Absent Freeholder Insurance

Property Insurance for leaseholders who cannot trace a valid policy.

 

If you hold a lease on a building and either cannot trace the absent freeholder, or you are unable to obtain satisfactory confirmation that the property is adequately insured even though the freeholder is known, you are at risk of severe financial loss should the building suffer major damage without adequate insurance cover.

Many insurers will not offer a quotation because of two main factors:

• No insurable interest
  Unless the lease incorporates a clause making the leaseholder responsible for insuring the property, it can be argued that a leaseholder does not have an insurable interest in the building.
  
• Risk of dual insurance
  If a property is fully insured by two different people with separate insurers, it can cause legal and financial problems for both the insured and the insurers should the situation come to light at a later date.

 

The Green Insurance Group Leaseholder Insurance Solution

Green Insurance Group have negotiated special terms with our underwriters which overcome the problems with insurance for leaseholders of commercial or residential property where a freeholders insurance policy cannot be traced.

We have established an acceptance by the insurers of the existence of an insurable interest of the leaseholder, and we can therefore provide leaseholders cover for the full reinstatement of the building, at competitive rates.

There is always a possibility that an existing policy held by an absent freeholder will be discovered at a later date. If this does occur, we will be happy to cancel your insurance policy and provide an appropriate refund for time unexpired (although no refunds or partial refunds of premium for time already on risk will be given).

We are able to provide quotations for offices, shops, houses, and flats, both individually, and in blocks of 1 to 100!

 

For an instant quotation, call us on 01903 236788 (option 3)