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The fire at Nottingham Station has provided an important prompt for commercial landlords to ensure that they have sufficient provision to cover major, unexpected events.

While the blaze was well managed and contained, the incident has highlighted the potential risks to property owners and the need to cover for all eventualities.

James Bailey, managing partner at Bruton Knowles, said: “Damage caused by freak occurrences such as fires or major storms can be disastrous for businesses if their premiums aren’t adequate to cover all damage caused.

“While most buildings are sufficiently covered for dilapidations, it is crucial for landlords to ensure that the reinstatement value of their property is up-to-date and can cover any potential re-build costs should the building need to be demolished.”

James said relying on existing, long-standing reinstatement values can be risky and could result in discrepancies between premiums and rebuild costs.

He added: “If the premiums are too low to cover the true reinstatement value, the policy holder runs the risk of paying the amount of any discrepancy out of their own pockets. Conversely, if the property is overvalued, they may find themselves overpaying on their premiums and not seeing a true return should the worst happen.

“Correctly valuing your assets is a crucial part of safeguarding your business against unexpected incidents. To ensure that this is the case, it is vital that commercial property owners undertake a full assessment of their property every three to five years, supported by an annual online update.

“If this isn’t done, they run the risk of spending more than they envisaged in the event of the kinds of damage we saw following the fire at Nottingham Station.”

For help and advice, contact James Bailey on 0115 988 1160 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

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