Property & Asset Insurance

Policy Wording: Property & Asset Insurance (Business Pack)

The insurer’s ‘Policy Wording’ sets out the actual coverage terms, conditions, limitations and exclusions provided under the policy.

Please access these documents on the links provided and read them thoroughly in conjunction with your Policy Schedule and call us immediately if you require clarification on any issue.

Current Policy Wording:

For any Business Pack Insurance policies from August 1 2023, please refer to the QBE – QM2819-0521 policy wording.

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Policy options: Property & Asset Insurance (Business Pack)

Fire and Other Insured Events:

This insurance policy can provide cover for reinstatement and replacement cover for buildings, fixtures, fittings, contents and other property of the Club following loss and/or damage resulting from any of the following perils:

Additional Policy Benefits: 

• Accidental Damage;
• Property Temporarily Removed from the Premises;
• Architects, Surveyors and Legal Fees;
• Rewriting of Records;
• Loss of Land Value;
• Fire Extinguishment Costs
• Removal of Debris, Temporary Repairs and Temporary Protection;
• Employees’ Tools, Equipment, Personal Effects and Clothing;
• Landscaping.

Contents Insurance

In addition to asset and building cover, we can arrange contents cover, which can help protect the contents of your buildings from damage, theft, or loss.

This type of coverage is especially important for community groups and not-for-profit organisations that may have valuable equipment, inventory, or possessions.

Business Interruption Insurance (Loss of Profits)

Following damage or destruction to a Club’s premises resulting from a peril which is covered under the Fire and Specified Perils policy, the Business Interruption policy can provide financial compensation for the loss of Gross Income which may result from the interruption or interference to the club’s business activities.

The policy can also provide indemnity for the additional costs incurred by the club or community group to reduce or avoid a reduction in Gross Income.

Indemnity Period – the standard period of cover is 12 months from the date of the loss and/or damage, we can arrange indemnity terms up to 24 months if requested.

Additional Policy Benefits:

• Claims Preparation Costs;
• Additional Increased Cost of Working;
• Accumulated Stocks Provision;
• Prevention of Access;
• Public Utilities, Customers and Suppliers Extension.

Theft Section

This insurance policy provides Replacement Cover for Contents of every description following “theft” of such property belonging to the club or community group.

Additional Policy Benefits:

• Property Temporarily Removed from the Premises;
• Architects, Surveyors and Legal Fees;
• Peak period increases
• Rewriting of Records;
• Loss of Land Value;
• Fire Extinguishment Costs
• Removal of Debris, Temporary Repairs and Temporary Protection, Expediting expenses;
• Employees’ Tools, Equipment, Personal Effects and Clothing;
• Landscaping;
• Prevention of damage;
• Catastrophe escalation cost;
• Environmental upgrade;
• Playing surfaces;
• Unpacking expenses.

General Property Insurance covers you for your property and equipment following damage when you are away from the property.

To apply please contact us on 1300 853 800 or email us at insurance@lcis.com.au.

Add-on covers available:

These additional options provide specific coverage to help protect your organisation from risks outside of the core Business Pack Insurance policy.

Whether you need protection for your portable equipment, coverage for broken glass, or coverage for property in transit, our add-on options can help provide the security and peace of mind you need to focus on your organisation. 

Glass:

This cover can help protect you from expenses associated with repairing or replacing broken or damaged glass, such as vandalism or accidental breakage. With glass cover added to your property insurance policy, you can have peace of mind knowing that your organisation is protected against these types of losses.

Definitions:

“Breakage” 

Means a fracture extending through the entire thickness of the glass.

“Glass”

Includes all fixed glass, refrigeration cabinets, glass in counters, shelving, interior showcases, fixed mirrors and other fixed internal glass including toilet pans and hand basins.

General Property:

We understand that running a community group sometimes requires you to be on the move.

This can help cover a wide range of portable property items, including laptops, projectors, sound systems, and other electronic devices that are crucial for your organisations operations.

Transit Insurance:

This insurance policy covers loss and damage to property during transit by road vehicle, including specified events such as fire, theft, and collision.

It also provides all-risk cover for sudden and unforeseen accidental loss or damage, with a geographical limit of anywhere in Australia.

Money Insurance:

Protect your organisation from theft or loss of money with our comprehensive Money Insurance policy option.

Coverage includes theft or loss of money in transit or on-premises, in locked safes or strongrooms, and even at authorised person residences, with indemnity for cash, negotiable instruments, money orders, cheques, securities, and more.

Definitions:

“Money”

Means cash, notes, negotiable instruments, cheques, postal notes, post office money orders, negotiable securities, stamps, credit card sales vouchers, instant lottery tickets, bus or transport tickets, telephone credit cards or franking machine credits.

Business Interruption Insurance:

Business interruption insurance may often be used alongside property insurance, helping to provide you with added security in the event of unexpected disruptions in the event you need to pause your operations temporarily.

Machinery Breakdown Insurance:

Cover for the costs incurred in Reinstatement, Replacement and/or Repair of Mechanical and Electrical Equipment following accidental damage or mechanical breakdown.

Flood Cover:

Flood cover can be arranged as an optional extension of cover to your Business Pack policy.

Claims Examples: Property & Asset Insurance (Business Pack) 

Storm Damage:

Storm damage caused water to leak through a hole in the iron roofing inside a community group’s building, which damaged support beams and the ceiling.

