Innovation in vacant property insurance
Marsh Nederland arranges third-party property risk cover for the whole Camelot Europe portfolio
Yesterday during a working visit to the Agoradek demolition area in Lelystad, Joost van Gestel, CEO Camelot Europe (right), received the special policy from Lars Stratman, practice leader Real Estate, Marsh Nederland (left).
The independent insurance and risk management agent has developed an innovative and individual insurance product for vacant property management that covers the risks to residents and users of all premises and projects within Camelot's European portfolio. This involves the entire vacant property management of over 4,500 projects in six countries, ranging from housing estates and empty offices, to a completely abandoned military complex. Thanks to this policy, Camelot is the first in the sector to be able to offer total financial security during the period of management to its clients as owners of vacant premises.
Third-party property risks are understood as involving goods or premises in one's custody, in use, on loan or possessed for handling or processing. Under normal liability insurance, third-party property insurance is not insured by default. Neither is the financial risk originating due to the daily use of Camelot and its residents covered as standard in the owner's building insurance. Each day across Europe tens of thousands of users enter projects that the company has under its management.
Joost van Gestel: "This innovation fits with-in developments whereby owners are ever-increasingly enlisting vacant property managers for longer periods of time. Examples are temporary renting, or the provision of temporary work areas for the self-employed and start-up companies. So, we as a market leader, shouldered our responsibility and asked Marsh to develop this product. This will make the choice easier for owners, whilst eliminating any possibility of unexpected third-party risks." The policy immediately comes into force for all projects from 1st January 2010.
The premium has been negotiated by Marsh with insurers after a history examination based on Camelot's own property management system MyCastle. Lars Stratman: "It appeared that vacant property management by Camelot involves no greater risks than with normal use."Back