Insurance is one of those areas that is often left to the last minute of sometimes completely overlooked.
If you invest the time in understanding your position you can protect yourself against most eventualities. However if you turn a blind eye and assume that you’re protected by your fit-out partner’s insurance policy you’ll be making a grave and potentially catastrophic error.
The starting point is to understand your contractual obligations, which will typically require you to take a Joint Names All Risk Policy for your specific project. This will protect all parties in the event of a major loss and will help ensure that your project is completed at no extra cost.
No fit-out contract should proceed without the Joint Names All Risk Policy being active!
The second stage is to notify your insurer and review your office contents and buildings cover levels. You should notify the Landlord so that the building’s insurers are up to speed.
Finally you should review your fit-out partner’s insurances.
At a minimum they should carry Employer’s Liability (minimum £10 million), Public and Products Liability (minimum £10 million), Professional Indemnity (minimum £3 million) and Contract All Risks insurance (minimum £3 million).
You should also check their claims history.
Additionally, your fit-out partner should be able to clearly explain all the insurance aspects of the project to ensure that you are fully protected.
Best advice is to take advice by speaking to your insurance broker.
Maris Interiors LLP is the UK’s leading specialist in workplace consultancy, workplace optimisation, office design, office refurbishment, office fit-out and office relocation. Maris design and create world class working environments for occupiers throughout the UK and continental Europe. The Maris team of experts has extensive and in-depth knowledge of how good office design and fit-out can substantially improve business performance, save vast amounts of money and help retain and attract key people.
This news article may be reused subject to Maris Interiors LLP being credited and acknowledged as the source
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