Property & Strata Insurance
Commercial Property, Industrial Special Risks & Strata Insurance for Residential, Commercial and Mixed-use.
Property insurance is a broad term for a customisable policy, covering; building and/or contents damage, public liability, loss of rent cover for property owners and landlords, and even machinery breakdown or engineering expenses cover for items such as lifts and air-conditioning.
Property is the world's largest and most important asset class. Property and strata/body corporate owners should be checking rebuild costs and other sums insured regularly, preferably carrying out insurance replacement costs plans every three to five years to ensure all sums insured are adequate. Businesses and commercial property owners should consider engaging risk surveyors for insurance purposes. Risk surveyors will provide insurance replacement costs alongside a ‘Construction Occupancy Protection Exposure (COPE)’ report to assist underwriters in understanding your property risks.
Changing climate patterns are rapidly changing the risks faced by property owners and insurers. We’ve witnessed major catastrophe events in recent years, with fires around Australia, floods severely impacting the east coast and Tropical Cyclone Seroja landing below the 26th parallel in WA. Inflation is rising and construction costs have rocketed in recent years. Property owners who have not reviewed their sums insured in recent years may find themselves underinsured and exposed to underinsurance or average clauses, meaning insurers may not pay a claim in full.
Insurance Union have dedicated property and strata brokers to help you manage property risks. Speak to a specialist insurance broker today on 02 7205 6262.
Commercial Property Insurance
Commercial property insurance allows commercial property owners and business owners (owner-occupiers) to cover their building/s and/or contents insurance, including liability risks. The policy has standard and optional covers which can include;
Property damage (Fire and other damage)
Public liability for landlords or public and products liability for business
Contents and stock
Theft
Machinery breakdown
Glass
Business interruption and/or loss of rent
Commercial property insurance does not usually cover flood automatically. Some insurers will offer flood cover for an additional premium, some will offer limited cover and some will not cover flood risk at all.
Strata Insurance for Residential, Commercial and Mixed-use.
Strata insurance is a legal requirement in all states across Australia. It generally covers the building/s and common or shared property under the management of the building strata title, including liability risks. The policy has standard and optional covers which can include;
Property damage (fire and other damage)
Public liability
Theft and damage to common areas (including contents)
Voluntary workers
Fraudulent misappropriation of owners corporation funds
Office bearers’ legal liability
Machinery breakdown
Alternate accommodation and loss of rent
Similarly to commercial property, strata insurance does not usually cover flood automatically. Some insurers will offer flood cover for an additional premium, some will offer limited cover and some will not cover flood risk at all.
Industrial Special Risks Insurance
When sums insured exceed $10,000,000 for non-strata property, Industrial Special Risks insurance tends to replace commercial property and business pack policies.