Product review: Under one roof

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  • This product has been reviewed by brokers and rated from one to five stars, based on the policy’s key benefits. * = Poor ** = Average *** = Good **** = Very good ***** = Excellent

Chris Howell of Seaway Insurance reviews EPUL's Omnibus mid-market commercial property owners combined product

Product: Omnibus – mid-market commercial property owners combined

Underwriter: European Property Underwriting Ltd as a managing general agent with capacity provided by HDI Global, Swiss Re, Liberty Specialty Markets, HSB Engineering, Arag, Ark, Antares Underwriting, Ironshore and Endurance.

Commission paid: Standard 35%, however variable and various as multi-line product.

Coverage: Omnibus combines core material damage, rent and liability covers with automatic cyber, equipment breakdown, legal expenses, contract works and money and assault coverage. EPUL is also offering employers’ liability, engineering inspection services, environmental impairment liability, excess of loss on property owner’s liability and access to either Pool Re or Lloyd’s terrorism schemes on an optional basis. 

Minimum premium: £2,500

Excess: £250, however variable and various as multi-line product

Contact: Steve Lawrence, [email protected], 020 3740 4110

Key benefits

▶ “All the cover you need under one roof” enabling brokers to access comprehensive coverages from one provider rather than having to source individual elements from multiple insurers. See coverage list above.

RICS accredited building reinstatement valuation undertaken. Therefore, the average condition is waived.

▶ Warranty free contract.

▶ Opting-out of the Insurance Act proportional settlement of claims if material facts are innocently not provided where the only action we would have taken was to charge an additional premium.

▶ Specialist in-house claims team with dedicated loss adjuster support.

Verdict

Chris Howell, of Seaway Insurance, comments: “All the covers you need under one roof” is a good idea, particularly as it combines material damage and normal covers along with cyber, equipment breakdown, legal expenses and contract works. In addition there is potential for terrorism cover with an optional first loss limit. It was also good to note that there is potential for the average condition to be waived and opting out of the Insurance Act proportional settlement of claims if material facts are innocently not provided.

“The policy summary is very comprehensive, including a section on significant or unusual limitations or exclusions. Other advantages from the property owner’s point of view is the cover extends to include tenants stock and possessions and specifies the costs of eviction of squatters.

“The relationship with Cardinus to undertake a building reinstatement valuation of each insured property allows the removal of average condition from the policy and ensures that initial sums insured are accurate. The in-house claims team with dedicated loss adjuster support is also a benefit provided that the claims team are aware of the underwriting criteria.

“Unfortunately with a minimum premium of £2,500 the market is somewhat restricted to clients with larger property portfolios. Although not an unreasonable requirement for cities and larger towns within the UK, it is more of a problem in more rural areas.

“Deserving of five stars, however in view of the minimum premium requirement I am limiting the contract to four stars.”

Overall rating **** (4/5)

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