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Buildings & contents insurance for 2 separate Ltd companies
Kilso2000
Posts: 2 Newbie
Can 2 separate Ltd companies share the same buildings and contents insurance policy if working in the same building?
I have recently purchased into a dental practice and was advised that 2 separate Ltd companies could not share the same insurance policy.
For the last 4-5 years at the practice, the previous two Ltd companies have shared the same buildings & contents policy with both company names on the policy.
When I called to change the names on the policy I was advised that there has been a change to t’s & c’s and that 2 Ltd companies could no longer be covered under the same insurance policy.
Does this sound right? Or does anyone know an insurance company that would provide cover for the two companies on the one policy?
Any help would be greatly appreciated.
I have recently purchased into a dental practice and was advised that 2 separate Ltd companies could not share the same insurance policy.
For the last 4-5 years at the practice, the previous two Ltd companies have shared the same buildings & contents policy with both company names on the policy.
When I called to change the names on the policy I was advised that there has been a change to t’s & c’s and that 2 Ltd companies could no longer be covered under the same insurance policy.
Does this sound right? Or does anyone know an insurance company that would provide cover for the two companies on the one policy?
Any help would be greatly appreciated.
0
Comments
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get a commercial insurance broker, they may be able to help"It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
G_M/ Bowlhead99 RIP0 -
If it's on a package policy including liability insurance then many insurers will refuse to insure it in both names due to an accumulation of exposure to liability claims.
If it's a buildings and contents policy without liability insurance, there is no technical barrier to insuring it in both names, but an insurance company can allow it or not allow it as they see fit.0 -
Thanks for all your help0
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The building should be insured by the freeholder and each occupying firm (leaseholder?) should have its own contents cover.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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If it's on a package policy including liability insurance then many insurers will refuse to insure it in both names due to an accumulation of exposure to liability claims.
If it's a buildings and contents policy without liability insurance, there is no technical barrier to insuring it in both names, but an insurance company can allow it or not allow it as they see fit.
There actually is a technical barrier. Employers Liability cover is £10m, but reduced to £5m for Terrorism risks. £5m is the minimum amount legally allowed for Employers Liability (EL)
Two (non Group) companies sharing the Employers Liability technically breaches EL regulations
DM0
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