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Insurance as the hammer drops

publication date: Nov 3, 2011
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Toby Limbrick, Director Network AuctionsA new agreement enables buyers to put property that has been purchased at auction ‘on risk’ immediately.

The commercial property insurance broker Cadogan Keelan Westall has recently joined forces with Network Auctions to offer buyers access to cost effective, best of breed insurance cover within minutes of the hammer falling.
As part of this first-of-a-kind arrangement, Cadogan Keelan Westall representatives will attend auctions held at Network Auctions’ National Auction Room in Hatfield, Hertfordshire, where they will be able to advise buyers on all aspects of their insurance requirements and help to ensure that their properties are adequately protected
from day one.

Network Auctions’ Director Toby Limbrick (right) comments, “Buyers don’t always realise that it is their responsibility
to insure property from exchange of contracts. As a binding contract happens at auction on the fall of the hammer, it is important to be able to put a property ‘on risk’ immediately.”

He continues, “By working with Cadogan Keelan Westall, Network Auctions is able to offer buyers access to a facility, in the auction room, that allows a property to go ‘on risk’ within minutes of the hammer falling and the sale being made.”

Darren Coldspring, Business Development Manager at Cadogan Keelan Westall says, “Joining forces with Network Auctions will help establish Cadogan Keelan Westall in a previously untapped market. As the only property insurance broker attending the events, it creates a potentially huge new business opportunity for us. We look forward to a long and mutually beneficial relationship between our two businesses.”