Commercial Property Owners Insurance

Commercial Property Owners Insurance 2018-04-30T11:21:36+00:00

Commercial Property Owners Insurance is a solution tailored for the unique cover requirements of commercial property landlords. It is designed to provide customised cover for property, loss of income, theft, money and rent default, glass, tax audit, OH&S and legal costs, and machinery / electronic equipment breakdown liability. It provides cover for a range of different property types including warehouses, shopping centres, factories and unit and apartment blocks. At Reg Leis Insurance Services, we understand that every commercial property is different and has varying requirements. Different solutions can be tailored to best meet your specific risks depending on the value of your insured property and how it’s used and managed.

Commercial Property Owners Insurance includes protection against:

  • Property Damage
  • Loss of Income
  • Theft of Owners’ fixtures fittings and contents
  • Loss of Rent
  • Glass Damage
  • Machinery / Electronic Equipment Breakdown
  • Property Owners Liability

The main options when arranging Commercial Property Insurance are:

  • As part of your tailored Business Insurance Package
  • A Commercial Strata Title Insurance Policy
  • A Landlords Insurance Policy
  • An Industrial Special Risks Insurance Policy. This is mostly for Properties valued above $5 million.

Industrial Special Risks (ISR)

An Industrial Special Risk (ISR) policy is a uniquely designed and tailored packaged policy that provides property damage and business interruption covers for medium to large organisations, generally with assets over $5M. It’s designed to protect all tangible property including buildings, stock, plant and machinery that belongs to the insured and property of which the insured is legally responsible for up to the limit of liability on the policy (this is the maximum amount payable by the insurer for any one loss or series of losses suffered by the insured). It’s ideal for medium to larger organisations however can also be suitable for smaller companies with high value assets.

We can tailor a Commercial Property Owners policy to suit your individual insurance requirements. If you have an office, retail, manufacturing, wholesaling, or hard to place tenant occupation, we can access a range of insurers and underwriters to help you protect your commercial investment property.

Commercial Strata Insurance

Commercial Strata Insurance is designed for Commercial buildings under a strata scheme, ranging from retail shops and offices through to multi tenanted industrial sites. It can provide cover for the building and common contents, machinery breakdown, electronic equipment, voluntary workers accident only, fidelity guarantee, office bearers and legal liability. The buildings and common areas are insured by the Body Corporate; who are responsible for ensuring the building is repaired or replaced in the event of a loss. Insurance is based on the Construction, Age, Condition, Fire Protection, Security, Maintenance and Occupancy of the units. As the occupation of the lots or units can vary considerably, the risk will vary according to the type of business conducted in the buildings. The overall mix of occupants will determine the premium and policy terms and conditions.

We can tailor a Commercial Strata Insurance policy to include some or all of the following features.

  • Building Replacement and Reinstatement – Provides cover for the buildings, roadways, fencing, fixtures, fittings and any other improvements of a structural nature in Common Property areas.
  • Legal Liability – Covers the legal liability of the Body Corporate. This does not include cover for liability of the unit owner, except where liability relates to the Insured property or common contents.
  • Common Contents – Covers Furniture, Equipment, Appliances, Fittings and Works of Art (separate declaration may be required) in common areas.
  • Machinery Breakdown – Provides cover for damage to machinery caused by electrical or mechanical breakdown. This is an optional cover and extra premium will apply.
  • Loss of Rent and/or Alternative Accommodation – If a unit becomes uninhabitable as a result of a claimable event, the unit owner can claim loss of rent to either maintain their income stream, or to be able to rent elsewhere whilst repairs are taking place.
  • Office Bearers’ Liability – Committee members can be personally responsible for decisions they make on behalf of the Body Corporate. Office Bearers Liability protects committee members when liability has arisen from an alleged or wrongful act, omission or breach of duty.
  • Fidelity Guarantee – Protects the Body Corporate against fraudulent embezzlement or fraudulent misappropriation of their funds and tangible assets.
  • Personal Accident for Voluntary Workers – Provides compensation to any person who voluntarily works on behalf of the Body Corporate.
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