The property owners liability insurance policy protects landlords and property owners in respect of claims made against then in respect of the their legal liability for personal injury or property damage suffered by third parties and arising from the policyholder’s ownership of the property.
As a property owner you have a legal responsibility to ensure that your property is well maintained and does not present unnecessary risks of injury ot property damage to either tenants, visitors to the premises or members of the public outside the building.
What level of cover do I need for property owners liability insurance?
Each policy is subject to a limit of indemnity, this is the maximum amount that the insurance company will pay in respect of any one claim. Generally policies will include legal costs associated with the defence of any claim in addition to this limit but in some cases the maximum limit payable includes these costs.
It is your decision, based upon your own circumstances and your assessment of your needs that determines what limit of indemnity you require under the policy but common limits are £1m, £2m £5m and £10m although other limits are available upon request.
How do I buy property owners liability insurance?
It is such an essential cover that it is actually included in most specialist property owners insurance policies along with the property damage cover in respect of the buildings and contents but in some cases this is not available for certain property so a standalone property owners liability insurance policy is available.
We provide instant access to property owners insurance via our on-line quote service where you can compare property owners quotes from a range of leading insurers providing both residential and commercial property owners and landlords insurance. Alternatively, you can call us direct to speak to one of our brokers reading your requirements.
Can I obtain property owners liability insurance in respect of a piece of land I own?
Yes and this is a very important cover that should be considered by any person or group of people that own land whether or not it is actually in use. Once again the owner’s legal responsibilities for personal injury and damage can be protected by a suitable property owners insurance policy.
Unoccupied Property and Derelict Sites Insurance
These are particular areas of concern for property and landowners. Whilst the site may be secure you still have a responsibility to ensure that the area is safe and well maintained. This is particularly true when properties maybe accessible for children for despite the commonly held view by many that you should not be responsible for injuries to someone who is actually trespassing on your property it is a well established legal principal that you have to be aware of the “natural propensity” for mischief by children.
Whilst you may be asked additional questions regarding property that falls into this category, cover is generally available at low rates of annual premium.
Employees and Property Owners Insurance
Some policies will include employers liability under their overall property owners insurance package but you should be aware that they will not be covered under a standard property owners liability policy as this is a contract protecting the interests of landlords in respect of claims from third parties. Any employees must be covered by a specific employers liability insurance product or as previously stated under the property owners package insurance.