Royal & SunAlliance is developing an inspection service for unoccupied properties.
Royal & SunAlliance (R&SA) is developing an inspection service for unoccupied properties.
The insurer is looking to shore up its property investors’ business in the face of a slump in commercial property prices.
The inspection service, which is currently being piloted, is part of the insurer’s plans to take into account the impact of a slowdown in the sector.
Nigel Salisbury, R&SA director of property investors, said: “We are trying to add to our proposition things which could be of interest in a downturn, for example there will be greater numbers of vacant buildings.”
He added the service would look to tackle the risk management issues that were raised by unoccupied premises.
Insurers and brokers remain optimistic that they can weather a slow down in the commercial property sector.
Salisbury said: “We haven’t seen a lot of impact yet [from the downturn].
“Some construction and development projects will be put on hold. Property owners are being cautious. But we are not reviewing our projections downwards in 2008.”