Commercial Strata Lot Owner
WE'VE GOT YOU COVERED
Commercial Strata Lot Owners face exposure that require insurance coverage designed to protect your assets.
As an owner of a commercial strata unit you are responsible for any loss or damage to the following items you have supplied within your unit:
• Paint on walls/wallpaper
• Carpet/carpet tiles
• Internal unit blinds/curtains
• Removable light fittings
• Dishwashers not permanently fixed
• Microwave ovens
• Refrigerators
• Washing machines
• Clothes dryers
• Mirrors
• Window air conditioners
In addition you may wish to cover Lot Owners built in Fixtures & Fittings for peace of mind
Why not rely on the Strata Insurance?
Ideally your Strata Insurance should insure the property for a sufficient value which covers all Lot owners additional Fixtures & Fittings. Usually the sum insured is derived from building size and construction, not always is the Lot Owners Fixtures & Fittings considered. Take for instance that a new Strata Complex is built and costs $3M – the Strata Body would purchase insurance cover for $3M. Each Lot Owner may spend $100K to install a Mezzanine Level or to fit out an office space with temporary walls & kitchen facilities. The sum insured is then insufficient to cover the Lot Owners costs to replace these Lot Owners Fixtures & Fittings.
The Strata Insurance for the property may have a benefit to cover Lot Owners Contents or Fixtures & Fittings however this is subject to the sum insured for the building not being exhausted & the benefit differs from insurer to insurer. In some cases Lot Owners Fixtures & Fittings can be limited to $100K per unit and $500K in total for all units. A commercial Strata with 30 Units would be limited to less then $17K each.
Purchasing your own insurance cover provides you with your own insurance coverage. You are able to consider the value that you need insured and make sure that your assets are covered.
What does Strata Lot Owners Liability Cover?
Strata Lot Owners Liability covers you in respect to an occurrence that causes personal injury to third parties or property damage to property belonging to third parties which arises out of the ownership of your unit.
As an owner of a unit you are responsible for injury or damage that occurs within your unit. Generally the Body Corporate & Strata Insurer is responsible for common areas only.
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Types of insurance your program can include:
Property Damage Insurance
Cover for physical assets from accidental damage & insured perils. Assets include Buildings, Fixtures,Fittings, Contents, Plant, Machinery, Equipment & Stock. Policy coverage can be arranged via Business Package or ISR.
Business Interruption Insurance
The policy covers the financial impact to business from insured damage to Property Assets, this includes reduction in Insurable Gross Profit & the Additional Costs to the business. Business Interruption can be included within Business Packages, ISR or taken as stand alone product.
Crime / Theft Insurance
Cover for physical assets from Burglary or Theft by a third party. Assets include Buildings, Fixtures, Fittings, Contents, Plant, Machinery, Equipment & Stock. Policy coverage can be arranged via Business Package or ISR. Noted that Money & Cash cover is taken via separate section or Sub Limit, similar for theft by employee.
Glass Insurance
Cover for the Property Owners Exposure to damage to glass within or on the building.
Machinery / Equipment Breakdown
Coverage for equipment repair or replacement from Breakdown. The cover typically does not cover wear & tear. Cover can be extended to insure the item against all damage similar to the property policy.
Public & Products Liability Insurance
Covers legal liability to third parties for personal injury or damage caused by an employee or by the business during declared business activities. It also covers related legal fees, costs and expenses. The cover is often combined into a single policy with Public & Product liability.
Statutory Liability
Coverage for Fines & Penalties for wrongful breaches of legislation. Policy coverage includes the legal expenses for these breaches.
Tax Audit Insurance
Insurance cover for the accounting fees resulting from a audit by the ATO, Commonwealth, State or Territory department. Cover can be obtained within Business packages, ML or Stand alone policy.
Legal Expenses Insurance
Advice and Cover for the legal costs of pursuing or defending certain classes of legal action. It covers legal expenses not covered by General liability, professional indemnity or directors & officers insurance. Policies can be arranged to include cover for Building or Construction contracts & Employment Contracts. Policy includes benefits for free telephone Legal Advice.
Why choose Bracesure Insurance Brokers?
Expert Advice
Qualified insurance experts, who can partner with you every step of the way.
Value for Money
Bracesure's scale means you can get the best cover, at the right price.
Peace of mind
We work for you, not the insurer. You can rest assured you and your business are in safe hands.
Service
A Bracesure broker is part of your team for the long haul, offering understanding of you and your business.