At a glance
- Landlords may need breakdown cover for big-ticket items such as boilers and air conditioning units
- Zurich offers one-stop shop for real estate insurance and engineering inspections
- Engineering inspections are a cost effective way to protect against disaster
Engineering is an integral part of the overall real estate proposition and Zurich Engineering has dedicated expertise and a specific real estate wording tailored for this niche sector.
Zurich prides itself on its reputation and service delivery. Five years ago we created a bespoke engineering team working alongside the real estate team in London to ensure a ‘one-stop shop’ for all clients’ real estate needs.
Visit Zurich’s online Plant Guide to discover cross-sell opportunities.
“It’s not just about price, it’s also about peace of mind,” said Heidi Clark, Relationship Executive for Zurich.
Whilst the property market will refer to commercial, industrial, warehouse or retail segments, for engineering this is irrelevant – most multi-let properties, for which the landlord is generally responsible for arranging statutory inspections, will have at least a passenger lift, boiler or some form of communal air conditioning plant.
Non-compliance could potentially lead to accidents or, in the worst-case scenario, death as a result of faulty machinery.Engineering has a tendency to be overlooked with the premium levels being relatively small in comparison. However, it is important to remember that landlords have a duty to ensure all statutory plant and machinery for which they are responsible is inspected in accordance with current legislation.
Alongside Zurich’s inspection programme, the wider wording also covers increased cost of working and loss of rental income following an engineering peril with limits and excess levels tailored to suit individual requirements.When putting together a programme, the Zurich Engineering team can produce a gap analysis document to spot any potential gaps in the current inspection programme. This also acts as a document for providing premium allocations per property – a requisite for the property market.
“Whilst engineering premiums tend to be low in comparison to property premiums, air conditioning or chiller units, especially, can be costly to repair or replace and added to that the potential business interruption risk, claims can be considerable,” said Heidi, who is based in London.
She added: “Since setting up the dedicated team in London, Zurich has been successful in acquiring a number of prestigious accounts such as British Land, Henderson, the Shard, CBRE and St. Martins to name but a few and are in a positive place to continue profitably growing this niche area over the coming years.”
Zurich’s online Plant Guide can also offer brokers in real estate the chance to spot potential cross-sell opportunities.
It’s not about price, it’s about peace of mind
Heidi Clark, Relationship Executive for Zurich
For instance, you can use the guide to see the 15 most commonly found items linked to real estate and the types of cover that are required.
Searching the online plant guide will help you identify plant and machinery, view statutory and regulatory requirements and inspection frequency. Technical inspection factsheets are also available.
Alternatively, you could speak to Zurich’s dedicated Engineering Real Estate team in London.