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Daily Insurance Industry News
Wednesday 22nd of May 2019
February 21, 2010

Right insurance essential for empty retail units

by Gill Montia

Story link: Right insurance essential for empty retail units

Right insurance essential for empty retail units

The recession has left plenty of empty shops on the UK’s High Streets and Aviva is reminding property owners of the importance of having the right insurance in place.

According to research by Local Data Company, retail property vacancy rates across Britain have risen to 12%, with some towns seeing as much as 24% of shops lying empty.

With the biggest two threats to an empty property fire and malicious damage, Aviva advises “now more than ever it’s imperative that landlords take all necessary steps to ensure that their buildings are adequately protected and insured correctly”.

Landlords should therefore notify their insurer when a property becomes empty, implement risk management measures and check out their policy conditions.

The group’s property risk manager, Allister Smith, comments: “Empty units must be adequately protected – every year, over three million properties are vandalised and 25% of this malicious damage occurs in empty properties with arson costing £2 billion.”

He adds: “Landlords also have a duty of care to anyone visiting the property, so failure to remove hazards or have sufficient warning signs, could mean the landlord is liable for any injury, even if a visitor is trespassing.”

Mr Smith suggests a number of other ways that property owners can ease their worries over empty units including: attending immediately to any minor damage; regularly removing graffiti and fly-posters; ensuring intruder alarms and CCTV systems are in working order and continuing the operation of sprinkler systems and fire alarms.

 

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