Scrap Metal - an insurance headache
The rocketing price of scrap metal is having a substantial impact on the insurance of empty buildings. Many reports are now being seen where empty properties - especially older industrial premises - are being targeted for scrap metal. The damage of the break-in is almost incidental compared to the destruction being caused when conduits, lighting, cabling, pipes, flues, ducts and copper, are stripped out.
Building Insurance Premiums are often increased when premises become empty, but it is anticipated that premiums will rise to reflect the risk is now evident. Mitigation by way of employing full time security and/or securely boarding up premises, can help limit any insurance rises. Also regular weekly inspections are now often being called for by Insurers as a condition of the policy.
May 2011