Wholesale managing general agent iprism is ready for the anticipated coronavirus-related spike in unoccupied properties, having rolled out a new product with the trend in mind.
“Many of our brokers have told us that they expect to see an increase in unoccupied commercial properties as a result of the economic disruption caused by COVID-19 and the extended periods of enforced lockdown,” noted iprism managing director Ian Lloyd (pictured).
“iprism has designed this new product to support the needs of SMEs (small- and medium-sized enterprises), addressing the exposures facing unoccupied properties, across a range of uses and timescales.”
The new unoccupied commercial & residential property owners policy will provide coverage against a wide range of perils in addition to the standard fire. These include lightning, explosion, earthquake, and aircraft risks.
The specialist MGA said the product covers a broad range of commercial properties, from heavy industrial buildings to those of non-standard construction. Available on both a short- and longer-term basis, the new offering also features protection for unoccupied properties undergoing alterations and renovations.