The Property and Asset cover meant the damage, worth over $2,000, was covered. This can be quite a large sum of money for a small community group which is why we highly recommend this cover. Also, this type of insured event did not require the payment of an excess.

Vandalism:

Broken windows are a common property claim for community groups whose buildings are commonly accessible to the public and more often than not exposed during off-seasons. Due to this they are also at higher risk of vandalism.

Ice Maker:

The bar and general area of one of our client’s clubrooms was damaged when the premises was flooded following an overnight leak from their ice maker, occurring when the premises was unoccupied. Water flowed for some time until discovered by cleaners early next morning. Thankfully, the Property and Asset policy provided to the group by us able to cover their repair costs which were over $10,000.

To get a quote please download the application form and complete the relevant sections and return to us via:

Post: Local Community Insurance Services, GPO Box 1693 Adelaide SA 5001
Email: insurance@lcis.com.au
Fax: 08 8235 6448

You can also use this application form to request a quote for the following policies or get a quick quote online:

• General Public & Products Liability Insurance 
• Voluntary Workers Cover
• Association Liability

The cost of Business Pack Insurance depends on various factors, including, the location, building type, the value of your assets and contents, the level of coverage required, and the specific risks associated with your activities.

Our team collects this information so that the insurer can assess these factors to provide you with a competitive and tailored quote.

Yes, Business Pack insurance may have certain exclusions or limitations. Common exclusions include intentional damage, wear and tear, and certain types of natural disasters.

It is important to carefully review the policy terms and conditions and refer to the policy wording and policy schedule to understand what is covered and what is not.

In the event of property damage or loss, it is important to contact us as soon as possible to inform us and initiate the claims process. Depending on the situation, you may need to arrange a make safe, which is a temporary measure to prevent further loss or damage to a damaged building.

If a make safe is necessary, it will be performed shortly after notifying us of the incident. It is strongly advised to leave the make safe process to the experts rather than attempting it yourself, as it ensures safety and proper handling.

To file a claim, we have a dedicated claims form available on our website. This form allows you to provide the necessary documentation required for the claims process. Please ensure that you complete the form accurately and provide all relevant information to expedite the claims handling process.

The coverage aims to help organisations recover from the financial impact of the interruption by compensating for the loss of income during the period when the business is unable to operate or is operating at a reduced capacity.

This coverage is typically triggered by damage or destruction to the insured premises, such as from a fire or other specified perils. However, it's crucial to review the policy's terms and conditions to understand coverage limits, waiting periods, and any exclusions or limitations that may be applicable.

Property value is crucial for asset insurance as it helps determine the appropriate coverage and ensures that your assets are adequately protected. The value of your property serves as the basis for calculating the coverage limits and premiums of your insurance policy. It helps insurers assess the potential risk and potential loss associated with your assets.

If your property value is out of date, it is recommended to obtain a current valuation to ensure accurate information. Property values can change over time due to various factors such as market conditions, renovations, or changes in the surrounding area.

If your property is underinsured, it means that the coverage limit of your insurance policy is lower than the actual value of your assets. In the event of a loss or damage, you may not receive sufficient compensation to fully recover or replace your assets.

It is important to regularly review and update your insurance coverage to ensure that it accurately reflects the current value of your property.

Yes! Property values can change over time due to various factors such as market conditions, economic trends, renovations, or changes in the surrounding area.

It is important to periodically reassess the value of your property and update your insurance coverage accordingly to ensure that you have adequate protection.

Yes! Even if you are leasing a property, it is still important to consider Business Pack insurance. While the property itself may be owned by the landlord, as a tenant, you likely have valuable assets within the leased premises that should be protected.

If your assets are damaged or destroyed, it can disrupt your organisations operations. Business Pack insurance can help provide financial support to help you recover and resume your organisation’s activities more quickly.

You can also consider additional benefits such as coverage for temporary relocation costs, and other related expenses that can arise from a covered loss.

It is important to inform your insurance provider about any updates or improvements made to the leased premises. This includes tenant improvements, which are alterations, additions, or improvements made to the leased property by the tenant.

Failure to inform your insurance provider about tenant improvements could result in underinsurance, where the coverage limits may not be sufficient to cover the value of the improved property. In the event of a loss or damage, you may not receive full compensation for the improvements made.

Insured Perils, also known as covered perils or insured events, refer to the specific risks or events that are covered by an insurance policy.

These Perils are the events or circumstances that, if they occur, may result in a loss or damage to the insured property or assets. The coverage provided by an insurance policy is typically limited to the perils explicitly listed in the policy.

The insured Perils can vary depending on the type of insurance policy and the specific terms and conditions outlined in the policy document. For property insurance, some common Insured Perils may include:

• Fire: Coverage for damage or loss caused by fire, including smoke damage.
• Theft: Coverage for loss or damage resulting from theft or burglary.
• Vandalism: Coverage for damage caused by intentional acts of vandalism.
• Water damage: Coverage for damage caused by water, such as burst pipes or water leaks.
• Windstorm: Coverage for damage caused by strong winds, hurricanes, or tornadoes.
• Explosion: Coverage for damage caused by explosions, such as gas explosions or industrial accidents.
• Riot or civil commotion: Coverage for damage caused by riots, civil unrest, or acts of civil commotion.
• Accidental damage: Coverage for accidental damage to the insured property or assets.
• Impact: Coverage for damage caused by the impact of vehicles, falling objects, or other physical forces.

However, it is important to carefully review the policy wording and policy schedule to understand the specific insured perils covered by your insurance policy.