European market

As property investors constantly look outside their home market for investments, we have seen a number of clients realising some of their UK assets and reinvesting the proceeds in the European property market. In doing so they are taking advantage of lower property prices, good potential capital growth and yields which are often higher than in the UK.

Our experiences to date suggest that many property investors had initially been advised to arrange the insurance of their buildings with a local insurance broker in the territory concerned.

So far, despite the existence of the EU, there is no standardised European insurance policy and covers have developed in each individual state to meet the needs of local customs and laws.

As an example, in France there still exists a Napoleonic Statute which states that where a building is on fire and it accidentally spreads to a neighbouring building, the owners of the building where the fire originated will be responsible for the costs of repair to the neighbours building. This is quite the opposite of the situation which exists in the UK.
In Spain, the perils of theft and subsidence are often excluded by local insurers, with riot and flood covers picked up by what is known as the “Compensaçion de Seguros”.

Our advice to property investors is that if you are relying on a local policy to fully protect your assets, you could be in for a nasty shock when you suffer loss or damage that you are used to seeing covered by your UK policy.
Over the last 18 months, working with some of Europe’s largest property investor insurers, we have devised a bespoke insurance solution to ensure our clients’ European assets are given the best possible protection, at the most competitive of premiums.

We currently insure properties across Europe, particularly in Germany, Poland, Switzerland and Austria, as well as further afield in the USA and the Caribbean.

Our proposition for our European property investor clients aims to provide a superb level of cover, underwritten in the UK by UK based worldwide insurers. Protection includes terrorism cover, subsidence, the usual loss of rent and property owners liability with premiums charged in Euros or Swiss Francs, as required.

One major advantage, which we offer, is that claims will be dealt with from the UK by the insurer via Reich’s pre-nominated Chartered Loss Adjusters. The Adjusters are based in the UK but with local offices across Europe.
Via our claims team we are thus able to control conduct of the claims process in liaison with the UK based insurers and pre-nominated loss adjusters so that after substantial damage your property is reinstated quickly and efficiently, at minimal cost to yourselves. You will not have to battle in Germany, with a German broker and insurer in the event of a fire at one of your properties. As in the UK, your claim will be our responsibility to resolve on your behalf.

Insuring your European assets with us ensures that your properties are covered to the same comprehensive extent as your UK properties with additional cover to meet any local customs or laws – all at a superbly competitive premium.
If you currently own or manage properties in Europe and would like us to provide you with an alternative quote on the basis above please contact either Simon Taylor, Nick Symes or Danny Lopian on 0161 834 8877.