Renovation and Building Works Insurance

Protecting your Restoration Project

When a large-scale building project begins, risks for the homeowner, contractor and project manager are complex and often intertwined. If something goes wrong, and an insurance claim arises, it is in everyone’s interests that delays to completion are minimised. Building Works Insurance caters for these circumstances. It is specialist policy to protect against the various risk of a build project.

Without a specialist building works insurance policy in place it can be notoriously difficult to establish whether the contractor, homeowner or project manager’s insurance should respond to a claim.

Small scale building projects which are expected to cost less than £100,000 will usually be covered under a standard household policy but this is not the case with larger projects.

High-value refurbishment, renovation and extension projects are complex and most are managed under a Joint Contracts Tribunal (JCT) which determines in advance who will be held responsible for the design, delivery and insurance.

The best form of protection under a JCT is an insurance policy taken out in joint names to cover the building works – known as a building works insurance policy. These policies are an essential tool for Project Management.

Project Management

How to Protect a Building Project with a Building Works Insurance Policy

There are important advantages of using a Building Works policy to protect any large scale building project:

• There is only one insurer covering the risk and acting in the interests of both the Owner and Project manager
• The Property Owner and Project Manager have the reassurance that a claim will be paid quickly and the project can continue – even if the contractor is at fault (in this case it is the insurer providing Building Works Cover who would seek compensation from the contractor)
• The client benefits from ‘All Risk’ cover on their home rather than just basic perils
• The policy will protect your client if the contractor walks off the project or goes into administration
• It prevents a long drawn out dispute about who is responsible for a claim

Castleacre, have considerable experience in assessing the risks associated with large scale re-build, renovation and extension projects. We can help you determine which type of insurance is needed for each project. We review the market to ensure any cover is competitive and we act as your advocate in the event of a claim.

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Commercial Insurance

Castleacre arrange a wide range of insurance cover for businesses, small and large. We don’t treat commercial insurance as a commodity, we stand in your shoes and find exactly what you need to protect your business.

We advise clients on diverse commercial risks, from property portfolios to cybersecurity. We are different from other commercial brokers and insurers because we believe in treating our commercial clients in the same way we treat our private clients. We put service at the forefront and always go the extra mile for our clients. In the event of a claim, which is when insurance matters most we deal with the insurer to secure a swift settlement and help minimise any business interruption.

Castleacre

• Take the time to visit you
• Offer risk assessment for all your activities
• Give you one direct point of contact available 24/7
• Guarantee a fast response to all your queries
• Support throughout a claim

What Commercial Risks Can Castleacre Cover?

• Commercial property
• Liability
• Professional indemnity
• Directors and Officers
• Business interruption
• Cyber
• Motor fleet
• Engineering

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Fine Art Insurance & Valuables Insurance

Fine Art Insurance helps protects your collection against specific risks. If you own Fine Art or a Collection including Works of Art you may benefit from protecting your collection under a specialist Fine Art Insurance policy that offers important additional cover reflecting value and originality.

Castleacre understands the particular issues that surround Fine Art insurance and Specie insurance, considerations that range from defective title, protection for paired works of art and emergency removal in the case of fire and flood.

As independent brokers, we use our market knowledge to find the best fine art insurers for individual clients, galleries and museums and we ensure cover is tailored to meet the needs of each client and their collection.

We take account of changes in market value, changes in circumstance and the added complexities of replacing or restoring a valuable and unique object should the worst happen. You also need the reassurance that your cover does not just protect your possessions within your property or safe but whenever and wherever you travel.

How to Insure Fine Art, Collections and Works of Art

At Castleacre Insurance we offer

• Fine Art insurance to cover either the market value (low/high auction estimate/retail value) or a pre-agreed value, depending on your preference
• Work with independent specialist valuers to ensure your works of art are accurately valued for insurance
• Worldwide Insurance cover for fine art including transit
• Defective Title Insurance
• Protection for Pairs Insurance
• Advice on Fine Art Risk Management, Security and Collections Care
• Financial compensation for Loss in Value of a Work of Art resulting from partial damage
• Automatic temporary cover for additions to a collection

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Family Office Insurance

Property and liability insurance for family offices.

Family Office Insurance Services

We advise and arrange insurance for family offices -protecting complex assets, which may include property portfolios and land or businesses, within one coherent policy.

We organize the most effective policies for families or individual members. This may involve setting up Private Captives for families who are prepared to take an active and long term role in managing their assets and combining investment with an innovative insurance solution.

Let Property Insurance

Comprehensive insurance for owners who choose to let their private houses.

