Home & Legacy has partnered with Allianz Engineering to launch a unique building works product to the high net worth insurance market.
A number of household insurance policies available in the UK market do not cater adequately for properties undergoing renovation. In many cases insurers restrict or simply withdraw cover when a property starts to undergo even basic levels of renovation.
Building Works Extension is designed to give protection to home insurance policyholders against the risk of damage when building works such as refurbishments or extensions are being carried out.
As well as covering all risks for the existing structure under the home insurance policy, Building Works Extension will provide policyholders with cover designed specifically for the building works including:
- Damage to the contract works
- Breakdown cover of new equipment which forms part of the contract works
- Offsite storage
- Professional Fees
Adrian Ewington, product and underwriting manager, Home & Legacy, says: “Home & Legacy recognise that in the current market, customers want to invest in renovating, re-modelling and extending their existing homes rather than going through the time, cost and expense of moving.
“When discussing renovation works with customers, we found that a number of them were faced with difficulty when trying to arrange adequate cover for their properties whilst work was being carried out. Many of our customers did not realise that building works needed to be declared and properly insured to ensure that there is cover in place in the event of a loss.”
Martin Ball, underwriting and operations manager, Allianz Engineering said: “It has been a pleasure developing Building Works Extension with Home & Legacy. This partnership has enabled us to develop a holistic solution that will allow customers to retain significant levels of cover on their properties as well as providing a full and extensive product for the work being carried out.”
Notes to editors:
- Home & Legacy Insurance Services Limited is an independent mid and high net worth insurance provider offering high quality insurance policies that are underwritten by a choice of five of the UK's leading insurers at exclusively negotiated rates. The Company is a wholly-owned subsidiary of Allianz Holdings plc.
- Allianz Engineering, part of Allianz’s Commercial Division, provides a range engineering insurance cover, inspection services and risk engineering solutions to customers. For more information please visit www.allianzengineering.co.uk.
- A photo of Adrian Ewington is attached.