Real Estate Solutions

Commercial Property Insurance

With many years of experience managing Commercial Property
Insurance, our portfolio covers over a thousand properties nationally. In
the event of a claim, we have an experienced internal team to advocate
for you through every step of the process, including negotiating with the
insurer on your behalf.

We guide our clients through the claims process, so they feel supported
and secure. This is underpinned by a strong focus on delivering
excellent client service. We pride ourselves on knowledgeable and
timely advice. We are committed to working for you.

What does Commercial Property Insurance cover?

BUILDING/CONTENTS

Protect your building, contents, and fixtures and fittings against accidental damage and other insured events, such as impact, storm and fire.

LOSS OF INCOME

Could you endure months or even years on end without rental income? Insure your loss of income following an insured event and continue receiving income while your property is repaired.

RENT DEFAULT

Offered by just a few insurers, Rent Default is a relatively new coverage for commercial property owners. With up to 26 weeks cover, you’ll be protected if your tenant breaches their lease agreement by vacating without notice or becomes insolvent.

PROPERTY OWNERS LIABILITY

As an owner, you have a responsibility to provide a safe and compliant property for your tenants. When things go wrong, Property Owners Liability to designed to protect you against legal fees and damages brought against you for third party damage and bodily injury.

ALSO AVAILABLE

Glass — Machinery Breakdown — Tax Audit Costs — Theft — Legal Costs for OH&S Breaches

More about Commercial Property Insurance

Why do I need insurance when my tenant already has a policy?

Even if your tenant has taken out a policy which includes Building cover, as a property owner you have a unique Liability exposure only you can protect yourself against. Liability cover is designed to respond to the named insured for their business activities. This means the Liability section of your tenant’s policy will only respond to their business activities and does not extend to you as the property owner. Also, if you allow the tenant to take out insurance on your behalf, you lose all rights to enquire and make changes to the policy as you would not be considered the policy holder. Theoretically, the tenant could make changes and claims without informing you.

What is an Indemnity Period and how I do choose an appropriate level?

The Indemnity Period is the length of time the insurer will pay Loss of Income following an insured event. When setting an Indemnity Period, it’s important to consider all the processes involved following a major or total loss of the Building. For example: changes in building regulations; planning permissions; the removal of debris; ease of access to the property; drafting of plans; and rebuild time itself. Honan recommends a minimum of 24 months, however greater length should be considered for, but not limited to: larger buildings; buildings with special features; heritage listing; and asbestos.

Full description of each item lost, damaged or stolen:	Month/Year Purchased or acquired:	Original purchase price ($):	Input Tax Credit you can claim as a % of the total GST:	Amount ($) claimed:

Full description of each item lost, damaged or stolen:	Month/Year Purchased or acquired:	Original purchase price ($):	Input Tax Credit you can claim as a % of the total GST:	Amount ($) claimed:

Description of incident:	Date:	Amount paid:

Date of loss:	Description:	Amount paid:

Date of incident:	Description:	Cost:

Real Estate Solutions

What does Commercial Property Insurance cover?

BUILDING/CONTENTS

LOSS OF INCOME

RENT DEFAULT

PROPERTY OWNERS LIABILITY

ALSO AVAILABLE

More about Commercial Property Insurance

Why do I need insurance when my tenant already has a policy?

What is an Indemnity Period and how I do choose an appropriate level?

What happens if my building is not adequately insured?

For more information, please contact:

Colm O'Brien

Head of Real Estate Solutions

Or:

Tim Clifford

Sales & Service Leader (NSW)

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