Collaboration is key during COVID-19
Property owners across the UK are looking for a swift solution to their insurance needs: brokers can work together for the greater good, says Paul Williams, Director of Real Estate, London office.
As specialists in the London Real Estate sector, we recognise the range of requirements commercial property owners have. Property owners come in all shapes and sizes – and so do their insurance policies.
The UK is full of thousands of buildings whose number one purpose has been put on hold for the next few weeks or even months – and this means changes in insurance policies. Clients, particularly those looking for a smaller policy, may be experiencing longer lead times, which has been exacerbated by the COVID-19 situation, as insurers are working from home and lead times have been elongated.
Here is where brokers can work together.
We have seen a surge in enquiries from other brokers seeking to make the most of our binding authority, which is a facility we created for them; an invitation to use our team and our expertise in order to deliver a quicker, more cost-effective service to their property clients.
Launched in 2018, our binding authority establishes an agreed level of cover, premium rates and commission levels. It was developed to give other brokers access to Bridge Real Estate’s specialist offering – we have a proven heritage and are recognised as specialists in this space.
The facility is supported by underwriters at Lloyds, with A-rated financial security as assessed by Standard and Poor’s. We provide a full suite of documentation detailing terms, servicing and claims, with a cover summary and direct link to the policy itself.
By creating an approach which is bespoke every time, we enable the end client access to the best, most appropriate policy in a busy or complex time, with industry-enhanced extensions as needed; such as automatic provision for rent reviews and future building works or new property additions. The package can include liability cover with a limit of indemnity of £5million as standard, with the option to buy higher limits as well as full value terrorism insurance.
Choose Bridge Insurance
Bridge Insurance Brokers Ltd can turn this around in as little as 15 minutes offering a quick and easy solution that is more valuable than ever in challenging times. With new enquiries coming in from brokers all over the UK this is not something unique to the London market – but the calibre of the team at Bridge means that brokers of all sizes can be confident that their clients are served with the best package and policy.
By working together, the hope is that the real estate market will be serviced and supported in order to return and renew, once the current crisis is over.
If you are a broker and would like to know about the competitive terms we offer and the way our service can help you, please get in touch.
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