Products - QUS Property Protect
Property Protect is designed specifically for Commercial Property Owners and is ideally suited to commercial properties up to a property value of $20m.
Property Protect is made up of 3 sections. Section 1 provides full accidental damage property cover with an automatic 30% loss of rent benefit in addition to the sum insured. Section 2 provides property owners liability cover up to a maximum of $20m and section 3 – Machinery Breakdown.
QUS is committed to distributing Property Protect exclusively through Australian Financial Service Licensed Insurance Brokers located throughout Australia.
Capacity/Target Market
- Maximum property section capacity - $35m
- Target market - Buildings sum insured up to $15m
- We do not write high hazard tenant occupations (including wood workers and wok cooking risks)
Key Benefits & Features
Section 1 – Property Insured
- Accidental Damage – no sub-limit
- Property sum insured is not subject to a co-insurance clause
- Additional Benefits (in addition to sum insured)
- Loss of Rent Receivable, Failure of Supply Services, Infectious or Contagious Diseases, Murder or Suicide, Reletting Costs, Maintenance Fees – 30% of Property sum insured (in addition to sum insured)
- Property in the Open Air - $25,000 limit
- Replacement Locks & Keys - $5,000 per incident
- Fire Extinguishment Costs - Costs and expenses reasonably and necessarily incurred
- Arson Reward - up to $10,000 per Incident
- Personal Property - up to $5,000 per Incident
- Claims Preparation Costs - up to $50,000 per Incident
- Mortgage Discharge - up to $5,000 per Incident
- Removal of Water from Basement - up to $10,000 per Period of Insurance
- Additional Utility Charges - up to $2,000 per Incident
- Exploratory Costs - Costs and expenses reasonably and necessarily incurred
- Alterations and Additions - Covered when the cost of the alteration or addition is less than $500,000
- Fusion (motors up to 5 kw) - Costs and expenses reasonably and necessarily incurred
- Increase Sum Insured by CPI
- Loss of Rent Receivable, Failure of Supply Services, Infectious or Contagious Diseases, Murder or Suicide, Reletting Costs, Maintenance Fees – 30% of Property sum insured (in addition to sum insured)
- Additional Benefits Included in the Sum Insured
- Removal of Debris - Costs and expenses reasonably and necessarily incurred
- Architect and Professional Fees - Costs and expenses reasonably and necessarily incurred
- Government Fees, Contributions or Imposts - Costs and expenses reasonably and necessarily incurred
- Legal Fees - Costs and expenses reasonably and necessarily incurred
- Temporary Protection - up to $10,000 per Incident
- Storm Damage to Gates and Fences - Costs and expenses reasonably and necessarily incurred
- Removal of Debris - Costs and expenses reasonably and necessarily incurred
- Optional Additional Benefits
- Catastrophe cover (Sum Insured increased as a result of a government-declared catastrophe or emergency) – options available up to 30% of Property sum insured
Section 2 – Property Owners Legal Liability
- Cover for compensation the Insured becomes legally liable to pay for Personal Injury and Property Damage
- Legal Costs & Expenses – up to 25% of the limit of liability, in addition to the limit of liability
- Liability in connection with the Insured’s ownership of any underground or overhead services, roads, footpaths or bridges that form part of the property at the Situation – included
- Liability in connection with the hire by any person of sporting or recreational facilities owned by the Insured – included
- Includes liability in connection with the application of pesticides, herbicides or fertilizers at the Situation or the Property Insured
- Includes liability in connection with the Insured’s ownership, use, control or possession of garden appliances, wheel chairs and golf buggies that do not require registration by any legislation or competent authority
- Sums Insured available up to $20m
Section 3 – Machinery Breakdown
- Option A – Unspecified Machine(s) driven by motors not exceeding 5HP or 4kW - limit any one incident as specified in the schedule
- Option B - Machines and Boilers and Pressure Plant individually listed and described in the Schedule
