Property Owners Insurance Target Market Statement Product Name
Property Owners
Target market - Who is this product designed for?
This is a commercial insurance product suitable for property owners who own property from which they earn a rental income from 3rd party tenants who occupy the property.
Target market – are there any specific characteristics, including, customer vulnerability, that you should be aware of?
The product is intended for sole traders or small and medium enterprises (SME’s) owning relatively small or simple premises or simple property portfolios. It may be sold to customers direct or customers who have professional insurance intermediaries acting for them.
Target market - Who is this product not designed for, or are there any types of customer for whom it would not provide the intended value?
This product is not designed for: • Owner occupiers. • Property owners with very large or complex premises or large or complex property portfolios (where our alternative Property Investors product may be more suitable). • Property developers or speculators (who are outside our risk appetite). • Premises in the course of construction or otherwise undergoing significant renovation or alteration. • Overseas properties outside of the UK, Channel Islands and Isle of Man.
What are the key value elements of the product that are important for the target market?
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What client need is met by this product?
A product specifically designed for the target market with policy covers tailored to customer needs. A UK based claims team with extensive experience of handling claims for property owners / investors business. Buildings valuations at no additional cost (subject to qualifying criteria). Access to specialist risk management guidance and support.
Clients investing in property will want to protect these valuable assets from property damage and protect themselves from any property owner’s liability arising from such ownership. Other sections and extensions are available as optional covers, which enables the client to build a commercial insurance solution to suit their needs. The following covers are available: Property damage: Cover for buildings as well as contents of common parts at the premises against a wide range of insurable perils. For residential properties - alternative accommodation of residents where such premises become uninhabitable following insured damage.
For broker use only. This information is intended for insurance professionals only and is not intended for distribution to the public.