Insurance for Let Properties

The additional risks associated with letting can mean that private property owners who decide to let need to consider cover for their liability to tenants, loss of revenue and theft or damage of private contents.
We arrange straightforward insurance cover for property owners who choose to let their property on short-term holiday lets or a long-term basis. Let property insurance has been devised to address some of the more complex risks that arise from letting a property.

Listed Building Insurance and Period Property Insurance

Castleacre specialise in arranging listed building insurance and period property insurance for historic buildings within the United Kingdom, Ireland and Europe.

There are over 370,000 buildings which are listed in England alone and the vast majority of these and other listed and historic buildings in the United Kingdom, Ireland and Europe are in private hands. Anyone who lives in a listed, historic building or protected structure usually regards ownership with a mixture of pride and obligation – listed buildings are protected by law because they are of national importance and are often architecturally outstanding, historically significant or within an area of special conservation.

There is no doubt that owning a protected, listed or historic property is a tremendous privilege but it also imposes additional responsibilities on owners. In 2007 a leading heritage insurer found that 55% of listed buildings were underinsured, which is why we take the time and trouble to appraise each listed property we are asked to insure with care and consideration.

If the worst does happen it is very reassuring to know that your cover has been carefully tailored to your property and that you will receive the compensation you need to reinstate your home.
(see Case Histories to find out what a difference an ‘All Risks’ policy can make)

Listed Building Insurance

What can we offer the owners of Listed Buildings and Protected Structures?

• Accurate Building Valuations and Surveys
  We work with specialist surveyors to accurately identify the re-build costs of a listed building so that if owners do need to make a claim they know that they will receive the right compensation and will neither be under nor over-insured. Replacement sums insured must take into account the extra cost of having to re-build in identical materials and the necessity of employing specialist builders and craftspeople to reinstate a listed building.
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• Archaeological costs
  We can arrange cover which will take into account the possibility of archaeological surveys either as a result of authorised renovations or extensions or because of an insured event.
• Protection for Buildings Open to the Public
  We can offer additional protection to owners who open their building to the public with an ‘all risks’ policy that can include theft, accidental damage and public liability should anybody be injured while visiting or working at your property
• Cover for a Listed Property undergoing Renovation
  Authorised Renovation, repair or extension of listed property can make it more vulnerable to risk and owners can sometimes find it difficult or expensive to arrange adequate cover. We can help tailor cover during building works even if your property is temporarily unoccupied.

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Insurance for Museums and Galleries

Museum and Gallery Insurance Tailored to Protect Your Specific Risks.

Today’s museums and galleries are diverse, dynamic centres for art, education and business – relying on revenue from a variety of sources to sustain them. Complete closure or limited access to a museum or gallery or part of its core collection can have a serious impact on income if the right insurance is not in place.

Listed building status, the security of high-value objects, loan exhibitions, crowded storage facilities and the unpredictable risks of fire, flood and damage are some of the conditions that museums and galleries have to consider. Cafés, shops, fund-raising events and corporate functions contribute essential revenue but these commercial activities, within the context of ever-changing regulations surrounding public access, have created new risks.

Castleacre advise museums and galleries on their specific risks and help minimise them – arranging tailored insurance policies that protect all commercial activities, collections, buildings, liabilities and loss of revenue.

Museum Insurance

Castleacre Insurance provides:

Expertise and Specialist Advice

Valuations for listed buildings and collections, disaster mitigation and market value reviews. We help define and prioritise core elements of the collection with supporting specialist surveyors and valuers.

Independent Tailored Museum Insurance & Gallery Insurance

We act as your agent and can source the whole market rather than just one insurer. We arrange cover for your collection, property, liabilities and the risks associated with all your commercial activities. We can also provide enhanced cover for loan and visiting exhibitions.

Administrative Support

We always ensure that you have first-class administrative support with clear documentation, and we are transparent about our commission and or fees.

Personal Advocacy

You have 24-hour access to a senior advisor. If a claim arises we work with the insurer on your behalf to ensure that compensation and settlements are resolved quickly.

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Indemnity Insurance for professionals

Professional indemnity insurance for small businesses and consultants.

As the demand for outsourcing of services and advice grow new suppliers of new services emerge.  The Public Liability insurance that consultants and other suppliers may have does not cover the failure to provide the professional service they offer –  Professional Indemnity Insurance helps protect small business services and consultants against financial and legal claims.

Professional Indemnity Cover:

• Protection if a problem arises with any work you have carried out in your professional role
• Cover suited to the specific risks associated with your profession
• We can include cover for claims emerging before the commencement of the insurance cover
• We can offer cover for six years following the cessation of the business to allow for discovery during that period