When Smeg decided to open a flagship showroom in London, they invested heavily in a prestigious building alongside other retailers. They wanted to ensure that they (and all of the contractors on their behalf) had adequate insurance cover. We also identified the need to protect Smeg’s property investment from the outset, before they occupied the building and started trading.
We spoke with project managers to ensure the contract conditions were in place and being complied with. We also discussed proposed management forecasts and budgets — this meant we could arrange insurance protection against business interruption and advanced profit losses before Smeg moved into the property and began trading.
We spent considerable time ensuring Smeg were protected; we checked each contractor’s insurance arrangements to ensure they were suitable, and made sure Smeg were protected during the construction work for the fit-out. We persuaded insurers to provide cover for advanced profits and protection for the material investments, once Smeg took over responsibility.