SUREWiSE - South Australia’s Insurance Brokerages

Don’t get caught under-insured!

By Surewise 25/06/2018

Don’t get caught under insured!

“Insuring your commercial investment property for an accurate rebuilding cost is extremely important and can be a difficult exercise for someone to achieve without expert advice”, says Heather Blanco – Head of Business Unit at SUREWiSE.

SUREWiSE has access to a third party commercial re-building calculator which can help guide you with setting a realistic sum insured for the rebuilding of your commercial investment property. It even takes into consideration matters such as removal of debris, inflation and rebuild time frames to assist with setting realistic business interruption indemnity periods.

On top of this, you also need to consider whether a property is under a local preservation order or if it’s heritage listed (or similar) and what improvements may be required to bring the property up to current building standards/codes. These can also add to the rebuilding costs which you need to take into consideration when setting your sum insured.

“If you don’t insure for the correct amount, you could find your claim being subjected to the under-insurance clause (also known as an average or co-insurance clause)”, says Heather.

This means that if you insure for less than the full value of the property, your claim may be reduced in proportion to the amount of the under-insurance.

Heather says, “It’s critical for any business or commercial property owner to seek the professional advice of a qualified and experienced insurance broker to ensure you’re adequately protected”.

The team of qualified and experienced insurance brokers at SUREWiSE are here to assist with protecting your assets and will use their knowledge, skills, industry contacts and industry tools to assist throughout this process process.  The third party re-building calculator is just one of many tools our brokers can use to assist their clients.

For more information, please contact our team today on 1800 273 256 or visit our website for further information. We also have a dedicated page on our website for commercial property insurance.



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