Norwich Union has reminded property owners to notify insurance providers if any buildings in their portfolio are empty for extended periods of time.
Norwich Union has advised property owners to remain cautious when leaving buildings empty for long periods of time. Landlords should notify their insurance provider if leaving a building empty and take steps to secure all doors and windows.
The insurance provider has put together a set of guidelines to help investors protect their properties. Developed in collaboration with the Insurer's Research Insight, Strategy and Control Authority, the Code of Practice for the Protection of Empty Building offers practical advice to guard against threats such as theft and arson.
Citing figures which suggest 9,000 fires occur in empty buildings each year, Norwich Union's property risk manager Allister Smith said landlords and commercial investors need to be extra vigilant given the current economic climate.
He said: "As businesses face challenging times surviving the economic climate, with production down and workplaces closing, there are rising numbers of commercial properties left empty.
"Evidence shows that the prospect of damage or injury arising from empty buildings can be high, even if only temporarily vacant, eg prior to sale or refurbishment. To reduce these risks it is absolutely critical that they are properly secured and managed throughout this period."
He added that fixtures and fittings, including plumbing and floorboards, can be attractive to thieves, suggesting that property owners could be putting their assets at risk "if failing to notify their insurers and take necessary precautions when their buildings are left unoccupied".
