Many property investors are, perhaps, guilty of thinking of insurance as a ‘one size fits all’ product – often without considering whether it really covers the risks that a new project or property involves. So in this report Mark Hempshell talks to Adam Coates at Bollington Insurance Brokers about how the bespoke insurance market works.

Firstly, like much else, the property insurance market has changed considerably in recent years. Coates outlines some of the changes that investors need to be aware of. He says: “Clients are being faced with increased pressure from lenders, mortgage companies and the private equity market to provide proof of insurance with well known, financially secure insurers. This has increased the pressure on landlords and developers to make sure that cover is in force with reputable insurers whilst maintaining competitive rates to avoid complaints from tenants who are typically responsible for the premium proportionate to their tenancy. Competition in the insurance market has driven premiums to an all-time low, but property owners and landlords need to maintain focus on the quality insurer and products they are dealing with.

“The Insurance Act, which entered into law in 2016, has also brought greater clarity to the market in terms of disclosure, which I believe has had a positive impact for both clients and insurers.”