Unoccupied Commercial Property
April 2, 2017
If you walk along any Australian High Street it is easy to observe the effects an industry (mining in WA and Central QLD) or market (vehicle manufacturing in Vic and SA/ Call and admin centres in capital cities) has had, by counting the number of unoccupied commercial premises – some of which have remained empty for considerable periods of time. Visit industrial estates on a city or regional town’s outskirts and you may be surprised and a little subdued by the number of once busy factories or admin centres now standing idle. Often centrally located office buildings will contain several abandoned or unused premises. Until the upturn in these environments can make their operations feasible again, these empty premises will need protecting.
Most policies, when you check the small print, will have clauses which state that the insurance companies will only provide cover for between 30 and 60 days of the building becoming unoccupied. After this they will insist upon an additional and possibly considerably more expensive policy premiums.
There are several reasons for this. They include the increased possibility of damage caused by vandalism and the fact that if fire, plumbing failure or flooding occurs there would be no-one on the premises to react quickly. There is also a possibility of squatters moving in, refusing to move out and perhaps causing damage.
Suggestions for ways of protecting your premises could include back to base alarms, key operated deadlocks on doors, key locks or bars on windows and even security guards or full-time caretaker. Other useful tips include sealing letter boxes, draining water tanks and pipes, disconnecting mains electricity and gas supplies. It is also a good idea for a representative to visit the property on a weekly basis and keep a written and photographic log of the visits.
If you are in the unfortunate position where un-occupancy of your industrial or commercial premises has or will become an issue, it makes sense to consult an expert who can give you professional advice in order to enable you to fully protect your assets. Consulting a broker who has access to all the latest unoccupied commercial property insurance information, and who will work to find the best available policy for you at the most affordable price, is the logical course of action.
Insurance Brokers Australia (IBA) is a member of the Steadfast Group – Australia’s largest network of insurance brokers. It has an excellent reputation as well as the resources and personnel expertise to filter through the policies on offer to find the best one to dovetail with your unique situation. The friendly IBA broker is an insurance specialist and will give you an unbiased opinion as to your best course of action. There is no substitute for face to face advice and a no obligation appointment with an IBA broker, which could save you considerable expense by finding the optimum cover for your unoccupied commercial premises.
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