Case Study: Boosting Coverage and Cutting Costs for Commercial Strata
In Sydney’s bustling commercial sector, Sarah Anderson, a seasoned real estate investor, Jackson Properties Pty Ltd, a prominent property management company, and Mark Wilson, an owner of a mixed-use building in Melbourne, were all navigating the complexities of commercial strata insurance.
With rising property values and evolving insurance needs, each sought to ensure their properties were adequately covered.
Challenges
Sarah Anderson:
- Property Valuation: Needed reassessment of her property’s value due to new tenants and increasing property worth.
- Coverage Needs: Required an upgrade to include comprehensive coverage for liabilities, loss of rental income, and protection against risks like fire, theft, and vandalism.
Jackson Properties Pty Ltd:
- Underinsurance Concerns: Faced potential gaps in coverage due to outdated property valuations.
- Policy Exclusions: Existing policies had significant exclusions.
- Liability Coverage: Needed enhanced liability coverage to protect against property damage and harm claims.
Mark Wilson:
- Rising Insurance Costs: Experienced increasing premiums impacting financial viability.
- Diverse Risk Profile: Required coverage for a mixed-use building with complex insurance needs.
- Compliance: Needed to ensure compliance with Australian regulations and adequate risk protection.
Solutions
Sarah Anderson
Property Valuation:
Engaged Sirius Insurance for a thorough property valuation to ensure accurate coverage for her retail and office block, accounting for recent improvements and market value.
Policy Coverage Analysis:
Sirius Insurance reviewed various options, presented policies tailored to her property’s features and risk profile, including coverage for property damage, liability, loss of rental income, and legal costs.
Comparison and Selection:
Sarah selected a policy with comprehensive coverage, guided by Sirius Insurance, ensuring all needs were met.
Claims Process and Customer Service:
Sirius Insurance provided insights into the claims process and customer service, emphasising the importance of choosing insurers with a strong reputation for prompt claim handling.
Policy Customisation and Flexibility:
Recommended a flexible policy allowing for future adjustments to accommodate changes in lease agreements or regulations.
Jackson Properties Pty Ltd:
Comprehensive Risk Assessment:
Emily Smith from Sirius Insurance assessed risks such as liability exposures and fire threats, and suggested specialised risk management techniques.
Seeking Multiple Quotes:
Emily obtained and compared quotations from various insurers, evaluating rates and coverage terms to find the best deal.
Review and Update Policies:
Policies were revised to address evolving risk profiles, including improved coverage limits and specific endorsements.
Emphasising Risk Management Practices:
Recommended proactive strategies including enhanced security measures and routine maintenance checks.
Bundling Insurance Policies:
Suggested consolidating multiple policies into a single package to streamline administration and reduce costs.
Mark Wilson
Comprehensive Risk Assessment:
Emma Carter from Sirius Insurance assessed Wilson Plaza’s risks, including liability exposures and fire threats, and suggested risk management strategies.
Seeking Multiple Quotes:
Emma procured quotes from Sirius Insurance’s network of insurers, evaluating premium rates and policy terms.
Review and Update Policies:
Revised policies to match Wilson Plaza’s risk profile, including modifying coverage limits and endorsements.
Emphasising Risk Management Practices:
Worked with Mark to implement risk management strategies to lower insurance costs and enhance safety measures.
Bundling Insurance Policies:
Recommended bundling multiple insurance policies to simplify administration and benefit from cost-saving options.
Results
Sarah Anderson:
Secured affordable, comprehensive insurance coverage, allowing her to focus on expanding her property portfolio with peace of mind.
Jackson Properties Pty Ltd:
Achieved enhanced coverage, peace of mind, and cost savings by avoiding underinsurance and improving liability protection.
Mark Wilson:
Negotiated lower premiums while retaining comprehensive coverage, thanks to proactive risk management and expert guidance from Sirius Insurance.
Get Expert Insurance Solutions
Whether you’re protecting a commercial property investment like Sarah Anderson, managing a diverse portfolio like Jackson Properties, or seeking competitive rates for a mixed-use building like Mark Wilson, Sirius Insurance offers tailored solutions to meet your specific needs.
Contact us today for a comprehensive strata insurance quote and safeguard your properties against unforeseen risks with our expert assistance.
