MPPI product launched for commercial mortgages - commercial mortgages

07 December 2007

Insurance broker Bennett Gould has announced that it has launched a mortgage payment protection insurance product for commercial mortgages in the UK.

The firm has said that the CommercialWise product is the first of its kind, and will cover industrial, retail and leisure properties across the UK.

Those who take out the product will see their mortgage payments covered in the event of illness or accident.

"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," said Bennett Gould''s John Plackett, according to ifaonline.co.uk.

"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," Mr Plackett added.

The cost of this summer''s flooding to the mortgage industry is estimated to run into the billions of pounds.