism’s managing director, said: “Many of our brokers have told us that they expect to see an increase in unoccupied commercial properties as a result of the economic disruption caused by Covid-19 and the extended periods of enforced lockdown.
“iprism has designed this new product to support the needs of SMEs, addressing the exposures facing unoccupied properties across a range of uses and timescales.”
The MGA specialises in commercial, property, tradesman and high net worth products.