- Client: Care home operator
- Requirement: Insurance for an unoccupied care home and subsequent development works
- Timeframe: Policy arranged within one week
In this case, the client owned several care homes and had recently added another property to their portfolio. The new property required reconfiguration and improvement works to bring it up to the desired standard.
The property would initially be unoccupied, with the development works due to begin a couple of months after completion. This created a specific insurance requirement: the client needed cover for the existing property from the outset, while also ensuring the policy could accommodate the planned works when they began. This avoided the need to arrange an entirely new policy partway through the project.
The property’s reinstatement value was also above typical market levels, while its specification added another layer of complexity to the insurance requirements. Finding a policy that could accommodate the property, its unoccupied status and the planned works within the client’s budget therefore required a specialist approach.
Enness was able to source and put the appropriate policy in place within one week. The structure provided the client with cover for the property initially, while accommodating the planned development works and remaining within their budget.
This case demonstrates the importance of considering the full lifecycle of a property when arranging specialist insurance. For properties that will be unoccupied before refurbishment or development begins, arranging suitable cover from the outset can help avoid complications when works commence.
Enness works with specialist insurance providers to help high-net-worth clients protect complex and high-value properties. If you require insurance for a care home, unoccupied property or another specialist asset, speak to a mortgage specialist to discuss your requirements.
Disclaimer:
This case study is for illustrative purposes only and does not constitute financial, legal, tax or insurance advice. Insurance cover is subject to insurer assessment, policy terms, conditions and exclusions. The availability and scope of cover will depend on the individual circumstances and characteristics of the property.
Information contained in our case studies is for market and illustrative purposes only. In some cases, these may be made up of multiple cases and are for illustrative purposes only.
Some case studies are made up of enquiries that have come into the business, not all business completes, and the posting of a case study does not represent a completed piece of business.
Property values can fall as well as rise, and you may not get back the amount originally invested. Property investments can be illiquid and may take time to sell. Where borrowing is used, your property may be repossessed if you do not keep up repayments on a mortgage or other loan secured against it.
