Trustees and Property Managers have a duty to make adequate provision for insurance cover for the buildings, rental income and in respect of the landlord's liability to the public. Taylor Patterson Insurance Services Ltd has arranged preferred terms, outlined below, for the Taylor Patterson SIPP and SSAS with Norwich Union.

Property insurance not taken out under this arrangement must be first agreed with Taylor Patterson and be taken out in the names of the scheme trustees and provide a range and level of cover at least equivalent to that summarised below. Taylor Patterson reserves the right to decline any property insurance not meeting these requirements and put in place cover through its arrangement with Norwich Union and charge the premiums to the scheme.

Property Owner's Combined Insurance - Preferred Terms Arranged by Taylor Patterson With Norwich Union

What is offered?

• Wide cover at competitive pricing specific to the property owners' market.
• Cover tailored to meet the needs of the landlord.
• One policy arrangement for single and multiple sites.
• Premiums can be apportioned and individual tenants' cover certificates issued.
• Optional specialist consultancy services to assess and manage health and safety, and ensure compliance with current and future legislation.
• A bespoke policy arranged through Norwich Union at preferential rates. The core covers are as standard:
• Buildings on an "all risks" basis including:
  - Loss of rent cover provided on a 36-month indemnity period
  - Property Owner's liability limit £5,000,000.
  - Emergency and Legal Help Lines.
• Standard Extensions to our Norwich Union policy wording include:
  - Privity of Contract
  - Failure of Tenants Insurances
  - Extended Definition of Buildings
  - 72 Hour Storm/Flood Provision
  - Legionella (Legionnaires Disease Cover)

Optional Covers

We recognise that not all risks are the same. Consequently, we are able to provide optional covers and services:

• Employers' Liability
• Engineering - Inspection and Insurance e.g. (Lifts and Boilers)
• Glass
• Legal Expenses
• Terrorism - Such cover is now excluded from all primary policy arrangements and must be purchased separately
• Latent Defects - New Premises
• Contract Works - Purchased for extensions and alterations to the building
• Contaminated Land
• Independent Loss Adjusters Fees

Key Issues that Trustees need to be aware of

Sum Insured

• The Sum Insured declared on the policy in respect of the buildings should be the total cost to rebuild the property to the state it was in prior to any loss occurring. It is not the sale value of the property. This amount declared should also include the costs of Removal of Debris and Professional Fees. These amounts alone could typically represent approx 20% of the rebuilding costs.

Legislation

• Health & Safety Work Act
• Workplace Health & Safety & Welfare Regulations 1992
• Fire Precautions Workplace Regulations 1999
• There are also new regulations regarding property owners' liability for asbestos in buildings, and disability discrimination (access to buildings).

We are able to offer fee based bespoke consultancy via 'partner' companies in order to assist you in meeting the requirements of such legislation.

VAT

• If a property is rebuilt, the property owner may not be able to recover VAT on rebuilding costs from HM Customs & Excise, or alternatively may be charged VAT on the land. Our policy is able to cover increased rebuilding costs resulting from the application of VAT.