Chartered Surveyors Eddisons has launched a new property insurance division.
Eddisons Insurance Services Ltd. will provide property insurance and risk management solutions and is fully regulated by the Financial Services Authority in respect of insurance mediation activities.
As a group, Eddisons already arranges insurance protection for over £1.5 billion of commercial assets on behalf of financial institutions and private clients.
The new division is headed by Nick Towns, formerly of insurance broking firms, Marsh and Oxygen.
Mr Towns said: ‘By consolidating insurance arrangements with a major insurer our substantial buying power provides a platform for our clients to benefit from highly competitive premiums and a breadth of cover which is not widely available in the market.
‘We believe our new proposition will appeal to both major investors and clients with modest portfolios.’
The firm says it will work closely with clients who have vacant properties and are being affected by both vacant property rates and increased insurance premiums at restricted cover.
Nick Towns said: ‘Clients with vacant properties are being hit particularly hard. We can now provide a completely integrated solution covering insurance, risk management and rating advice which is not typically available through a conventional insurance broker.’
Eddisons Insurance Services is already working on a number of high profile instructions, including the vacant Bonding Warehouse in York, which has recently been put up for sale.
The disposal of the landmark building is being handled by Eddisons in their capacity as LPA receivers.
Nigel McDonald, Managing Director of Eddisons said: ‘The insurance division provides a natural fit within the group.
‘We now provide clients with a comprehensive range of services through the life cycle of a property including acquisition, property management, valuations, building surveying, rating, landlord and tenant and disposal.’
Richard has been the Managing Partner of Eddisons for since 2012 and has been instrumental in the growth of the business from a turnover of £6million in 2008 to a national business with a turnover of £12million in 2015.
Richard will continue to lead the business in its future growth plans under the new ownership of Begbies Traynor Group PLC and further seek to establish the business in key strategic markets.
In addition to his role as Managing Partner, Richard still continues to play a vital role with key clients, particularly in the banking zector, where he is a trusted adviser to various high street clearing banks. Over the last eight years, Richard has been appointed LPA Receiver on a number of high profile properties and assisted the bank in the recovery of distressed loan portfolios.
Prior to joining Eddisons in 2003, Richard worked in the real estate division of a 'Big Four' professional services company. Notable assignments include the privatisation of Saudi Telecom for flotation on the New York Stock Exchange.