As a broker who negotiates with Insurers and Underwriters on behalf of Commercial Strata clients, it’s important to enter the conversation with a clear understanding of the property and the associated risks. This means we must obtain all necessary risk information, including but not limited to, Construction, Occupancy, Protection and Exposure (COPE}, and a site survey wherever possible. This article outlines how commercial tenants· risk profiles are assessed and how these factors can influence pricing for clients.
What is commercial strata insurance?
Commercial Strata Insurance provides cover for commercial buildings under a strata title. These can include Government office buildings, industrial sites, and buildings with residential lots above and supermarkets or restaurants on ground levels.
Why are commercial tenants of interest to insurers?
Having a clear understanding of who the tenants are and the type of business they run helps Insurers accurately assess the property’s risk profile and appropriate pricing. As brokers, we like to know we have all the information before the Insurer receives the quote slip. This limits delays and back and forth from the Insurer. Here are some questions your broker may ask about the commercial property and tenants.
