Commercial property insurance

Who needs commercial property insurance?

Regardless of the type of business you run, you’ll need insurance to protect the value of your business property from loss due to theft, fire or other insured perils. Commercial property insurance is a practical solution for anyone who manages a business that owns assets, employs people and could be seriously affected by disaster or breakdowns.

What commercial property insurance covers

Commercial property Insurance covers buildings, vehicles, stock, plant and machinery.

It typically provides cover for:

• Natural disasters
• Fire, flood and accidental damage
• Breakdown in service machinery such as lifts and air-conditioning systems
• Loss of rental income
• Liability risks

Commercial rebuild valuations

New Zealand insurance companies require commercial property to be insured up to a specified amount known as Total Sum Insured. This is so they know the maximum they would have to pay for a rebuild.

In the event of a disaster, you will receive no more than the Sum Insured amount, even if the actual cost of rebuilding your commercial property turns out to be greater. The rebuild cost is the amount to rebuild the property from the ground up. It includes the demolition costs and debris clearing, architect and planning costs for the new building and of course materials and labour to rebuild.

A rebuild valuation from professional quantity surveyors is the best way to ensure an accurate Sum Insured figure for your property based on elemental building cost estimates. Crombie Lockwood commercial property insurance customers can get discounted rates on rebuild valuations from Construction Cost Consultants Limited (CCC) . 

Contact CCC to request a valuation.

Structuring your insurance

Solving your property insurance problem often requires us to restructure the insurance programme, finding either co-insurers to share the risks or devising a layered structure.

Good structuring can open up doors and pricing opportunities in New Zealand and overseas, as well as deliver cost benefits. On the other hand, these complex insurance structures can have pitfalls to be aware of. Drawing on our experience, we can protect you by ensuring that the risk allocation is unambiguous and clearly understood.

Help with commercial property insurance

Our property insurance clients appreciate the value we add in the management of claims. We have strong and efficient claims management services that speed up resolution and balances the needs of all parties,

Discuss insurance for for your property portfolio with our specialist brokers today.