PROPERTY OWNERS FAIR VALUE ASSESSMENT This document is for reference only and does not contain the full terms and conditions of the product, which can be found in the Policy Summary and Keyfacts documents on our website: https://uk.cntaiping.com/documents-commercial/
Target Market We have been providing Property Owners insurance in the UK, with a special but not limited focus on the Chinese community, since 1985. For this product design, we have drawn upon decades of experience in underwriting this trade, detailed analysis of its typical claims patterns, always with an eye to the market needs and business requirements of our target clients, so as to ensure our products add value and deliver a relevant, bespoke peace of mind and legislation compliance insurance solution to our target market. Property Owners insurance is a commercial line general insurance product designed for those who own property from which they earn a rental income that require insurance for Building, Loss of Rent, Property Owners Liability, Employers Liability, Contents. Our target market is UK based residential and commercial let out properties. The product is not suitable for: • •
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Properties outside the United Kingdom. Owner occupied private dwellings unless partially rented out, premises in the course of construction or otherwise undergoing significant renovation or alteration or long-term unoccupied properties. Properties of multiple occupation (HMOs), emergency housing, significantly combustible construction. For commercial properties, tenants who carry out activities such as vehicle breaking, wood working, plastic manufacturers, biofuel and waste or recycling Any company where the proprietor, partner or director of the business, whether in a personal capacity, or as the proprietor, partner or director of any other business, has been served with a CCJ or equivalent, been declared bankrupt, has criminal convictions, has been involved in a business which went into liquidation, administration or voluntary wind up, has had insurance declined, cancelled or special terms applied, has had a fine, remedial or prohibition notice from HSE or under the Fire Safety Order 2005 or has been disqualified from holding a directorship.
Product Design The product has been designed to provide value to our customers, with the standard insured perils including loss or damage caused by fire lightning explosion earthquake, malicious persons riot & civil commotion, theft or attempted theft following forcible and violent entry, hold up by violence and / or
V 1.0 (09/2022)