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 as insuring the business’s buildings and contents.
“More businesses need to consider this kind of product as a priority. We believe that these borrowers should have access to the same level of cover.”
CommercialWise is underwritten by Cassidy Davis and can be arranged through their online PPI sales platform, which Plackett says will provide intermediaries with an efficient sales process that is easy to track through the Internet.
Aidan Plumridge, head of marketing and business development at Cassidy David, says the product is an important one for the commercial property markets.
“Mortgage payment protection insurance is now a more flexible and customer-focused solution that offers real protection. Therefore, it is very well suited to the needs of the commercial mortgage holder,” he adds.
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