CHES Special Risk introduces new insurance for vacant properties

CHES Special Risk introduces new insurance for vacant properties | Insurance Business Canada

Property

CHES Special Risk introduces new insurance for vacant properties

CEO says offering goes beyond safeguarding physical structures

Property

By
Terry Gangcuangco

CHES Special Risk has launched a specialized insurance product aimed at addressing the unique vulnerabilities of vacant properties, which are often prone to criminal activities and accidents due to a lack of regular supervision. The new insurance solution focuses on providing comprehensive coverage against fire damage.

An example of an incident where such coverage is crucial is a fire erupting in an unoccupied building after children playing with matches ignite nearby materials. The lack of immediate supervision will cause the fire to spread extensively before it can be contained, resulting in significant damage.

In another scenario, individuals seeking shelter in an unoccupied property start a fire to keep warm. Without proper containment, the fire can quickly grow out of control.

CHES Special Risk’s new policy covers fire damage, allowing property owners to repair their buildings without financial burden. This ensures that the properties remain suitable for future use and safeguards the owners’ investments.

“Our vacant property insurance ensures property owners that their valuable assets are protected from potential harm,” CHES Special Risk chief executive and president Gary Hirst said. “Beyond safeguarding physical structures, our insurance provides peace of mind to property owners.”

The new product adds to the managing general agent’s growing portfolio. Recently introduced offerings include CHES Special Risk’s comprehensive insurance package for mobile equipment, trucks, and trailers, which includes mobile equipment insurance, commercial general liability, and office contents insurance.

Key extensions in the package include continuing rental or lease expenses, protection and prevention of property, debris removal, rental expenses, and ice or muskeg cover.

“Protecting the core operational assets of businesses, especially in the trucking and trailer sectors, is critical,” senior underwriter Andre Prasad noted at the time.

Meanwhile, for more information on the vacant property insurance, brokers can contact CHES Special Risk at [email protected].

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