Unoccupied Property

MAINSTAY UNDERWRITING have structured an insurance package for property owners, for both commercial property and vacant land. This cover will provide a simplified approach for both the client and the retail broker, provide commercial cover that would normally require a second policy and provide the unique selling point of unoccupied cover, that is currently a ‘difficult’ market in Australia.

Covers available are:

  1. Unoccupied commercial cover for when a property is unoccupied for no minimum or maximum periods. Including, on a case by case basis, perils such as:
    1. FLEA (Minimum Cover required)
    2. Malicious persons
    3. Storm, storm surge, rainwater, hail, snow, wind, flood
    4. Water escape (if services left on and agreed)
    5. Damage caused by theft
    6. RS&CC (riots, strikes, Civil commotion)
    7. Impact

Property Owners Liability:

  1. Once an unoccupied property becomes tenanted, we will continue the cover for the remainder of the 12 months. Depending on the tenant, the premium for the remainder of the year could increase or decrease.
  2. As an optional cover with additional premium, when the property is then rented, provide the owner with:
    1. Commercial Rent Default cover, and/or
    2. Accidental damage

Should a property become occupied during any policy period, we would extend the perils and allow a Return Premium or Additional Premium, depending on the tenant and their trade(s).

Our tailored package is designed exclusively for your client’s property by people who understand their industry. You can have peace of mind that your client’s assets and liabilities are covered by a specialist policy.

Mainstay Underwriting's long-standing insurance professionals aim to generate business continuity and loyalty between our underwriters, industry brokers and their clients. If you would like to know more about Mainstay Underwriting, please contact us.