An insurance broker has launched a mortgage payment protection insurance (MPPI) product for UK commercial mortgages in a move it says is a market first.
Bennett Gould & Partners says the new product, called CommercialWise, will be available to intermediaries via a web-based system, enabling brokers to manage the entire sales process online. ComercialWise covers mortgage repayments in the event of accident or illnesses for those with commercial mortgage and is specifically developed to cover shops, clubs, industrial units and warehouses. Commenting on the launch, John Plackett of Bennett Gould says: “The emphasis on consumer mortgage cover has created a protection gap in the commercial sector. Protecting mortgage repayments is as crucial a...
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