What you need to know
Commercial property insurance covers the physical assets that underpin your investment. For landlords, property investors, and owner-occupiers, having the right cover in place and at the right sum insured is critical to protecting the value of your portfolio.
New Zealand's earthquake risk adds complexity to commercial property insurance that does not exist in many other markets. Policy structure, earthquake excess buy-downs, and sum insured adequacy all require careful attention. We review your property schedule, check that sums insured are adequate for your situation, and go to market to find the most appropriate cover.
Where appropriate, we recommend engaging a qualified quantity surveyor to establish an accurate reinstatement value. This is not a service provided by Stainton & Co., but we can point you in the right direction.
What we help with
A comprehensive commercial property insurance programme, designed to protect your premises, contents, and business revenue against fire, weather events, theft, and interruption — ensuring the physical foundations of your business remain secure against the unexpected, so a single event never becomes a lasting setback.
What's generally covered
Material Damage
Covers physical loss or damage to the building and contents arising from fire, water damage, storm, earthquake, and other insured perils. Policy wordings and cover breadth vary significantly between insurers.
Business Interruption / Loss of Rent
Covers loss of rental income following damage to the property that renders it untenantable. The indemnity period should reflect the realistic rebuild timeline in your area.
Landlord Liability
Covers legal liability arising from your ownership of the property. Relevant where tenants or third parties suffer injury or property damage as a result of the building.
Earthquake Excess Buy-Down
Standard commercial property policies carry a significant earthquake excess. An excess buy-down reduces that excess to a more manageable level an important consideration for any property owner in New Zealand's seismic environment.
Glass
Covers accidental breakage of fixed glass including shop fronts, skylights, and internal glass partitions.
Machinery Breakdown
For buildings with significant plant and equipment, machinery breakdown cover protects against mechanical and electrical failure of building services including lifts, air conditioning, and fire suppression systems.
Sum insured adequacy is one of the most common issues we identify in commercial property portfolios. We strongly recommend a current reinstatement valuation be obtained and reviewed at each renewal and where possible, that valuation should be prepared by a qualified quantity surveyor to ensure the replacement value of your building is as accurate as possible.