Property - commercial and residential
Our property insurance for commercial and residential property provides a wide cover on a flexible basis. There are options to include a number of extensions and additional benefits specifically designed for this type of business.
Please refer to the policy wording for full details of cover and applicable terms and conditions.
Cover
Standard package provides
| Standard package provides | Optima Property - Commercial Let | Optima Property - Residential Let | Property Owners |
| Buildings and Contents |
All Risks. Option for Fire and Perils is available |
Fire and Special Perils including subsidence. Option to add Accidental Damage including malicious damage by tenants |
All Risks |
| Subsidence |
Optional cover |
Included |
Optional cover |
| Day One |
15% uplift and indexed linked |
Indexed linked |
15% uplift and indexed linked |
| Contents for common parts |
5% of building sum insured up to £10,000 limit |
|
5% of building sum insured up to £10,000 limit |
| Contents temporarily removed |
£2,500 limit |
20% of contents sum insured |
£2,500 limit |
| Garden contents |
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£500 limit if the contents section is operative |
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| Replacement locks |
£500 limit |
£1,000 limit |
£500 limit |
| Damage to underground services |
£10,000 limit |
Included |
£10,000 limit |
| Refilling fire extinguishing equipment and alarm resetting |
£10,000 limit |
|
£10,000 limit |
| Alarm resetting and extinguishment expenses |
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|
£10,000 limit |
| Loss of metered water and gas |
£5,000 limit |
£500 including loss of oil |
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| Trace and access for escape of water |
£5,000 any one claim (max £10,000 any one period of insurance) |
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£5,000 limit |
| Unauthorised use of metered water, gas and electricity |
£10,000 limit |
|
£10,000 limit |
| Landscaping expenses |
£10,000 limit |
|
£10,000 limit |
| Trace and access |
£5,000 limit |
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| Reletting costs |
£5,000 limit |
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| Loss of rent or alternative accommodation whilst the premises are undergoing repair following a claim |
20% of buildings sum insured for residential parts only |
20% of buildings sum insured. Cover includes re-letting costs |
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| Property owners liability |
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£5 million limit of indemnity |
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| Public liability |
|
£5 million limit of indemnity |
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| Employers' liability |
|
£10 million limit of indemnity |
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Business interruption
| Business interruption | Optima Property - Commercial Let | Optima Property - Residential Let | Property Owners |
| Loss of rent |
Optional cover for full Business Interruption for loss of rent with a range of indemnity periods including 12, 24, and 36 months |
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Optional cover for full Business Interruption for loss of rent with a range of indemnity periods including 12, 24, and 36 months
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Liability
| Business interruption | Optima Property - Commercial Let | Optima Property - Residential Let | Property Owners |
| Property owners liability |
Optional cover |
£5 million limit of indemnity |
Optional cover |
| Employers liability |
Optional cover for £10 million limit of indemnity |
£10 million limit of indemnity |
Optional cover for £10 million limit of indemnity |
Limits can be extended to include
| Limits can be extended to include | Optima Property - Commercial Let | Optima Property - Residential Let | Property Owners |
| Day One reinstatement |
Up to 50% |
|
Up to 50% |
| Contents of common parts |
To required sum insured |
To required sum insured |
To required sum insured |
| Property owners liability |
Up to £5 million limit of indemnity |
|
Up to £5 million limit of indemnity |
Excesses
| Excess | Optima Property - Commercial Let | Optima Property - Residential Let | Property Owners |
| Property damage |
£250 |
£250 for accidental damage and £100 all other claims |
£250 |
| Subsidence |
£1,000 |
£1,000 |
£1,000 |
Benefits
Policy benefits
| Benefit | Optima Property - Commercial Let | Optima Property - Residential Let | Property Owners |
| Non invalidation |
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| Captial additions 10% of buildings sum insured (maximum £250,000) |
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| Purchasers interest |
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| Includes accidental damage to glass or sanitary ware |
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| Includes accidental damage to cables, underground pipes and tanks |
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| Full cover on unoccupied buildings |
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For the first 90 days |
Subject to conditions
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| Index linked |
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Buildings sums insured |
Buildings and contents sums insured
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| 24 hour legal helpline |
On tax and employment matters
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On any personal legal problems |
On tax and employment matters
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| 24 hour replacement glazing |
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| 24 hour property helpline on domestic emergencies |
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| Business interruption automatically includes denial of access, public utilities, and closure of premises due to vermin, pests, defective drains and defective sanitation up to £25,000 limit |
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| Liability sections include court attendance compensation with limit of £500 per day for director or partner and £250 per day for employees |
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| Public liability includes Defective Premises Act liability and overseas personal liability |
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Literature
Optima Property - Commercial Let
Optima Property - Residential Let
Groupama Insurances is a trading name of Groupama Insurance Company Limited. Authorised and regulated by the Financial Services Authority. Number 995253,
Registered in England Registered Office: 6th Floor, One America Square, 17 Crosswall, London, EC3N 2LB. VAT no: 504 6841 54.
