The insurers CommercialWise product provides cover in the event of accident and illness for commercial mortgage holders, and will be distributed through financial intermediaries and IFAs.
It has been specifically developed to cover mortgage repayments on shops, clubs, industrial units, warehousing and for commercial property portfolio holders.
Cover is available on a monthly payment basis giving the product flexibility to protect any mortgage term with benefits paid on mortgage repayments and related life insurance premiums or investment contracts.
CommercialWise is underwritten by Cassidy Davis Insurance Group (Cassidy Davis), the specialist personal lines Lloyd’s insurer.
John Plackett of Bennett Gould said: “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 an important step in bridging the gap.”
Bennett Gould will be using Cassidy Davis’s web-based payment protection insurance (PPI) sales platform, which enables intermediaries to manage the entire sales process efficiently and effectively on-line, while helping to ensure that eligible purchasers get the right cover to meet their needs.
Aidan Plumridge, head of marketing and business development at Cassidy Davis said: “We are delighted to be working with Bennett Gould to bring such an important product to market.
"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.”
