Towergate also found that 14% of properties were over-insured
UK commercial properties such as shops, factories and warehouses are underinsured by an estimated £325bn, according to research by Towergate.
In its latest risk alert, Towergate highlighted a massive shortfall in insurance.
Towergate estimates that nine out of ten commercial properties in the UK are insured for the incorrect amount, and in 79% of these cases this is due to underinsurance.
Average buildings are only covered for 69% of the amount they should be.
Mark Brannon, Towergate’s commercial director said: “Now is not the time for businesses and individuals to find their property is underinsured and that their insurance policy will not fully cover a loss.”
Over-insurance
Meanwhile 14% of properties are over-insured, it found. Those buildings that are over-insured are covered for 121% of the correct amount.
It also estimates that 580,000 high-value homes worth over £1m in the UK are significantly underinsured.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
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